Two accredited shareholders in Europe substantially increased their existing positions in Tri-Valley. One purchased 600,000 shares at $8.50 accompanied by 200,000 two year warrants at $10.00. The other exercised 33,333 warrants at $9.00. The issuance of the securities is subject to approval by the American Stock Exchange.
Tri-Valley plans to use the proceeds primarily to build up its revenue-producing assets including further enhancement of its rig fleet, purchase of additional drill pipe and paying its 25% share of partnership development drilling on its producing properties. The company will also add to its exploration leasehold position, fund further research on its tight formation oil and gas discoveries at Ekho and Sunrise, and hire an additional petroleum engineer to further accelerate all of these ventures including Temblor Valley and Pleasant Valley development projects.
"Tri-Valley enters 2007 with increasing capital resources to work its development and exploration projects to build production, revenue, reportable reserves and shareholder value," said F. Lynn Blystone.
The company is in its 44th year of business as a successful operating company and for 33 years has been a full reporting 12 (g) publicly traded Delaware Corporation.
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