Tri-Valley Hires Heavy Oil, Tight Formation Expert Dr. Moe Hanna
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BusinessWire
2:38 p.m. 12/01/2006
BAKERSFIELD, Calif., Dec 01, 2006 (BUSINESS WIRE) -- Tri-Valley Corporation (TIV) has hired Dr. Moe Hanna, PhD, as General Manager of Engineering and he will report to Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
A specialist in heavy oil and tight formation recovery, Dr. Hanna brings nearly three decades of experience gained with stints at Home Oil and Pan Canadian in Canada including Athabasca Tar Sands and Schlumberger as a consultant on projects in South America and the Middle East.
Dr. Hanna has worked with the late Dr. Roger Butler, the so-called father of some of the advanced recovery systems for the Athabasca Tar Sands and other heavy oil properties such as Tri-Valley's Pleasant Valley oil field near Oxnard, California. Dr. Butler's report on Tri-Valley's heavy oil formation posts very favorable recovery opportunities and Dr. Hanna will be assisting Joe Kandle in designing the 2007 recovery program.
An immediate priority will be to accelerate production increase from Tri-Valley's Temblor Valley property west of Bakersfield, which may include both steaming and water flooding of the Tulare and Etchegoin formations respectively, and Dr. Hanna has performed very large projects in similar type regimes.
Also, Dr. Hanna will contribute his expertise on two of Tri-Valley's largest projects, the Ekho deep play and the Sunrise Natural Gas Project, both of which contain enormous amounts of hydrocarbons locked up in tight formations. The Company continues its research to solve these obstacles to obtain the bonanza that awaits solution.
"With Dr. Hanna's added experience, expertise and many contacts, we expect to accelerate our conventional production and solve the unconventional opportunity barriers. Our goal is to steadily increase production, revenue, reportable reserves and shareholder value," Kandle said.
The Company is in its 44th year of business as a successful operating company and for 33 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 September 30, 2006, and the annual report on Form 10-K for the year ended December 31, 2005.
Tri-Valley Corporation F. Lynn Blystone, President & CEO, 800-579-9314
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