Tri-Valley Drills for Oil and Gold in Nevada
Friday February 11, 11:51 am ET
biz.yahoo.com
BAKERSFIELD, Calif., Feb. 11 /PRNewswire-FirstCall/ -- Drilling for oil and gold at the same time? This novel dual target approach will be carried out by Tri-Valley Oil & Gas Co. when it tests an exploration prospect in the Railroad Valley of Nevada about 50 miles southwest of Ely this coming spring.
Noting that gold occurrences such as the big Pipeline Deposit are now starting to be found in the valleys as well as the flanks on the ridges, Tri- Valley has arranged for its sister company, Select Resources Corporation, to assay samples from the first 500 meters of its Midland Trail oil prospect well bore to learn the mineral suite of the area and determine if additional mineral prospecting should be conducted. In turn, Select Resources has contracted with TsNIGRI, the principal Russian mineral research institute based in Moscow, to conduct a joint scientific research project on the matter using TsNIGRI specialists and technology to sample and evaluate drill cuttings.
The main oil target is an on trend structure the Company has mapped and believes is similar to the prolific 1983 Grant Canyon discovery by Northwest Exploration Company where wells produced 26 gravity oil at 2,000 barrel a day rates for a decade. But, given the premier status of Nevada as a gold producer, Tri-Valley felt its sister company, Select Resources Corporation which handles metal and mineral opportunities, should get a peek at whatever potential might be there.
Both companies are subsidiaries of Tri-Valley Corporation (Amex: TIV - News) which is publicly traded on the American Stock Exchange under the symbol "TIV" and whose stock was fourth among the top 50 performing stocks of 2004 on the AMEX.
"We have enjoyed a strong professional relationship with TsNIGRI and its top scientists since 1990 and use their services for a variety of frontier endeavors in metals, gems and minerals. This adds an exciting dimension to a big conventional oil play and we're looking forward to what it might reveal to add to shareholder value. While the upside is great, as an exploration play, the risk is high and the odds are against success even with the added dimension of gold sampling," said F. Lynn Blystone, president and chief executive officer of Tri-Valley Corporation.
Tri-Valley Corporation is in its 42nd year of business as a successful operating company and for 33 years has been a full reporting 12 (g) publicly traded Delaware Corporation. The Company's 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 September 30, 2004, and the annual report on Form 10-K for the year ended December 31, 2003.
--------------------------------------------------------------------------------
Source: Tri-Valley Corporation |
