As a shareholder of Tri-Valley for two years and a small interest holder in Project Echo, I would like to reiterate a previous post regarding Tri-Valley's percentage of interest in Project Echo. Tri-Valley quietly and patiently put together, over a period of one and a half years, a block of leases to create the 26 square miles that comprise Project Echo. Tri-Valley estimates that the deep target they are seeking may be of the magnitude of 4 Billion barrels of oil and 10 Trillion cubic feet of gas in the primary target alone. Secondary targets have the potential to double that amount.
Tri-Valley retains a 25% interest and control as a master operator. Tri-Valley's position is substantially greater than that of any of the participants in the Bellvue Venture.
Project Echo's targets are many times greater than those of the Lathrop field, which "only" had, by comparison, several hundred BCF. However, that was enough to move the share price of Occidental Petroleum from approximately 28 cents to approximately $22.00 per share.
On Tri-Valley's remaining large leases, Tri-Valley will reap the benefits of royalties, as well as the benefits that come from being in control as a master operator.
Halliburton, the world's premiere oil service company, contacted Tri-Valley to gain the contract for Project Echo. One would presume that this 19 billion dollar cap company is sufficiently impressed with the fundamentals of this project. Halliburton is headed by former Secretary of Defense, Dick Cheney.
The prospects for Tri-Valley, in my opinion, have never looked brighter |
