SOURCE: Tri-Valley Corporation

August 15, 2007 14:57 ET

No Injuries in Core Blowout of Tri-Valley Pleasant Valley Well

BAKERSFIELD, CA--(Marketwire - August 15, 2007) - Tri-Valley Corporation (AMEX: TIV) announced that it is evaluating further coring operation due to the core blowing out of the barrel on its Pleasant Valley No. 1 test well in the Oxnard Oilfield south of Ventura, California.

"While pieces of the 30 foot oil and gas saturated core blew out of the barrel and across the drill site hitting some of the nearby temporary buildings, no one was injured and we are assessing whether to continue coring in the Upper Vaca Tar Sands or begin a conventional drilling operation as this tends to confirm our estimates of hydrocarbon potential in the prospect," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.

The drilling contractor and crew were following normal safety procedures and safety equipment was in place for personnel, but the core rapidly expanded from contained gas upon reaching the surface.

To provide physical data to enable optimal design of re-exploitation of the Upper Vaca Tar Sands formation in the Oxnard Oilfield, Tri-Valley planned to core approximately 600 feet of zone thickness. The Company will apply modern heavy tar sand recovery methods never before used in this area and expects to cause production yields considerably higher than historic rates from old methods.

"Mother Nature is telling us that there is still great potential here and we will proceed with extra caution to obtain what we believe will be a very large reward for our shareholders, drilling partners and royalty owners," said F. Lynn Blystone, president and chief executive officer of Tri-Valley Corporation.

The company has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. 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

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, 2007, and the annual report on Form 10-K for the year ended December 31, 2006.

Contact Information

  • Contact:
    F. Lynn Blystone
    President & CEO