Company technical staff identified a look-alike structure about 10 miles southwest and on trend with the prolific Grant Canyon discovery made in 1983. The two Grant Canyon wells were, for some years, America's highest producing wells and each has flowed about 9 million barrels and are still producing. Several companies have tried to duplicate the discoveries in the vicinity without success.
Building on the previous efforts and data generated by others, Tri-Valley has applied its own science and data in defining the Midland Trail prospect which is a classic frontier wildcat. Tri-Valley recently completed the drill site location and has contracted Equipment 2000 of Fallon, Nevada to do the drilling.
Tri-Valley has undertaken a program of large target, high impact wildcat drilling, primarily from its proprietary database along with selected submittals from outside sources in an effort to obtain exponential gains in value from discovery success. So far, two of its prospects have found exceptional quantities of oil and gas locked in tight formations and requiring additional completion work to enable commercial recovery. Those operations are still underway.
In sharp contrast to the Company's primary area of play in California's Great Central Valley, where more than 110,000 well have been drilled, less than 1,000 wells have been drilled in the whole State of Nevada. Because of the abundance of structural traps and the success of the Grant Canyon discovery in Railroad Valley, Nevada holds a still distant promise for exploration companies. So, Tri-Valley is willing to include three Nevada prospects in its 26-prospect portfolio. The other two or more targets are contained in the Oil Springs Prospect also in the Railroad Valley and covered by 11,000 acres of Tri-Valley mineral leases.
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