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Microcap & Penny Stocks : Tri-Valley Corp. (OTC BB: TRIL) -- Ignore unavailable to you. Want to Upgrade?

To: VanGo101 who wrote (3833)	6/22/1999 7:53:00 PM
From: Taff	Read Replies (3) \| Respond to of 4821

(Applies to: TRIL HAL) Tri-Valley and Halliburton Team Up On Project Ekho BAKERSFIELD, Calif., Jun 22, 1999 (BUSINESS WIRE via COMTEX) -- Tri-ValleyOil & Gas Co. (TVOG) has received a letter of intent from Halliburton Energy Services proposing an alliance on Project Ekho, Tri-Valley's deep exploration play in the South San Joaquin Valley of California, it was announced today by Joseph R. Kandle, TVOG president. Halliburton, a Fortune 100 company and the world's largest oilfield service firm, will provide TVOG technical services and support on a preferred basis during drilling, completion and production of the Project Ekho initial test wells. With an ultimate target of 4 billion barrels of light crude and up to 10 trillion cubic feet of natural gas in place, Project Ekho was so named by TVOG because it has the potential to "echo" or exceed the reserves of the nearby famed super giant Elk Hills Oilfield. In the area, Halliburton has also established alliances with Chevron, Aera Energy (the combined California production of Shell and Mobil) and Occidental of Elk Hills Inc. "Deep downhole pressures and temperatures are very high, making for exceptional drilling and completing conditions, and we are pleased to team up with Halliburton, a world leader in oilfield expertise and resources," Kandle said. Kandle noted that while more than 100,000 wells had been drilled in the Bakersfield area, only 65 had gone below 15,000 feet including the Bellevue No. 1, which recently blew out at Middle East rates at 17,640 feet and took six months to control. The blowout changed, in spectacular fashion, conventional views of possible porosity and permeability at depth and validated some of Tri-Valley's exploration concepts in pursuing deep horizon potential. Kandle, one of California's foremost deep drilling specialists (including two wells in the area below 20,000 feet) joined Tri-Valley last year and began strengthening TVOG's technical support of the venture. First, TVOG called on Colorado Springs, Colo.-based Systems Technology Associates. Their Bakersfield arm provides 38 specialists in geology, geophysics, petrophysics, engineering and computer technology. "Now with Halliburton on our team, the operations side of the Project is very substantially enhanced as we prepare to test the potential of this massive structure," Kandle said. TVOG is a subsidiary of Tri-Valley Corporation (OTC BB:TRIL) and both companies have headquarters in Bakersfield. This news 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. 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-QSB for the quarter ended March 30, 1999, and the annual report on Form 10-KSB for the year ended Dec. 31, 1998. Copyright (C) 1999 Business Wire. All rights reserved. -0- CONTACT: Tri-Valley Oil & Gas Co., Bakersfield F. Lynn Blystone, 661/837-9300 WEB PAGE: businesswire.com GEOGRAPHY: CALIFORNIA COLORADO INDUSTRY CODE: OIL/GAS ENERGY Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.