SOURCE: Tri-Valley Corporation

November 15, 2006 09:00 ET

Tri-Valley Sees Increased Tulare and Etchegoin Oil in Place

BAKERSFIELD, CA -- (MARKET WIRE) -- November 15, 2006 -- While Tri-Valley Corporation (AMEX: TIV) continues to drill through and evaluate a large diatomite zone in its second Temblor Valley development well, electric log interpretations indicate greater and more prolific intervals in the shallow Tulare and Etchegoin formations from original predictions.

The second development well is definitely running high to the first development well some 3,200 feet east and the formations are increasing in thickness. This poses a material increase in the original estimated 45 million barrels of potential oil in place in the two formations. Tri-Valley will drill additional wells to define the extent of the productive area and zones.

"Advancing technology is increasing the ultimate recovery of oil in place and production rates in these zones in neighboring fields and we are encouraged by this latest data from these intervals," said Joseph R. Kandle, president of Tri-Valley Oil & Gas Co., the Company's operating subsidiary.

Tri-Valley set out a testing program of four wells to delineate the extent of probable production before accelerating its drilling campaign on the 700-acre property adjoining the vast South Belridge Oilfield west of Tri-Valley's Bakersfield, California headquarters.

In addition to the Temblor Valley drilling program, Tri-Valley is readying a new well on its Pleasant Valley property in the Oxnard Oilfield near Ventura, California and outlining several high impact wildcat exploration prospects in various California locations.

"Few people realize the massive oil production and prospectivity in California, a world class market for new discoveries and re-exploitation of older fields. Tri-Valley is in the very forefront of these opportunities to build production, revenues, reportable reserves and share value," said F. Lynn Blystone, president and CEO.

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 June 30, 2006, and the annual report on Form 10-K for the year ended December 31, 2005.

Contact Information

  • Contact:
    F. Lynn Blystone
    President & CEO
    800-579-9314