SOURCE: Tri-Valley Corporation

March 06, 2007 12:48 ET

Blystone Elected Chairman of Tri-Valley Corporation

BAKERSFIELD, CA -- (MARKET WIRE) -- March 6, 2007 -- The Independent directors of the Board of Tri-Valley Corporation (AMEX: TIV) have unanimously elected F. Lynn Blystone, currently president and chief executive officer, to the additional post of chairman, it was announced today.

Blystone joined the Tri-Valley Board in 1974 and after helping the Company go public through a reverse merger in July, 1981, was elected president and chief executive officer as the oil industry entered the longest, continuous, unabated downsizing in its history.

Throughout those challenging decades, the Company steadily climbed on the Oil & Gas Journal's annual listing of top U.S. petroleum companies going from number 397 in 1982 to number 110 in 2006. During that time frame, the market capitalization of its stock, which is publicly traded on the American Stock Exchange under the symbol "TIV," has steadily increased by a large factor. In fact, during the majority of the past ten years, Tri-Valley's stock has out performed the stock indexes of the major stock exchange and rating services.

Tri-Valley has now assembled an asset platform of producing properties for re-exploitation with modern technology and very large target exploration plays in California and Nevada. Last year the Company acquired a fleet of production and drilling rigs so that it could work on these properties and prospects at will, which would otherwise be a daunting task due to severe constraints of rigs from contractors. Over the past two years, the technical, operational and support staff has grown from five full time employees to sixty-two with more petroleum engineers being added to accelerate the build up of production, revenue, reportable reserves and share value.

The Company also has large gold exploration projects in Alaska, as well as one of the world's top high-grade, high-bright calcium carbonate mines, also in Alaska.

The present board of directors is comprised of five independent outside directors and Blystone, who is the only inside director. Over the past several years, shareholders have indicated they are in tune with management by awarding management in excess of 99% of the annual shareholder meeting vote.

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." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.

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.

Contact Information

  • CONTACT:
    F. Lynn Blystone
    President & Chief Executive Officer
    1-800-579-9314