Thanks Dale,
Are we still alive in SI....no comments no nothing!!!
I'll take anything that results in ACTION of any kind.
Maybe I am desperate, but I'll take it. :-)
GP
Desperado
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Related Quote
TRIL.OB 1.20 -0.05
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Quote Data provided by Reuters
Thursday February 28, 2:55 pm Eastern Time
Press Release
SOURCE: Tri-Valley Oil & Gas Co.
Tri-Valley Prepares Deep Well for Frac
BAKERSFIELD, Calif.--(BUSINESS WIRE)--Feb. 28, 2002--Tri-Valley Oil & Gas Co. (OTCBB:TRIL - news) will begin flowing its Ekho No. 1 deep well to prepare it for hydraulic fracturing according to Company officials. The program is significant because it is believed to be the first time a well of this depth has been ``frac-ed'' in California.
Tri-Valley drilled the Ekho No. 1 to 19,085 feet in only 86 days in 2000 and found abundant oil and gas locked in dense, tight formations unable to flow commercially without stimulating the reservoirs. The Company proposed a three-stage flow/frac program to its partners who were unable or unwilling to bear the cost at the time and most dropped out of the project.
While looking for replacement partners, Tri-Valley began a worldwide research of other deep, high temperature, high-pressure wells with tight formations that had been successfully stimulated to produce commercially. Over a year and a half it assembled a group of experts whose specialties blended to encompass the features and conditions of the Ekho No. 1 and charged them with designing a program to complete the well. After generating and evaluating a broad array of data, the group submitted a program not unlike the original three-stage flow/frac program but with very detailed calculations drawn from actual successes to back it up.
According to log and core analysis, the Ekho No. 1 contains four separate zones with over 1,000 total feet saturated with 48 gravity oil and 1,460 Btu natural gas with no contaminants or water. Independent estimates project approximately 130 million barrels of oil and 165 billion cubic feet of gas in place in a 360-acre producing unit. Tri-Valley believes a successful frac program could stimulate the well to recover on the order of 12.5% or about 16 million barrels of oil and 20 billion cubic feet of associated gas.
Tri-Valley is initiating a capital formation campaign that will include completing the Ekho No. 1 and will begin flowing the well next week to prepare the reservoir to be ready by May for the initial phase of the frac program at which time it anticipates funding to be available to initiate completion. The Company anticipates costs in excess of $3 million but notes it is possible for new partners to acquire up to 75% of a drilled well for about 25% of the completed well cost due to former partners dropping out earlier.
``We continue to believe the Ekho Project represents one of the largest onshore oil and gas potentials in North America. While natural fractures in the reservoir could have yielded instant success, we believe hydraulic fracturing will open up the entire project as no longer dependent on the drill bit finding natural fractures. It's still frontier work, but sorely needed in California, which imports 55% of its oil and 87% of its natural gas,'' said F. Lynn Blystone, Tri-Valley Oil & Gas Co. chief executive officer.
Headquartered in Bakersfield, California, Tri-Valley Oil & Gas Co. is a wholly owned subsidiary of Tri-Valley Corporation, which is publicly traded under the symbol ``TRIL.OB''. The Ekho No. 1 is located approximately 45 miles northwest of Bakersfield. More information can be obtained on the Company's website at www.tri-valleycorp.com or by calling toll-free at 1-800-579-9314.
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,'' 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-QSB for the quarter ended September 30, 2001, and the annual report on Form 10-KSB for the year ended December 31, 2000.
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Contact:
Tri-Valley Oil & Gas Co.
F. Lynn Blystone/Joseph R. Kandle, 661/864-0500
800/579-9314 toll-free
661/864-0600 fax
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