Exhibit 99.1
 
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Tri-Valley Corporation Reports 11% Increase in Revenues from Oil and Gas
Operations in the First Quarter of 2011

Stockholders’ Equity Increased 50% Over 2010 Year End
Conference Call Today at 4:30 p.m. Eastern Time

Bakersfield, CA, May 9, 2011
– Tri-Valley Corporation (NYSE Amex: TIV) today announced its financial results for the first quarter ended March 31, 2011.  Oil and gas revenues grew 11% to $658,000 in the first quarter of 2011 compared with $590,000 in the first quarter of 2010, due to higher oil prices and increased oil production.  Net production in the recent first quarter totaled 7,004 barrels of oil compared with 6,110 barrels in the same quarter of 2010, an increase of 15%.  Net production costs increased 7% in the 2011 first quarter compared with the same quarter a year ago.

“These results demonstrate the strong leverage potential of our oil and gas business model, following the initiatives we put in place last year to increase oil production and reduce costs,” said Maston N. Cunningham, Tri-Valley’s President and CEO.  “Oil and gas revenues from operations increased 11% in the quarter with a corresponding increase in production expenses of just 7%.  With higher oil prices and our success in driving additional production at both our Pleasant Valley and Claflin oil projects, we anticipate continued revenue growth and improvement on our bottom-line during 2011.”

“In Alaska, we continue to move forward on our efforts to find operational and financial partners to assist in the exploration and development of our two gold exploration properties – Richardson and Shorty Creek.   Finally, with the successful raise of capital during the quarter through the sale of common stock under our at-the-market (“ATM”) equity offering programs with C. K. Cooper & Company, we ended the first quarter with $1.6 million in cash, an increase of $1 million from the level at the end of December 2010, and stockholders’ equity of $9.2 million at March 31, 2011, compared with $6.2 million and $0.9 million at December 31, 2010, and March 31, 2010, respectively.”

Operational highlights during the first quarter of 2011 included:
 
Implemented actions to reduce general and administrative costs by approximately $1.0 million annually,
Exchanged and cancelled the remaining Series A and Series B warrants associated with the April 6, 2010, registered direct offering, reducing  exposure to future dilution and providing financial flexibility,
 
1
 

The following information was filed by Tri Valley Corp (TIV) on Thursday, May 12, 2011 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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