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The company is also in discussions with other investor groups who wish to invest directly in the projects themselves.
Additionally, Tri-Valley said that it expects to receive a new reserves evaluation report for its Oxnard heavy oil project in early October and is completing the final well-work on the Hunsucker Lease at Oxnard in order to increase oil production.
Tri-Valley plans to submit to NYSE Amex by 23 October 2009 its initiatives to increase its shareholder equity to at least USD6m from the reported equity at 30 June 2009 of USD5.2m and mitigate a compliance issue.
The financing initiatives underway are expected to increase stockholders' equity to above the minimum required by NYSE Amex rules, Tri-Valley said.
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