Tri-Valley Cuts 50 Feet of Oil Sand in Temblor Well
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Market Wire
2:33 p.m. 09/01/2006
BAKERSFIELD, CA, Sep 01, 2006 (MARKET WIRE via COMTEX) -- Tri-Valley Corporation (TIV) has drilled through fifty feet of oil sand more than targeted, in the shallow Tulare formation slightly, in its Lundin-Weber D-352-30 well offsetting the billion barrel South Belridge Oilfield. Located approximately forty miles west of Bakersfield, California on the west boundary of South Belridge, Tri-Valley's 700 acre lease is high to the main producing structure.
Code named Temblor Valley during the acquisition phase, the lease is known to have at least three oil bearing formations and for various reasons, has remained lightly drilled and under exploited for over 80 years. Tri-Valley brings modern recovery techniques and its own rig fleet to develop the acreage.
While the Tulare formation typically requires steaming, it has been the primary producing zone at South Belridge, the third highest producing oilfield in the contiguous 48 states. The Company expects to reach the second objective, the free flowing Etchegoin Sand later today. Sometime next week, Tri-Valley expects to enter the third objective, the free flowing diatomite section which is emerging as a major producing zone in the massive South Belridge Field and related properties.
"Given our position on the structure, we could be pleasantly surprised by the indicated accumulation in these three zones and there are additional deeper prospective objectives as well," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
The Company is in its 43rd year of business as a successful operating company and for 32 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 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 June 30, 2006, and the annual report on Form 10-K for the year ended December 31, 2005.
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CONTACT: F. Lynn Blystone President & Chief Executive Officer 1-800-579-9314
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