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

To: J.F. who wrote (1816)	12/24/1997 10:37:00 AM
From: John M. Allen	Respond to of 4821

New news release out. Similar to last one. Fairly forward looking to say the least. [ Business \| US Market \| Industry \| IPO \| S&P \| International \| PRNews \| BizWire \| Finance Home ] Wednesday December 24, 6:00 am Eastern Time Company Press Release SOURCE: Tri-Valley Corporation Tri-Valley Corporation Seeks Major Discovery At its Holly Sugar No. 1 Wildcat Well Potential Could Exceed $600 Million and 300 Billion Cubic Feet of Dry Natural Gas BAKERSFIELD, Calif., Dec. 24 /PRNewswire/ -- Tri-Valley Corporation (0TC Bulletin Board: TRIL) today announced that a dry natural gas well now being drilled in Tracy, California, could, if successful, produce revenues in excess of $600 million and 300 biliion cubic feet of dry natural gas. The well, being drilled by a subsidiary, Tri-Valley Oil & Gas, is expected to take 30 to 40 days to reach its objective in one of the most prolific reservoirs of dry natural gas in the Sacramento Valley. The company has spent more than $500,000 and seven years of work to assemble the play and expects to spend $2,000,000 more to complete the drilling. ''A company our size does not usually get an opportunity to drill something with this upside magnitude'' said F. Lynn Blystone, president and chief executive officer of Tri-Valley Oil & Gas and its parent company, Tri-Valley Corporation. ''The reward potential is huge.'' Tri-Valley, an independent natural gas exploration and production company, currently ranks as the second largest dry natural gas producer in California. The success of Holly Sugar No. 1, at a projected production rate of approximately 20 million cubic feet a day, would put the company in first place among the state's 140 dry gas operators. ''Holly Sugar No. 1 is a high risk/high reward prospect,'' Blystone said. ''It's the kind of gamble that transformed Occidental Petroleum from a small, struggling company into a major international oil and gas company.'' The Lathrop Gas Field that put Occidental in the big leagues is only eight miles from HS-1. SOURCE: Tri-Valley Corporation More Quotes and News: Tri-Valley Corp (OTC BB:TRIL - news) Related News Categories: oil/energy Help Copyright c 1997 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Important Disclaimers and Legal Information Questions or Comments?