"Unlike the Canadian tar sands, which typically occur in stringers on the order of 60 feet in thickness, the Upper Vaca Tar Sands are as thick as 500 feet and sit in the midst of one of the world's prime markets with advanced infrastructure, rather than the remote and frozen north. The amount of oil contained in the Upper Vaca Tar Sand with this level of thickness, is simply enormous," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
"Pleasant Valley is a key component of our program to re-exploit producing properties with enormous amounts of oil still in place because modern recovery methods have never been applied before and many oil bearing zones have yet to be tested. Pleasant Valley is exactly the kind of property that can yield exceptional upside to leverage the benefit to the mineral owners, drilling partners and our shareholders. That process is now underway," said F. Lynn Blystone, Chairman and Chief Executive Officer.
Tri-Valley will first drill a vertical core well to take samples to analyze for optimum recovery design. Then, a hole will be cut in the casing at depth and the well will be side-tracked to drill a horizontal well bore of approximately 1,500 feet, which will then be filled with super heated 600 degrees Fahrenheit steam to melt the tar and re-pressurize the reservoir to flow the oil.
As part of its development program in Pleasant Valley, Tri-Valley expects to drill numerous wells into the Upper Vaca before drilling deeper into the Lower Vaca Tar Sands to continue building production, revenue, reportable reserves and share value. The Company also plans to drill a 10,000-foot well to appraise at least seven other oil bearing zones at depth. Kandle noted that the Ventura basin is one of the deepest basins in the world with sediments going down in the range of 65,000 feet and it already has given up more than one billion barrels of oil.
The company has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV."
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