Tri-Valley Corporation knows it pays to keep looking. When you’re in the oil, gas, and mineral business it’s what you do, and they constantly seek out, acquire, and develop these types of properties. Headquartered in Bakersfield, California, Tri-Valley lists on the American Stock Exchange (AMEX). Their market capitalization is $211.76M. The company has oil and natural gas projects in California and mineral projects in Alaska.
The company’s Tri-Valley Oil & Gas Company (TVOG) subsidiary operates their oil & gas activities. TVOG derives most its revenue from oil and gas production, as well as turnkey drilling. TVOG’s exploration and production properties are mainly in the Great Central Valley of California and in Nevada. TVOG is a wholly-owned subsidiary of Tri-Valley Corporation.
Tri-Valley Corporation’s Great Valley Production Services, LLC, (GVPS) began in 2006 to operate oil production and drilling rigs. This is primarily for Tri-Valley Oil & Gas Company, and Tri-Valley has a 51 percent ownership in this subsidiary. GVPS is a production services/well workover company. Their services are also contracted out to third parties. GVPS re-manufactures production rigs, drilling rigs, and steam generators to better-than-new working condition.
Great Valley Drilling Company, LLC (GVDC) is another of Tri-Valley’s enterprises. Founded in 2006 to operate oil drilling rigs, primarily for TVOG, they are a wholly owned subsidiary of Tri-Valley Corporation. GVDC has their headquarters in Nevada. Operating activities for GVDC began in the first quarter of 2007.
The company’s Select Resources Corporation (Select) started in 2004. The purpose of this company is to manage, grow, and operate Tri-Valley’s mineral interests. Select commitment is to developing profits via exploration, development, and production of a variety of mineral resources. They are a wholly-owned subsidiary of Tri-Valley Corporation. Select’s mineral properties include two gold exploration projects totaling 60 square miles in Alaska, a high-grade calcium carbonate mine in Alaska, and base metal exploration properties in Nevada. They also do contract prospecting for precious metals in the western U.S. and South Africa. Select Resources Corporation also owns a British Columbia, Canada subsidiary called Select International Resources Corporation.
Tri-Valley Corporation announced today that it has established an alliance with Excalibur Well Services, Inc of Bakersfield, California. The alliance includes the sale of all its 100% owned Great Valley Production Services production rigs and equipment to Excalibur as part of an advantageous arrangement. “We originally formed Great Valley Production Services LLP because, back in 2006, we could not get workover services on a timely basis due to acute rig and personnel shortages in the contractor community. We bought and refurbished old rigs and were able to hire competent people to operate them. Now, with our much enhanced production capability, we are in a far more desirable position to better focus our management and capital resources on what constitutes our main opportunity which is the continued rapid buildup of oil and gas production, revenue, reportable reserves, share value and reward for our drilling partners,” said Joseph R. Kandle, president of Great Valley Production Services LLP.
Always looking to ramp up their oil and gas production, as well as revenues, Tri-Valley continues to look for mutually beneficial relationships that will help them grow. They see their exploration efforts and strategic alliances as a way to enhance their assets in the ultra-competitive oil and gas industry.
Let us hear your thoughts below:
