Tri-Valley Corporation Reports On Recent Corporate Progress
Tri-Valley Corporation (NYSE Amex: TIV) today reported significant progress on a number of important corporate initiatives designed to streamline operations, reduce costs, dispose of non-core assets, and regain compliance with minimum continued listing standards of the NYSE Amex, LLC exchange. Additionally, the Company has retained the investment banking firm C. K. Cooper & Company of Irvine, California, to provide financial advisory services related to financing the development of the Pleasant Valley Oil Sands Project jointly owned by the Company and its TVC OPUS 1 Drilling Program, L.P. This followed the meeting of the OPUS Advisory Committee held on December 15-16, 2010, to review a recommended path forward for the OPUS partnership. The Company expects to present a formal recommendation to partners later this month.
Tri-Valley also reported that it expects to reduce general and administrative costs by approximately $1 million on an annualized basis following the recent elimination of five positions primarily at its headquarters office, outsourcing of the Information Technology function, and reductions in contract services for other activities. Included among the positions eliminated was the president of Select Resources Corporation, Inc., Tri-Valley’s mineral subsidiary, following the sale of the Admiral Calder calcium carbonate property last month. The Company also merged three inactive subsidiaries, Great Valley Production Services, LLC; Great Valley Drilling Company, LLC; and Tri-Valley Power Corporation into Tri-Valley Corporation at the end of 2010 to eliminate costs associated with maintaining those inactive entities.
During the fourth quarter 2010, Tri-Valley significantly strengthened its capital structure with the $2.5 million sale of the Admiral Calder property in Alaska, issuance of additional preferred stock in exchange for obligations of $835,000 related to Great Valley Production Services, and $575,000 in net proceeds ($606,000 gross) from the sale of common stock under the existing shelf registration. As a result of these achievements, the Company expects to report shareholders’ equity at December 31, 2010 in excess of the $6 million minimum equity required for continued listing on the NYSE Amex, LLC exchange.
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