Tri-Valley Forms Great Valley Production Services, Inc.
Posted on: Wednesday, 8 February 2006, 12:00 CST
Tri-Valley Corporation (AMEX: TIV) has formed Great Valley Production Services, Inc. as a wholly owned subsidiary to operate its growing fleet of production rigs to work on its own oil and gas producing properties.
The acute rig shortage has made it more difficult to schedule rig availability at a time when we have just acquired another 65 wells needing rework throughout the year. "We had the opportunity to buy enough rigs at favorable prices and can now assure Tri-Valley's ability to service our projects," said Joseph R. Kandle, president of Great Valley as well as the operating subsidiary, Tri-Valley Oil & Gas Co.
Tri-Valley has begun hiring to crew the rigs and will move the first single to its Temblor Valley West property adjoining the massive South Belridge Complex some 45 miles West of Bakersfield, California. The aim is to begin reworking some of the 18 idle and shut in wells in that project in an effort to double the production in the range of 200 barrels per day from both sections while preparing to drill new horizontal wells. The Company intends to follow the examples of two other nearby development projects of similar acreages each of which now deliver in excess of 4,000 barrels per day from new wells although it cannot guarantee similar results at this stage.
"Rising demand after decades of downsizing has created acute shortages in all phases of the petroleum industry. We believe we can add very significant value to our shareholders by obtaining these rigs to assure consistent, continuous service for our projects and the ability to expand our portfolio and revenue," said F. Lynn Blystone, president and chief executive officer of Tri-Valley Corporation, the public parent of Great Valley Production Services, Inc. and Tri-Valley Oil & Gas Co.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2005, and the annual report on Form 10-K for the year ended December 31, 2004.
The Company is in its 43rd year of business as a successful operating company and for 32 years has been a full reporting 12 (g) publicly traded Delaware Corporation. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV" in the United States and is also traded in Europe on the Frankfurt Stock Exchange under the symbol "TVC WKN 911919." Our company websites, which include all SEC filings, are www.tri-valleycorp.com and www.tri-valley.de.
CONTACT: F. LYNN BLYSTONE PRESIDENT & CEO TRI-VALLEY CORPORATION 800-579-9314
SOURCE: Tri-Valley Corporation
Source: MARKET WIRE
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