California

By OGJ editors
HOUSTON, June 24 – Tri-Valley Corp., Bakersfield, established an advisory committee to assist it in maximizing the value of the jointly owned Pleasant Valley oil sands project in Oxnard, Calif.

Tri-Valley, managing partner of TVC OPUS 1 Drilling Program LP, expects to present a comprehensive plan for approval to the OPUS partnership in fall 2010 that will incorporate recommendations developed by the advisory committee.

OPUS partners own 75% working interest in the project, and Tri-Valley has 25%. Pleasant Valley has an estimated 128 million bbl of original oil in place. Tri-Valley expects to be able to recover as much as 50% or more of OOIP with steam-assisted gravity drainage.

The committee will consider possible reorganization of the partnership, ownership structure, and financing options.