TIV's GVPS Gets $5MM to Accelerate Production
Tri-Valley Subsidiary Arranges $5 Million Initial Funding to Accelerate Production
Date : 08/18/2008 @ 3:06PM
Source : Business Wire
Tri-Valley Subsidiary Arranges $5 Million Initial Funding to Accelerate Production
Tri-Valley Corporation (AMEX:TIV) announced that its subsidiary, Great Valley Production Services LLC (GVPS), has arranged its first $5 million tranche to fund expansion of equipment and infrastructure to accelerate oil and gas production increase on its six development properties in California.
GVPS already has 17 steam generators with five in the field and 12 more being refurbished and brought up to air quality codes for various California venues. GVPS is currently working to secure an oil sales pipeline to more efficiently accommodate increasing production at Tri-Valley’s Pleasant Valley heavy oil operation in Oxnard, California.
In line with Tri-Valley’s stated plans to expand its field holdings and continuing to build production, GVPS is considering additional facilities, field equipment and other ways to strongly support the Company during this period of rapid growth. In all, GVPS plans to raise as much as $15 million, as needed, for these functions. This will be accomplished partly through the sale of GVPS equity by the parent, Tri-Valley Corporation, primarily to existing project investors.
In addition to its organic growth through the drill bit, Tri-Valley is pursuing accretive growth through various California acquisition targets that offer exceptional and long term upside with further development, especially with previously unused new oil and gas recovery technology. GVPS will be increasingly involved in supporting this growth and field operations.
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