Tri-Valley Continues Reorganization to Further Strengthen Its Focus on Oil and Gas ProductionBAKERSFIELD, Calif.--(BUSINESS WIRE)--Tri-Valley Corporation (NYSE Amex:TIV) today announced additional organizational changes designed to strengthen the Company's focus on accelerating oil revenue generation from existing assets. Under the new structure, Maston Cunningham, president and CEO of Tri-Valley Corporation, will also become president of Tri-Valley Oil & Gas Co. (TVOG). He assumes this role from Joe Kandle. Jim Kromer, vice president of operations, will report to Mr. Cunningham. In addition, the Company has consolidated its minerals activities under Mike Stark, vice president of exploration, who also reports to Mr. Cunningham.
"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations"
Mr. Kandle will continue to serve as senior vice president of corporate development, dedicated full time to identifying new oil and gas investment opportunities, including the assessment of new technologies.
Mr. Stark assumes additional responsibility for exploration and land management activities for the Company's Alaskan mineral projects in addition to his responsibilities for similar activities for Tri-Valley's oil and gas projects in California. Jim Bush, president of Select Resources Corporation, the Company's minerals subsidiary, will report to Mr. Stark.
John Durbin, chief financial officer, assumes additional responsibilities for human resources and administration and information technology, in addition to his finance, accounting, compliance and risk management responsibilities, and also reports to Mr. Cunningham.
"The board is pressing for accelerating efforts to build shareholder value through increased oil and gas production and the orderly disposition of non-core assets," said Tom Gamble, chairman of Tri-Valley Corporation. "The new Tri-Valley management has had initial success at both. Streamlining the reporting structure allows management to more efficiently drive further increases in production."
Tri-Valley Corporation explores for and produces oil and natural gas in California, and has two exploration-stage gold properties and a high grade calcium carbonate quarry 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.
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 includes 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 10Q for the most recent quarter ended March 31, 2010.
Posted: June 29, 2010
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