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TriValley Corp (TIV) filed Quarterly Report for the period ended 2011-09-30.
Tri Valley Corp. has a market cap of $12.9 million; its shares were traded at around $0.19 with and P/S ratio of 2.7. Tri Valley Corp. had an annual average earning growth of 22.6% over the past 5 years.
This is the annual revenues and earnings per share of TIV over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TIV.
Highlight of Business Operations:
Net oil and gas revenue increased $0.1 million and $0.3 million for the three and nine months ended September 30, 2011, respectively, primarily due to a combination of increased production at Pleasant Valley and Claflin and higher realized oil prices. Oil production increased 32% (or 2,429 bbls) at Pleasant Valley and 41% (or 629 bbls) at Claflin in the three months ended September 30, 2011. For the nine months ended September 30, 2011, oil production increased 29% (or 5,846 bbls) at Pleasant Valley and 63% (or 1,694 bbls) at Claflin. Higher production at Pleasant Valley for the three months and nine months ended September 30, 2011 resulted from enhanced well performance following steam injection compared to the same periods last year. Increased production at Claflin for the three months and nine months ended September 30, 2011 was largely due to increased production capacity following the steaming and flowback of three new wells drilled earlier this year.Relative to our historical oil sale prices, we expect to receive higher oil prices for our oil sold at Pleasant Valley and Claflin starting in the fourth quarter of 2011. We signed new oil sales contracts with Plains Marketing, L.P. for the sale of our heavy oil from Pleasant Valley. And at our Claflin property we signed a new oil sales contract with ConocoPhillips Company. These new oil sales contracts are tied to a basket of California oil price postings for Midway Sunset rather than West Texas Intermediate (“WTI”) under our previous contract with a small refinery whose principal refined product is asphalt. Due to lower asphalt prices resulting from decreased construction, the refiner had to impose the WTI posting formula several months ago to avoid significant losses. For 2011, Midway Sunset crude oil prices have averaged approximately $8.50 per bbl higher than for WTI, and in recent months, this spread has increased to approximately $22.00 due to market dislocation phenomena within the US, and the impact of higher international prices.
Interest and other revenue increased $0.2 million for the three and nine months ended September 30, 2011, primarily due to the receipt by Select of the first option payment of $0.2 million upon execution of the Definitive Agreement with US Gold on July 1, 2011.
For the three and nine months ended September 30, 2011, we had relatively few sales of assets. For the nine months ended September 30, 2010, we realized gains on the sale of our interest in the Belridge-Edison field of $0.8 million and $0.7 million gains from the sale of various surplus equipment items.
For the nine months ended September 30, 2010, we sold our interest in the Belridge-Edison field and various surplus equipment items for which we received $3.1 million compared to $0.1 million in proceeds we received from asset sales in the same period for 2011.
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