Tri-Valley Corporation announced that logging results of its fifth newly drilled delineation well at Temblor Valley West, the Lundin-Weber D-24-31, have now confirmed a nearly one-half mile further westerly extension of the oil-bearing Tulare and Diatomite formations, potentially adding millions of barrels of oil beyond the map, which was the original basis for acquiring this 700-acre lease.
Initially, the Company will complete and test at least 150 feet of the Diatomite zone in this latest well, and maybe more, pending further analysis of sidewall cores.
"As a result of successful discovery of oil-bearing formations in all our first five drillings at Temblor, we have subsequently prepared three more drilling locations to further define this expanding oil play, especially since we know we are high on the structure to the main South Belridge Oil Field. Meanwhile, we have already begun the dual projects of water-flooding the Etchegoin section and steam cycling the Diatomite interval as part of our re-exploitation program of this property," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
Temblor Valley West is located on the west flank of the prolific South Belridge Oil Field, some 40 miles west of Bakersfield, California. South Belridge is the nation's third highest producing oil field outside of Alaska and produces primarily from steamed Tulare and Diatomite zones.
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 1973. 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 March 31, 2007, and the annual report on Form 10-K for the year ended December 31, 2006.
Contact:
Contact:
F. Lynn Blystone
President & CEO
800-579-9314
Source: Tri-Valley Corporation
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