Tri-Valley Forms Great Valley Production Services, Inc.
Tri-Valley Corporation has formed Great Valley Production Services, Inc. as a wholly owned subsidiary to operate its growing fleet of production rigs to work on its own oil and gas producing properties.
The acute rig shortage has made it more difficult to schedule rig availability at a time when we have just acquired another 65 wells needing rework throughout the year. "We had the opportunity to buy enough rigs at favorable prices and can now assure Tri-Valley's ability to service our projects," said Joseph R. Kandle, president of Great Valley as well as the operating subsidiary, Tri-Valley Oil & Gas Co.
Tri-Valley has begun hiring to crew the rigs and will move the first single to its Temblor Valley West property adjoining the massive South Belridge Complex some 45 miles West of Bakersfield, California. The aim is to begin reworking some of the 18 idle and shut in wells in that project in an effort to double the production in the range of 200 barrels per day from both sections while preparing to drill new horizontal wells. The Company intends to follow the examples of two other nearby development projects of similar acreages each of which now deliver in excess of 4,000 barrels per day from new wells although it cannot guarantee similar results at this stage.
"Rising demand after decades of downsizing has created acute
all phases of the petroleum industry. We believe we can
significant value to our shareholders by obtaining these
rigs to assure
consistent, continuous service for our projects and the
ability to expand
our portfolio and revenue," said F. Lynn Blystone, president
executive officer of Tri-Valley Corporation, the public
parent of Great
Valley Production Services, Inc. and Tri-Valley Oil &
- Tri-Valley Concludes Phase I of Claflin Drilling Program (Apr 28)
- Drilling Commences at Tri-Valley's Claflin Project (Apr 04)
- Tri-Valley Starts Development, Enhanced Oil Production at Claflin Project (Feb 10)
Company: Great Valley Production Services, Inc. more info
- Tri-Valley Launches Drilling Campaign (Aug 10)
- Tri-Valley Forms Great Valley Production Services, Inc. (Feb 08)