Tri-Valley Vaults 16 Places in Petroleum Industry Rankings
Monday September 20, 9:00 am ET
biz.yahoo.com
BAKERSFIELD, Calif., Sept. 20 /PRNewswire-FirstCall/ -- Climbing 16 places over last years ranking on the Oil & Gas Journal annual listing of the top 200 U.S. petroleum companies, Tri-Valley Corporation (Amex: TIV - News) now holds the number 120 spot according to the September 13, 2004 issue of O&GJ. Over all rankings were determined by total assets; Tri-Valley's were $8,320,992 on December 31, 2003.
Further, the petroleum industry's "bible" ranks Tri-Valley in sixth place in its list of the 20 fastest-growing companies. Rankings in this category were determined by increase in shareholder equity over the previous year and in order to be considered, companies also had to show increasing profits over the past two years. Tri-Valley's shareholder equity more than doubled, from $1,262,306 in 2002 to $2,555,456 at the December 31 fiscal year end in 2003. Company revenues and profits surged from $6,284,908 in 2002 to $7,609,245 in 2003 and from $769,130 in 2002 to $1,159,782 in 2003, respectively.
"Since making the list of the then O&GJ top 400 at number 397 in 1982, Tri-Valley has gained 277 places while attrition and ferocious consolidation in the industry reduced the list from 400 to the present 200 which, in fact, contained only 146 companies this year. We are proud not only to have survived, while many well-known companies have disappeared, but also to have grown through the past two decades," said F. Lynn Blystone, president and chief executive officer.
Headquartered in Bakersfield, California, a prolific oil and gas producing area, the Company is in its 42nd 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.
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 June 30, 2004, and the annual report on Form 10-K for the year ended December 31, 2003.
For more information please contact: F. Lynn Blystone, President & Chief Executive Officer of Tri-Valley Corporation, +1-661-864-0500, or toll free, +1-800-579-9314, or fax, +1-661-864-0600.
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