Tri-Valley Secures Permit for its Oil Creek Prospect
Tri-Valley Oil & Gas Co. has received a drill permit for its "Oil Creek" Prospect near the town of Coalinga, California, some 130 miles northwest of its Bakersfield headquarters. The prospect is surrounded by an area that during the past 135 years has produced nearly two billion barrels of oil and nearly four trillion cubic feet of natural gas. Today it continues to be an important producing area for ChevronTexaco, which controlled much of the acreage until recently when it sold large blocks to lease firms.
"Given the wealth of downhole information from the area, Tri-Valley added its own proprietary data to develop the Oil Creek Prospect and was able to negotiate a favorable lease from the new owner. We are comfortable with our estimate of six prospective zones that could hold a potential estimated in the range of 125 million barrels of oil and 125 billion cubic feet of natural gas," said F. Lynn Blystone, chief executive officer of Tri-Valley Oil & Gas Co.