The company said that the second development well is definitely running high to the first development well some 3,200 feet east, adding that the formations are increasing in thickness. This poses a material increase in the original estimated 45 million barrels of potential oil in place in the two formations. Tri-Valley will drill additional wells to define the extent of the productive area and zones.
"Advancing technology is increasing the ultimate recovery of oil in place and production rates in these zones in neighboring fields and we are encouraged by this latest data from these intervals," said Joseph R. Kandle, president of Tri-Valley Oil & Gas Co., the Company's operating subsidiary.
Tri-Valley set out a testing program of four wells to delineate the extent of probable production before accelerating its drilling campaign on the 700-acre property adjoining the vast South Belridge Oilfield west of Tri-Valley's Bakersfield, California headquarters.
In addition to the Temblor Valley drilling program, Tri-Valley is readying a new well on its Pleasant Valley property in the Oxnard Oilfield near Ventura, California and outlining several high-impact wildcat exploration prospects in various California locations.
"Few people realize the massive oil production and prospectivity in California, a world class market for new discoveries and re-exploitation of older fields. Tri-Valley is in the very forefront of these opportunities to build production, revenues, reportable reserves and share value," said F. Lynn Blystone, president and CEO.
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