SOURCE: Tri-Valley Corporation

December 19, 2006 10:50 ET

Tri-Valley Commences Operations on Third Temblor Valley Development Test Well

BAKERSFIELD, CA -- (MARKET WIRE) -- December 19, 2006 -- Tri-Valley Corporation (AMEX: TIV) has commenced operations on its third development test well at its Temblor Valley Property some 40 miles west of Bakersfield, California. The company's Lundin-Weber No. D-344-30 well will offset the Bear State No. 14 drilled in 1917, which blew out.

Tri-Valley is further preparing the drill site which is 500 feet to the south of the blow out well and is on the western flank inside the prolific South Belridge Oil Field now the nation's third highest producing oil field outside of Alaska.

The L-W D-344-30 is programmed to penetrate the three shallow oil-producing zones in the field, the Tulare from 350 to 600 feet, the Etchegoin from 600 to 650 feet, and the Diatomite from 650 feet on. These test wells will further delineate the extent of the formations and also provide data for the full-scale field development of the Tulare, Etchegoin and Diatomite zones the Company expects to launch in 2007 as part of its $30 million capital expenditure plan.

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 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