SOURCE: Tri-Valley Corporation

October 13, 2005 09:15 ET

Record Number of Shareholders Attend Tri-Valley Annual Meeting

BAKERSFIELD, CA -- (MARKET WIRE) -- October 13, 2005 -- Nearly 200 shareholders gathered at the Santa Barbara, California Four Seasons Biltmore hotel last Monday for the Annual Shareholder Meeting of Tri-Valley Corporation (AMEX: TIV).

President and chief executive officer, F. Lynn Blystone, noted that the Company was far stronger financially, operationally, and in terms of project progress and opportunity at a time when the price environment for petroleum and minerals is at record highs.

Primarily a wildcat exploration company searching for high impact targets in California and Nevada, Tri-Valley also recently acquired several producing and development properties to ramp up cash flow and add intrinsic value per share from expanding resources.

"We have identified and favorably obtained properties for re-exploitation using modern technologies including horizontal drilling, hydraulic fracturing of hydrocarbon-bearing formations and the latest steam-assisted/gravity drainage methodology. These can greatly increase the upside for everyone's benefit," Blystone told the attending shareholders.

During a very extensive question and answer period, every current project and program was discussed although some details were withheld where the Company is still competing for additional leases.

Joseph R. Kandle, president of the petroleum operating subsidiary, Tri-Valley Oil & Gas Co., discussed current activity including hydraulically fracturing the 500-foot Santos Shale section of the Ekho deep well, final removal of fluids from the Sunrise and Midland Trail wells, assembling workover equipment for re-opening producing oil and gas wells in the Company's recent Pleasant Valley and Moffat Ranch East acquisitions along with plans to drill 10,000-foot test wells on each of the properties to evaluate multiple hydrocarbon-bearing zones. He also noted the Company is purchasing a production rig capable of workover operations on all its wells and drilling to depths in the range of 8,000 feet.

Blystone covered exploration progress on two Alaska and one Canadian Yukon Klondike properties and noted that mining and production was underway in the industrial minerals component of the Company's mining subsidiary, Select Resources Corporation.

The shareholders re-elected the directors, including Loren Millar, CPA, who chairs the audit committee with Milton J. Carlson and Dennis P. Lockhart as members, Personnel and Compensation Committee chair, Chase Hoffman and members Drs. Henry Lowenstein and Harold J. Noyes, who is also president of Select Resources Corporation, and F. Lynn Blystone.

The shareholders approved an incentive stock option plan and ratified the actions of the board and management for the previous year.

Several in the audience commended management for efforts and achievements and the expanded opportunities now available to the Company on behalf of the shareholders.

While the Company has some 5,000 shareholders, the attendance was broadly representative with shareholders from Hawaii, Maine, Alaska, and other states and Switzerland, Liechtenstein, and the United Kingdom. Many of those attending are also partners in the Company's TVOG Opus I Drilling Program LP, which has funded an extensive wildcat drilling program and production property purchases.

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.

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

Contact Information

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