Tri-Valley Reports Profitable Q4, Extends Filing Date
Tri-Valley Corp. reported a profit of $3,370,402 or $0.13 per share for the fourth quarter ending December 31, 2006, from increased drilling revenues and cessation of unprofitable operations from an industrial mineral joint venture after selling its interest to its joint venture partner in the fourth quarter. This compares to a loss of $5,291,348 or $0.25 per share for the same quarter in fiscal 2005.
The robust fourth quarter substantially reduced the 2006 fiscal year end loss to $5,823,881 versus a loss of $9,730,071 for fiscal year ending December 31, 2005.
Also in the fourth quarter of fiscal 2006, the Company's assets swelled to $29,764,125 including $15,598,215 in cash with stockholder equity growing to $17,753,618 as compared to assets of $19,738,730, cash of $4,876,921 and stockholder equity of $7,572,720 in the fourth quarter of fiscal year 2005.
"Redeploying our capital and profit from our former industrial mineral joint venture back into development of our producing oil and gas properties was an important step in accelerating build up of production, revenue, reportable reserves and share value," said F. Lynn Blystone, president and chief executive officer.
In fiscal year 2006 the Company launched two new subsidiaries, Great Valley Production Services LLC and Great Valley Drilling Company LLC to service and drill its own wells. GVPS started operations in August 2006 and was able to achieve profitability in the fourth quarter. GVDC began contract drilling of geothermal wells in Nevada in January 2007 and is profitable in the first quarter of 2007. Tri-Valley believes this trend for these subsidiaries will continue in fiscal 2007.
The Company noted that it has now completed drilling the initial four development test well pattern on its Temblor Valley West producing property and is now designing the full exploitation of the property. Also, it is moving ahead on development plans for its Pleasant Valley heavy oil project in Ventura County and drilling plans for 2007 for its Moffat Ranch East natural gas project in California's Great Central Valley.
Since the results of fourth quarter operations represent a significant change, the Company elected to extend its March 16, 2007 date for filings its Form 10-K report of annual results until March 31, 2007 to enable a more thorough review of the fiscal year ending December 31, 2006.
- 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)