With the recently announced cancellation of all the outstanding Series A and B warrants and relinquishment of all remaining rights for investors under the April 6, 2010 stock purchase agreement, Tri-Valley has enhanced its attractiveness as an investment to potential investors and significantly increased its flexibility to pursue a range of financing options to fund its growth initiatives.“We made good progress on our corporate initiatives during 2010 and enter 2011 well positioned to drive improved revenue growth and cash generation,” said Maston N. Cunningham, President and CEO of Tri-Valley. “For 2011, we are focused on increasing the production from our oil and gas assets. At the Pleasant Valley project, we are working aggressively to implement the SAGD pilot program so that production from the pilot wells can be initiated in the summer of 2011. SAGD appears to be very promising technology that will allow us to substantially increase the oil production and ultimate recovery of oil sand reserves at the site. We are also working with the OPUS partnership, which holds a majority interest in the Pleasant Valley project, to better align their interests with those of Tri-Valley’s shareholders. We have made substantial progress and believe agreement will be reached on next steps towards development over the next several months. At the Claflin project near Bakersfield, California, we are working on financing alternatives to drill up to 22 wells in 2011.” “As previously reported, we are seeking a strong operational and financial partner to help us develop and monetize our potentially large porphyry copper, gold, and molybdenum deposits on our Shorty Creek prospect in Alaska. There has been strong interest already expressed from several potential partners who are well qualified and are reviewing the data package. We are optimistic that we will be able to come to an agreement during the year,” Mr. Cunningham continued.
“Finally, we have taken the steps necessary to become a more efficient, cost-effective operation. We expect to leverage this effort, driving increased revenue, to generate cash from operations by the end of the year. We believe these initiatives should result in enhanced valuation for our shareholders,” concluded Mr. Cunningham.About Tri-Valley 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." 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 include 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 10-Q for the most recent quarter ended September 30, 2010.