EXHIBIT 99.1

 

NEWS RELEASE

TRI-VALLEY REPORTS INCREASED ASSETS, REVENUES, STOCKHOLDER EQUITY AND ONE-TIME LOSSES

 

              CONTACT:                F. LYNN BLYSTONE, PRESIDENT & CEO

                                                                                                                             

Bakersfield, California                         March 17, 2006                        AMEX "TIV"

 

Tri-Valley Corporation (AMEX-TIV) announced that its assets for the fiscal year ending December 31, 2005 had increased 37% to $19,798,730 from $14,473,326 in fiscal year 2004. Stockholder equity rose 11% to $7,562,720 in fiscal year 2005 from $6,796,903 in fiscal year 2004.

 

Primarily due to heavy investing forward to acquire new producing assets, including one time non-cash amounts from stock issued to purchase oil interests and mining royalties totaling some $5 million, the Company reported a loss of $9,730,071 in fiscal year 2005 compared to a loss of $1,171,005 in fiscal year 2004. Tri-Valley also made one time investments to launch a new industrial minerals joint venture in fiscal year 2005 which has begun production and is now generating increased revenues projected to exceed $3 million in 2006 and $11 million in 2007.

 

Revenues, particularly from the sale of oil and gas prospects, increased to $12,528,606 in fiscal year 2005, up from $4,498,670 in fiscal year 2004. However, expenses, particularly in mining exploration costs, costs of oil and gas prospects sold and general and administrative overhead increased to $22,258,677 in fiscal year 2005 compared to $5,669,675 in fiscal year 2004. These expenses included both cash and non-cash investments to buy properties with producible oil, buy back royalty burdens on mining assets, and fund the launch of a new joint industrial minerals mining joint venture.

 

"Last year we had several exceptional opportunities which required payment in advance of generating revenue from those projects. We took the challenge and are now receiving revenue from new oil and industrial mineral production which will add considerable value to our shares as we increase that production. Management believes this loss represents less than 2% of the future net value of just one of these assets that will be translated into Tri-Valley share value. We expect to see profitable operations by late 2006 as we ramp up production on these properties," said F. Lynn Blystone, president and chief executive officer.

 

The Company is buying workover and drilling rigs to assure its ability to exploit the new oil properties and build production and revenue.

 

"It is our goal to work over 28 idle wells, drill four core wells, and two horizontal wells yet this year on our Temblor Valley property with the aim of reaching 1,200 barrels of oil per day from just that one property," Blystone said.

 

He noted that the industrial minerals joint venture is scaling up production of its cinder and basalt deposits to serve California's burgeoning construction, road building, and landscaping markets. The Bakersfield area around the Company's headquarters alone has 84,000 new homes in the pipeline according to industry sources.

 

Blystone also advised that the Company has elected to take a 15-day extension to file its annual Form 10-K as the addition of new business had greatly increased the complexity of reporting over previous years as well as the completion of the Company's move to larger facilities, which slowed the audit process.

 

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 September 30, 2005, and the annual report on Form 10-K for the year ended December 31, 2004.

 

The Company 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.trivalleycorp.com and www.tri-valley.de.

 

     CONTACT:

     F. LYNN BLYSTONE, PRESIDENT & CEO

     TRI-VALLEY CORPORATION

     800-579-9314


The following information was filed by Tri Valley Corp (TIV) on Monday, March 20, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Tri Valley Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tri Valley Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account