Tri-Valley Corporation has completed its second Vaca Tar Sand well and is drilling its third in a major development campaign on its Pleasant Valley property near Oxnard, California.
The Pleasant Valley No 1 well successfully completed its Vaca production test and is on a full steam cycle to begin steady production. The second and third Vaca horizontal wells will be steamed when the rig moves out of the way to drill the fourth and fifth wells.
While Tri-Valley could drill up to 12 horizontal Vaca wells from the drill site as presently configured, the Company is working on expansion plans including another drill site to accommodate its accelerated drill program for early production increases. The Company believes it can add hundreds of barrels per day of new production per quarter in 2008 with this approach at Pleasant Valley.
On its other main properties, Tri-Valley is completing right of way arrangements to hook up its 48X-7 gas well on the Moffat Ranch west of Madera, California to have it on production this quarter. The Company is evaluating two dozen additional locations on the Ranch for its next drilling. At Temblor Valley West adjoining the massive South Belridge Oil Field west of Bakersfield, Tri-Valley is conducting its first complete steam stimulation on its Lundin-Weber No. 352 Diatomite well. The Company is further encouraged by an initial response from the Etchegoin formation from its Lundin-Weber No. 188 well which started flowing at a rate of 34 barrels per day of light sweet oil.
"This drilling is the initial phase of a project we internally call 'Operation Catapult', an endeavor to attain 2,000 barrels of oil equivalent incremental increases in production over the rest of 2008 and 2009 from these properties and steady increases after that," said F. Lynn Blystone, president and chief executive officer.
To pursue all of this, Tri-Valley has assembled its own fleet of drilling and production rigs and portable steam generators and a suite of properties with formations bearing a variety of light to heavy oil and pipeline quality natural gas. The Company continues to expand its prospective holdings and augment its technical staff to support its production growth at a more rapid rate.
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