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Tri-Valley president and chief operating officer, Maston Cunningham, described the Company's advanced steam recovery of oil from the Vaca Tar Sands formation in the Oxnard oilfield and plans to substantially expand the project. He noted that California is the third largest user of oil in the world (after the U.S. and China) and must increasingly import supplies as its population swells. Tri-Valley and its partners control tens of millions of barrels now recoverable with modern technology successfully demonstrated by Tri-Valley.
On the mining side, Tri-Valley chairman and chief executive officer, F. Lynn Blystone, showed maps from third party sources suggesting that, by far, the bulk of an emerging major gold play may lie within Tri-Valley's 39 square mile claim block on State of Alaska lands on the all weather highway through Livengood.
The Company had made a June 5 press release about doubling its land position in the area and another press release September 2 revealing new map data, but the visual impact of the maps shown at the conference presentation is compelling and could have, in the opinion of Tri-Valley management, sparked the market action.
"These are serious projects with uncommon upside leverage for our shareholders and partners and we are broadening awareness of these opportunities as fast as possible as we advance them," Blystone said.
Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the New York Stock Exchange AMEX 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 June 30, 2009, and the annual report on Form 10-K for the year ended December 31, 2008.
SOURCE: Tri-Valley Corporation
Tri-Valley Corporation Egan Gost, Director of Public and Investor Relations 1-800-579-9314 information@tri-valleycorp.com www.tri-valleycorp.com
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