On the heels of its successful horizontal oil well in California's Oxnard Oilfield, Tri-Valley Corporation is completing its first well in the Moffat Ranch natural gas field as a producer. While the well is capable of delivering at the rate of several million cubic feet per day (cfd), Tri-Valley plans to initially produce the well in the one million cfd range and gradually ramp it up as production data indicates the optimum rate.
This successful test enables the Company to accelerate a large ongoing development program of multiple wells per year supported by Tri-Valley's TVOG Opus I Drilling Program LP with the next well in the Moffat Ranch gas field scheduled early in the second quarter or before. The Company estimates in the range of more than two dozen well locations in the main Moffat holding and the test well data indicates even larger zones uphole that may be candidates for dual completion or even separate drilling.
The Moffat Ranch lies in the heart of California's Great Central Valley about 140 miles north of Tri-Valley's Bakersfield headquarters and natural gas in the preferred fuel in California which now imports nearly 90% of its huge and growing gas demand.
"This gas discovery adds an important chapter in Tri-Valley's march to build production, revenues, reportable reserves and share value, and gives us balances in the premium California market as we develop our several oil and gas properties," said F. Lynn Blystone, President and Chief Executive Officer.
The Company also announced that Thomas J. Cunningham, 65, has elected to retire from all his positions effective January 15, 2008. Mr. Cunningham was formerly Chief Financial Officer and, more recently was Vice President and Chief Administrative Officer. He was also an officer and director of the Great Valley Production Services LLC, Great Valley Drilling Co. LLC and Select Resources Corporation subsidiaries of Tri-Valley Corporation. Some of his duties are being re-assigned to former subordinates and Blystone, who is also CEO of those subsidiaries, will assume Cunningham's other duties until a successor is named.
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