SOURCE: Tri-Valley Corporation

November 23, 2005 14:32 ET

/ CORRECTION - Tri-Valley Makes Private Placement of Its Common Stock

BAKERSFIELD, CA -- (MARKET WIRE) -- November 23, 2005 -- In the news release, "Tri-Valley Makes Private Placement of Its Common Stock" issued earlier today by Tri-Valley Corporation, we are advised by the company that the last sentence of the first paragraph should read, "with two year warrants on 33,333 unregistered, restricted shares exercisable at $12.00 each." rather than "with two year warrants on 33,333 unregistered, restricted shares." as originally issued. Complete corrected text follows.


Tri-Valley Makes Private Placement of Its Common Stock

BAKERSFIELD, CA -- 11/23/2005 -- Tri-Valley Corporation (AMEX: TIV) advised that it had negotiated a private placement of its unregistered, restricted common stock to an accredited investor. The transaction was made after the market closed at $9.97 on November 18, 2005 and was for 100,000 shares at $10.00 with two year warrants on 33,333 unregistered, restricted shares exercisable at $12.00 each.

Approval for the sale is pending from the American Stock Exchange and the Company will file an 8-K with that proviso.

"Tri-Valley has several substantial projects under way with a couple more in our sights and this favorable financing will help us accelerate the exploitation of what we're working on. Even though we privately place our stock above the open market price we've always made money for the purchasers and, of course, our other shareholders who benefit from our investment of those funds. We expect to do that this time as well," said F. Lynn Blystone, president and chief executive officer.

Blystone noted that the Company is re-working its gas wells and preparing to drill another while looking to hydraulically fracture a new zone in its Ekho deep well. It is readying its industrial mineral joint venture for production status, all with an aim of increasing revenue and being able to recognize increased intrinsic value in its stock.

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, 2005, and the annual report on Form 10-K for the year ended December 31, 2004.

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.

Contact Information

  • CONTACT:
    F. LYNN BLYSTONE
    PRESIDENT AND CEO
    Email Contact
    661-864-0500