Tri-Valley Corporation Reports 50% Increase in Production Revenues in Second Quarter 2010
Total Revenues More Than Triple to $1.6 Million in 2Q 2010
Production Costs Decrease 61%
Conference Call Today at 4:30 p.m. Eastern Time
Bakersfield, CA, August 2, 2010 – Tri-Valley Corporation (NYSE Amex: TIV) today announced its financial results for the second quarter ended June 30, 2010.
Total revenues for the second quarter increased to $1.6 million from $0.5 million in the second quarter of 2009. Oil and gas revenues grew 50% from the year ago level to $0.5 million, reflecting significantly higher production in the quarter and higher oil prices. Second quarter production totaled 6,875 barrels of oil versus 3,816 barrels in the same period of 2009, an increase of 80%. Total revenues also included a $1.1 million gain on the sale of assets during the quarter. Production costs declined 61% from the second quarter of 2009 primarily due to reductions in contract labor, repairs, and transportation costs.
“We made great progress on several key initiatives during the quarter, increasing oil production and reducing production costs,” said Maston Cunningham, Tri-Valley’s President and CEO. “During the quarter we completed the installation of artificial lift on the four remaining horizontal wells at the Pleasant Valley oil sands project in Oxnard, California, and we completed 30-day extended steam cycles on four of those wells. In June, we reinitiated cyclic steaming at our Claflin project near Bakersfield. Currently there are seven active production wells at the site. The result of our efforts has been a 39% increase in total net production from the first quarter of 2010.”
“Turning to our mineral assets, during the second quarter, an independent consultant completed a Canadian National Instrument 43-101 style evaluation on our Select Resources subsidiary’s 30,000 acre Shorty Creek prospect in Alaska that indicates a potentially large porphyry copper, gold and molybdenum system which may cover an area approximately eight miles in diameter. Additionally, the Division of Geological & Geophysical Surveys (DGGS) of the Division of Natural Resources in the state of Alaska is completing a special project this summer to prepare a new geologic surface map covering a 150 square mile area that includes our Shorty Creek prospect. We believe this newer surface mapping, combined with our previous data from the property, should enable a much higher quality and a more detailed interpretation of the geology and economic potential of the property,” continued Mr. Cunningham.
The following information was filed by Tri Valley Corp (TIV) on Wednesday, August 4, 2010 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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Ticker: TIV CIK: 22551 Form Type:10-Q Quarterly Report Accession Number: 0001162677-10-000261 Submitted to the SEC: Wed Nov 03 2010 4:02:31 PM EST Accepted by the SEC: Wed Nov 03 2010 Period: Thursday, September 30, 2010 Industry: Crude Petroleum And Natural Gas