Tri-Valley has announced that it is completing its first well in the Moffat Ranch natural gas field, California, as a producer. The company has also announced that chief administrative officer Thomas Cunningham has elected to retire from all his positions effective January 15, 2008.
While the well is capable of delivering at the rate of several million cubic feet per day (cfd), Tri-Valley plans to initially produce the well in the one million cfd range and gradually ramp it up as production data indicates the optimum rate.
The company estimates in the range of more than two dozen well locations in the main Moffat holding and the test well data indicates even larger zones uphole that may be candidates for dual completion or even separate drilling.
Mr Cunningham was formerly CFO and, more recently was vice president. He was also an officer and director of the Great Valley Production Services, Great Valley Drilling and Select Resources Corporation subsidiaries of Tri-Valley.
Lynn Blystone, president and CEO of Tri-Valley, said: This gas discovery adds an important chapter in Tri-Valley’s march to build production, revenues, reportable reserves and share value, and gives us balances in the premium California market as we develop our several oil and gas properties.