1:53PM Tri Valley reports positive results in higher heavy oil production; plans SAGD pilot (TIV) 1.43 +0.11 : The co reports that it had encouraging results from an extended steam cycle completed last month on two of the seven horizontal wells on its Hunsucker Lease at Oxnard, California. The project is operated by a subsidiary, Tri-Valley Oil & Gas Co. (TVOG). The heavy oil lease, which is part of the Company's Pleasant Valley Project, averaged 256 barrels of oil per day in March, with peak rates as high as 800 to 1,000 barrels of oil per day. Cyclic steam stimulation is being utilized to produce heavy oil from the Hunsucker Lease. TVOG also initiated a second extended steam injection cycle on two other wells that should be returned to oil production in late April. The Company is installing artificial lift equipment on four wells this month. Once these installations are completed, all seven horizontal wells on the Hunsucker Lease will have sufficient artificial lift capacity to permit higher sustained rates of production and maximum recovery of heavy oil following extended steam injection cycles in the future.
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