Tri-Valley Continues Reorganization to Further Strengthen Its Focus on Oil and Gas Production
Tri-Valley Corporation (NYSE Amex:TIV) today announced additional
organizational changes designed to strengthen the Company′s focus on
accelerating oil revenue generation from existing assets. Under the new
structure, Maston Cunningham, president and CEO of Tri-Valley
Corporation, will also become president of Tri-Valley Oil & Gas Co.
(TVOG). He assumes this role from Joe Kandle. Jim Kromer, vice president
of operations, will report to Mr. Cunningham. In addition, the Company
has consolidated its minerals activities under Mike Stark, vice
president of exploration, who also reports to Mr. Cunningham.
Mr. Kandle will continue to serve as senior vice president of corporate
development, dedicated full time to identifying new oil and gas
investment opportunities, including the assessment of new technologies.
Mr. Stark assumes additional responsibility for exploration and land
management activities for the Company′s Alaskan mineral projects in
addition to his responsibilities for similar activities for Tri-Valley′s
oil and gas projects in California. Jim Bush, president of Select
Resources Corporation, the Company′s minerals subsidiary, will report to
Mr. Stark.
John Durbin, chief financial officer, assumes additional
responsibilities for human resources and administration and information
technology, in addition to his finance, accounting, compliance and risk
management responsibilities, and also reports to Mr. Cunningham.
'The board is pressing for accelerating efforts to build shareholder
value through increased oil and gas production and the orderly
disposition of non-core assets,? said Tom Gamble, chairman of Tri-Valley
Corporation. 'The new Tri-Valley management has had initial success at
both. Streamlining the reporting structure allows management to more
efficiently drive further increases in production.?
About Tri-Valley
Tri-Valley Corporation explores for and produces oil and natural gas in
California, and has two exploration-stage gold properties and a high
grade calcium carbonate quarry in Alaska. Tri-Valley is incorporated in
Delaware and is publicly traded on the NYSE AMEX exchange under the
symbol 'TIV.' Our company website, which includes all SEC filings, is www.tri-valleycorp.com.
Forward-looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties. Actual results, events and performance could
vary materially from those contemplated by these forward-looking
statements which includes such words and phrases as exploratory,
wildcat, prospect, speculates, unproved, prospective, very large,
expect, potential, etc. Among the factors that could cause actual
results, events and performance to differ materially are risks and
uncertainties discussed in 'Item IA. Risk Factors' and 'Item 7.
Management's Discussion and Analysis of Financial Condition and Results
of Operations' contained in the company's Annual Report on Form 10-K for
the year ended December 31, 2009 and in 'Item 2. Management's Discussion
and Analysis of Financial Condition and Results of Operations' as
disclosed in the company's Quarterly Report on Form 10Q for the most
recent quarter ended March 31, 2010.
Company Contact:
Tri-Valley Corporation
John Durbin,
661-864-0500
jdurbin@tri-valleycorp.com
or
Investor
Contact:
EVC Group, Inc.
Doug Sherk or Jenifer Kirtland,
415-896-6820
or
Media Contact:
EVC Group, Inc.
Chris
Gale, 646-201-5431
cgale@evcgroup.com
