SOURCE: Tri-Valley Corporation

July 25, 2005 13:16 ET

Tri-Valley Completes Nevada Oil Well

BAKERSFIELD, CA -- (MARKET WIRE) -- July 25, 2005 -- Tri-Valley Corporation (AMEX: TIV) announced today that its operating subsidiary, Tri-Valley Oil & Gas Co., has elected to run pipe for completion on its Midland Trail Oil Prospect 90 miles southwest of Ely, Nevada.

"We've encountered a 100-foot section of Devonian limestone with mud log oil shows and favorable electric log readings about 100 feet high to our initial mapped target that encourages a completion," said Joseph R. Kandle, TVOG president.

The Midland Trail Prospect is developed as a look-alike structure on trend with the prolific Grant Canyon Field some 11 miles north which has yielded about 21 million barrels since its 1983 discovery by junior explorer Northwestern Petroleum.

"Data from several sources converged on this one area to generate this prospect and encouraged us to drill for, potentially, a high producing field. Although not yet conclusive, we like the indications so far," Kandle said.

TVOG also conducted a sampling program for its sister subsidiary, Select Resources Corporation, by taking drill cuttings every 10 feet down to 1,500 feet and having them assayed for precious metals and commercial commodities but all such results were negative. Oil remains the principal objective.

TVOG is also readying two other Nevada wildcat exploration prospects 60 miles to the north of Midland Trail. Oil Springs I and II Prospects represent a different geological setting than Midland Trail although the targets are still Devonian limestone.

"We are also encouraged by the recent success of Michigan independent, Wolverine Petroleum, whose perseverance in central Utah resulted in a major discovery. We see similar opportunities in lightly explored Nevada as a complement to our exploration emphasis in California's prolific producing Great Central Valley. Wildcat exploration is our primary corporate activity supplemented by producing property acquisition to provide a high multiple return potential to investors and shareholders," said F. Lynn Blystone, president and chief executive officer of the publicly traded parent, Tri-Valley Corporation.

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

Contact Information

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