Have you ever seen a news release like this????
Tri-Valley Aims for 'Double or More in 2004' for Its Stock Price
2004-01-22 09:30 ET - News Release
BAKERSFIELD, Calif., Jan. 22 /PRNewswire-FirstCall/ -- Tri-Valley Corporation aims to at least "double or more in 2004" its share price with commercial success from one or more of its dozen projects underway.
The Company saw its stock price more than triple in 2003 outperforming every major U.S. stock market index and believes it has positioned itself to continue that growth this year.
By far the biggest upside derives from its TVOG Opus I Drilling Program LP with an inventory of two-dozen very high impact oil and gas exploration targets in California and Nevada.
"Opus I has drill targets with potentials estimated by Tri-Valley technical staff to be in the 500 million barrels of oil and 500 billion cubic feet (BCF) of natural gas categories. While there are no assurances these amounts are actual at this time, if we find 30 million barrels or 180 BCF our share would deliver double-digit value in our stock on undiscounted basis at today's prices. We're already working on prospects of that level and greater," said F. Lynn Blystone, president and chief executive officer.
"Exploration is a high risk business and we can't guarantee success. We know some of these prospects will fail to be commercial which could have an adverse affect on our stock. But we've already allowed for that fact of life with the spread and multitude of very large targets in the program which offers the chance of multiple big successes," he said.
Along with exploration, the Company is reviewing selected producing properties for possible acquisition. Currently, two are pure gas projects and two are oil and gas properties. All offer extensive development, exploration and production enhancement. No agreement has been reached with any of these parties as yet in the related discussions.
In 2003 Tri-Valley stock became listed on the American Stock Exchange under the symbol TIV and the Company is experiencing much greater interest from capital providers to support its exploration and acquisition initiatives.
"In America, the responsibility for replacing the reserves for the nation, let alone increasing them, is left to the private sector and for more than two decades investors have stayed away from exploration to the point where production decline has cut our domestic supply in half while demand is going through the roof. Investment in exploration can now yield absolutely exceptional long term upside on discovery success, and we have the program for investors to access that opportunity. Exponential gains for drilling partners and our shareholders is our goal for those who will share the risk of pursuit of big, new, flush production, long life reserves," said Blystone.
"The Bakersfield, California area alone produces more than the daily production of the whole state of Oklahoma or about 40% of the daily production of the entire state of Texas or more than 100,000 barrels a day more than the super giant Prudhoe Bay, Alaska oilfield. The California appetite for energy is already voracious and it's increasing," Blystone said. "We have an extraordinary opportunity to find the really big domestic discoveries and expect to translate that into extraordinary returns for our drilling partners and growth for our shareholders."
In its 41st year of business, Tri-Valley Corporation's 20 million shares are widely owned by about 5,000 shareholders in North America, Europe and Australia.
Tri-Valley Corporation and its subsidiaries, Tri-Valley Oil & Gas Co. and Tri-Valley Power Corporation are headquartered in Bakersfield, California. The Company is entering its 41st year of business as a successful operating company and for 31 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 Berlin and Frankfurt Stock Exchanges under the symbol "TVC WKN 911919." Our company websites, which include all SEC filings, are tri-valleycorp.com and 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 September 30, 2003, and the annual report on Form 10-K for the year ended December 31, 2002.
For further 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.
Tri-Valley Corporation
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 |
