Tri-Valley Reports Increased Oxnard Oil Field Production in September
October 04 2010 - 6:30AM
Business Wire
Tri-Valley Corporation (NYSE Amex:TIV) today announced that
gross oil production during September from its Pleasant Valley oil
sands project in Oxnard, California, averaged 324 barrels of oil
per day as compared with 210 and 151 barrels of oil per day in
August and July, respectively. Oil production at Pleasant Valley
during September reached a peak rate of 600 barrels per day.
September production reflects the results of additional cyclic
steam stimulation and resolution of issues which had temporarily
decreased production in the prior two months of the quarter. The
Company’s reported production at Oxnard is net of diluent used to
produce and process heavy oil for sale.
“September production improved at Pleasant Valley due to
additional extended steam cycles completed during July and August
on two horizontal wells on the Hunsucker Lease,” said Maston
Cunningham, president and CEO of Tri-Valley Corporation. “July and
August production at Pleasant Valley was lower than expected due to
unavailability of production rigs for well repairs, and problems in
processing cooler, higher viscosity crude oil pumped from wells
nearing the end of their extended steam-oil production cycles.
These issues have been resolved, and we expect continued momentum
in oil production at Pleasant Valley.”
Given the cyclic nature of the Company’s steam injection
operations at Pleasant Valley, monthly oil production will vary
from month to month according to the actual number of days that
each well is on production in a given month.
About Tri-Valley
Tri-Valley Corporation explores for and produces oil and natural
gas in California, and has two exploration-stage gold properties
and a high grade calcium carbonate quarry in Alaska. Tri-Valley is
incorporated in Delaware and is publicly traded on the NYSE AMEX
exchange under the symbol "TIV." Our company website, which
includes all SEC filings, is www.tri-valleycorp.com.
Forward-looking Statements
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 include 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 "Item IA. Risk Factors"
and "Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations" contained in the Company's
Annual Report on Form 10-K for the year ended December 31, 2009 and
in "Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations" as disclosed in the Company's
Quarterly Report on Form 10Q for the most recent quarter ended June
30, 2010.
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