Tri-Valley Makes West Coast History With Successful Deep Well Frac
biz.yahoo.com
Thursday February 24, 11:35 pm ET
BAKERSFIELD, Calif., Feb. 24 /PRNewswire-FirstCall/ -- Tri-Valley Oil & Gas Co., an operating subsidiary of Tri-Valley Corporation (Amex: TIV - News) successfully hydraulically fractured the Vedder Sand between 18,000 and 18,500 feet in its Ekho #1 deep well 45 miles northwest of Bakersfield, California, setting history as the deepest well ever fractured west of the Rocky Mountains.
"I am absolutely elated with the superb performance of the Schlumberger high pressure team, who proved that we can successfully fracture deep formations in California. We are dealing with a zone five times harder than concrete and we put away 5,000 barrels of fluid and 118,000 pounds of special proppant sand," said Joseph R. Kandle, president of Tri-Valley Oil & Gas Co.
Tri-Valley has worked on this well since it was drilled in 2000. The Company discovered huge quantities of extremely high quality oil and gas locked up in the deep zones, which are too dense to let the petroleum flow freely. Tri-Valley searched the world for deep well fracture technology and designed today's successful program. While the operation was executed successfully, it remains to be seen if it is sufficient to allow the oil and gas to flow at commercial rates or if further treatment will be needed. This will become known over the next few weeks as the well cleans up and expels the fracture fluid put into the zone, after which the oil and gas can follow.
"We are prepared to continue to pursue this discovery with multiple hydraulic fracture efforts if necessary because of the large amounts of oil and gas contained in the four different zones of the well. We believe this will ultimately produce exceptional reward for our shareholders and our drilling partners," said F. Lynn Blystone, president and chief executive officer of Tri-Valley Corporation, the publicly traded parent company.
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.
For further information, please contact F. Lynn Blystone, President & Chief Executive Officer, +1-661-864-0500, or toll free, +1-800-579-9314, or fax, +1-661-864-0600.
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Source: Tri-Valley Corporation |
