Tri-Valley Corporation is completing its Pleasant Valley No. 2 vertical well in the Sespe Formation in the Oxnard California Oilfield and will pump test the well this month. The zone is giving up 35 degree light sweet oil.
"This is a significant advance on the heels of our successful Pleasant Valley No. 1 horizontal well in the shallower Vaca Formation as it opens up an opportunity to develop two separate intervals simultaneously and the chance to self supply lighter oil necessary to operate the production of heavy oil from the massive Vaca Tar Sand zone," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
The Oxnard Oilfield produced 22 million barrels since its discovery in 1938 and Tri-Valley believes it has identified several million barrels that can be additionally recovered. Unlike the heavy Vaca Tar Sands which require steaming for recovery, the mile deeper Sespe Formation with its light oil is amenable to hydraulic fracturing to enhance recovery.
The Pleasant Valley dual zone development project is one of three re-exploitation ventures Tri-Valley has underway. The others are the Temblor Valley West and East properties outside of Bakersfield in older giant oilfields and the Moffat Ranch East gas field north of Bakersfield where the deep test is being readied for completion having run casing to below 10,000 feet. Additionally, Tri-Valley is finalizing its Oil King exploration play also north of Bakersfield for drilling a 15,500 foot test well to look at several promising intervals.
"We are in the process of building production, revenue, reportable reserves and shareholder value as well as rewarding our drilling partners with all of these properties. It looks like 2008 will be a great year for us as bring on additional wells," said F. Lynn Blystone, president and chief executive officer of the publicly traded parent, Tri-Valley Corporation.
The Pleasant Valley play was authored by the Tri-Valley Oil & Gas Co. technical team with Paul Hacker as the senior geologist including some of the early work generated by his late father, Robert Hacker, who was active in the Ventura and Oxnard Basins for many years.
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