This is what we really irks me as a large long time shareholder...
TIV made this seemingly believable announcement about 3 wells at PV EACH flowing above 1,000 barrels per day and and then hyped up the Lennox lease. That was ONE year ago!
"Tri-Valley Corporation (NYSE Alternext US: TIV) announced that production tests, on three of its horizontal wells into the Vaca Tar Sands at its Pleasant Valley site in the Oxnard,California oilfield have flow tested at rates considerably above 1,000 barrels oil per day per well. There are four other such wells on that same lease, in addition to the newly completed horizontal well at Pleasant Valley's Lenox Ranch Lease, all of which have also been completed in the same shallow Vaca zone. The Company is continuing to install new infrastructure to handle much greater production volumes than had been originally planned in its initial conservative forecast for well delivery rates."
And NOW, one year later, all the PV leases and wells are only producing about 140 barrels per day. And the Lennox lease is dead because there is litigation going on against TIV by the landowners that could terminate that lease and others at PV!
My problem is the CEO who said all those grand and glorious things simply skated without giving us an explanation of WHAT HAPPENED? Don't us shareholders deserve that? Everything sounded so good?
Now its going to take the new CEO and Gamble to pull a monster rabbit out of their collective hats..
Geo
