Tri-Valley Drills Through 25 Feet of Etchegoin Sand in Temblor Well
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Market Wire
1:43 p.m. 09/05/2006
BAKERSFIELD, CA, Sep 05, 2006 (MARKET WIRE via COMTEX) -- Tri-Valley Corporation (TIV) added a second oil saturated sand section to its Lundin-Weber D-352-30 well as it drilled through 25 feet of the shallow Etchegoin interval according to mud log indication. This is in line with Company anticipations for the target and begins confirmation of the previously estimated oil in place on the Temblor Valley property.
The Company notes that, in addition to the 49 wells already on the Temblor property to produce the Etchegoin, the neighboring South Belridge Oilfield has thousands of wells to provide an immense amount of downhole data for mapping and the L-WD-352-30 is further confirmation of Tri-Valley's mapped area of closure.
"We are pleased with our Etchegoin indications and we expect to be well into our primary objective, the prolific diatomite formation, today," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
Tri-Valley is bringing modern recovery methods to an 80-year-old, lightly drilled lease with zones that have never been produced and are high to the main producing structure of the South Belridge Oilfield, currently the nation's third highest producing oilfield outside of Alaska. The L-WD-350-30 is the first of a multi well drilling campaign by the Company designed to ramp up production, revenue and reserves that are reportable under SEC regulations.
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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