Tri-Valley to Complete Oil Creek Discovery
|Tuesday, October 07, 2003
With 235 feet of hydrocarbon section logged in the first, second and third Panoche Sands down to 10,600 feet, Tri-Valley will extend production casing to bottom on its Oil Creek Prospect near Coalinga, California, for a completion attempt in the Cretaceous interval.
According to Paul Hacker, Tri-Valley's consulting geologist, the nearest Cretaceous production is 35 miles away and the company believes this well may set the stage for a major California gas play.
All told, the Company has logged in excess of 800 feet of oil and gas shows in various intervals to establish great promise for its 2,800 acres of mapped closure within its lease block.
Tri-Valley has built an exploration inventory of 26 very large prospects in a search for major new reserves for California, the world's fifth largest economy, which presently imports nearly 60% of its oil and nearly 90% of its natural gas needs.
"We are looking for targets of a size that will extraordinarily reward our drilling partners, exponentially increase our stock value and substantially support consumer needs upon discovery success. We modeled the Oil Creek prospect on 125 feet of pay to attain a target potential of 150 million barrels of oil equivalent and we are exceptionally enthused about the potentials now being reported," said F. Lynn Blystone, president and chief executive officer.
Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co., noted that the Oil Creek test well is the oiliest and gassiest well he has seen in his 38-year history as a widely experienced petroleum engineer and the log run is reporting excellent opportunity in several zones as he moves in completion equipment.