Tri-Valley Corporation Reports 11% Increase In Revenues From Oil And Gas Operations In The First Quarter Of 2011
Please replace the release with the following corrected version due to multiple revisions to the "Costs and Expenses" section of the table with the header "TRI-VALLEY CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS."
The corrected release reads:
TRI-VALLEY CORPORATION REPORTS 11% INCREASE IN REVENUES FROM OIL AND GAS OPERATIONS IN THE FIRST QUARTER OF 2011
Stockholders’ Equity Increased 50% Over 2010 Year End Conference Call Today at 4:30 p.m. Eastern TimeTri-Valley Corporation (NYSE Amex: TIV) today announced its financial results for the first quarter ended March 31, 2011. Oil and gas revenues grew 11% to $658,000 in the first quarter of 2011 compared with $590,000 in the first quarter of 2010, due to higher oil prices and increased oil production. Net production in the recent first quarter totaled 7,004 barrels of oil compared with 6,110 barrels in the same quarter of 2010, an increase of 15%. Net production costs increased 7% in the 2011 first quarter compared with the same quarter a year ago. “These results demonstrate the strong leverage potential of our oil and gas business model, following the initiatives we put in place last year to increase oil production and reduce costs,” said Maston N. Cunningham, Tri-Valley’s President and CEO. “Oil and gas revenues from operations increased 11% in the quarter with a corresponding increase in production expenses of just 7%. With higher oil prices and our success in driving additional production at both our Pleasant Valley and Claflin oil projects, we anticipate continued revenue growth and improvement on our bottom-line during 2011.” “In Alaska, we continue to move forward on our efforts to find operational and financial partners to assist in the exploration and development of our two gold exploration properties – Richardson and Shorty Creek. Finally, with the successful raise of capital during the quarter through the sale of common stock under our at-the-market (“ATM”) equity offering programs with C. K. Cooper & Company, we ended the first quarter with $1.6 million in cash, an increase of $1 million from the level at the end of December 2010, and stockholders’ equity of $9.2 million at March 31, 2011, compared with $6.2 million and $0.9 million at December 31, 2010, and March 31, 2010, respectively.”
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