Tri-Valley Commences Drilling Aurora Prospect
Tri-Valley Oil & Gas has begun drilling the Aurora No. 1-19, a new field wildcat some six miles southeast of McFarland, California. The Company is hoping to discover a potential now estimated in the range of 18 million barrels of oil. The Aurora prospect is one of the 26 separate prospects comprising the TVOG Opus I Drilling Program L.P. which the Company has underway.
"Because of the size of the targets we have selected for the Opus program, any one of the prospects, including Aurora, could achieve a multiple return on investment with discovery and development success. Obviously, we are expecting more than one discovery from the inventory," said F. Lynn Blystone, president of the parent company, Tri-Valley Corporation, managing general partner of the TVOG Opus I Drilling Program L.P.
"With over 4,000 shareholders owning 19.7 million shares, we look for discoveries that could significantly increase the value of their investment. An Aurora success could do that but the Opus inventory has prospects with potentials 10 to 50 times the size of Aurora and we are eager to get those ready to drill also," Blystone noted.
"Tri-Valley has 20,000 line miles of digitized California seismic data and a proprietary geologic library with 700 leads and prospects in California -- more than all the other independent companies combined. We are continuously generating new, big target prospects from this database," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
Kandle noted that TVOG had acquired over 100 square miles of selected mineral acreage covering existing prospects and is looking to add another 60 square miles or so to complete the Opus program. The Company makes its acreage selection based on many different kinds of data and the interpretation by its technical staff, whose California experience ranges from 28 to 37 years.
"Dry holes are part of the business which is why we bundled over two dozen of our best prospects to give statistical support to our goals of multiple discoveries, exceptional upside potential returns for our drilling partners and exponential gain in value for our shares. Every prospect we have is a potential major find and we are very optimistic about the opportunities for success on every drill," Blystone said.
Tri-Valley expects to reach total depth of 5,800 feet to test the primary objective of the Aurora Prospect before the end of December. At that time, a decision will be made on whether or not to complete the well.