Tri-Valley Corp. reported a large increase in oil and gas sales for the second quarter of 2010, which ended 6/30/2010. The increase was driven by the company’s operations in California.
Tri-Valley Corporation reported sales of $1.6 million in the second quarter of 2010, triple the $500,000 in sales that were reported in the first quarter of 2010. Oil and gas production volumes in the second quarter of 2010 were 6,875 barrels of oil per day compared to 3,816 barrels of oil per day in the first quarter of 2010.
Tri-Valley Corporation said that part of the increase in production during the quarter was due to activity at the company’s Pleasant Valley oil sands project located in Oxnard, California, where the company installed artificial lift equipment at four horizontal wells. The company also restarted steaming operations at the Claflin project near Bakersfield, California.
Tri-Valley Corporation reported that a preliminary assessment of the resource potential at the company’s Shorty Creek prospect in Alaska indicated a copper, gold and molybdenum system in place. The Alaskan Division of Natural Resources is working on an updated geologic map of the Shorty Creek prospect and the surrounding area, which will help the company determine the resource potential of the property.
For more information on the company, go to www.tri-valleycorp.com