Tri-Valley Corporation explores for and produces oil and natural gas in California and has two exploration-stage gold properties in Alaska. Tri-Valley is incorporated in Delaware and is publicly traded on the NYSE Amex exchange under the symbol "TIV."

Tri-Valley Corporation Reports 15% Growth in Production Revenues in the Third Quarter 2011

Company Signs Two New Sales Contracts to Improve Pricing on the Sale of its Crude Oil




Tri-Valley Corporation (NYSE Amex:TIV) announced its financial results for the third quarter ended September 30, 2011. Oil and gas production revenues increased 15% to $516,000 in the third quarter of 2011 compared with $447,000 in the third quarter of 2010, reflecting an increase in production at both the Pleasant Valley and Claflin oil fields, as well as slightly higher oil prices. Net production in the recent third quarter totaled 8,676 barrels of oil compared with 6,638 barrels of oil in the same quarter of 2010, an increase of 31%. Net production costs increased 47% in the recent third quarter compared with the same quarter a year ago, largely the result of higher repairs and maintenance costs.

The Company also announced that it recently signed two new crude oil sales contracts. Plains Marketing, L.P., an affiliate of Plains All American Pipeline, L.P., is the new customer for the crude oil produced from Pleasant Valley. The Company also signed a new crude oil sales contract with ConocoPhillips Company for the sale of crude oil produced from Claflin. Under the new contracts, effective November 1, 2011, pricing has been tied to a basket of California oil price postings for Midway-Sunset rather than West Texas Intermediate (WTI) under the previous contract. The posted prices on the Midway Sunset crude have been averaging approximately $22 per barrel more than WTI in recent months.

Additional highlights during the third quarter of 2011 through today include:

Execution of a term sheet with the OPUS Special Committee (OSC) for restructuring of the TVC OPUS 1 Drilling Program, L.P. and resolution of alleged claims, as announced in a press release dated August 19, 2011;

Completion of initial steam injection and production of first oil from two more of the eight new wells at Claflin that were drilled last April, bringing the total number of producing wells at Claflin to three with five more waiting to be steamed once the rebuilt Claflin steam generators are installed and permitted for operation;

Continuation of work to rebuild steam generation facilities at Claflin to comply with current California Occupational Health and Safety standards and San Joaquin Valley Air Pollution Control District regulations;

Completion of a 1.8 square mile 3-D seismic survey on the Claflin, Brea and surrounding oil and gas leases to more accurately determine the optimum sites for future development drilling locations and possible exploration targets;

Relocation of corporate headquarters to smaller leased office space, resulting in annualized cost savings of over $150,000.

More about TIV at www.tri-valleycorp.com.



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