Tri-Valley Corporation (NYSE Amex:TIV) announced its financial results for the third quarter ended September 30, 2011. Oil and gas production revenues increased 15% to $516,000 in the third quarter of 2011 compared with $447,000 in the third quarter of 2010, reflecting an increase in production at both the Pleasant Valley and Claflin oil fields, as well as slightly higher oil prices. Net production in the recent third quarter totaled 8,676 barrels of oil compared with 6,638 barrels of oil in the same quarter of 2010, an increase of 31%. Net production costs increased 47% in the recent third quarter compared with the same quarter a year ago, largely the result of higher repairs and maintenance costs.
The Company also announced that it recently signed two new crude oil sales contracts. Plains Marketing, L.P., an affiliate of Plains All American Pipeline, L.P., is the new customer for the crude oil produced from Pleasant Valley. The Company also signed a new crude oil sales contract with ConocoPhillips Company for the sale of crude oil produced from Claflin. Under the new contracts, effective November 1, 2011, pricing has been tied to a basket of California oil price postings for Midway-Sunset rather than West Texas Intermediate (WTI) under the previous contract. The posted prices on the Midway Sunset crude have been averaging approximately $22 per barrel more than WTI in recent months.
Additional highlights during the third quarter of 2011 through today include:
Execution of a term sheet with the OPUS Special Committee (OSC) for restructuring of the TVC OPUS 1 Drilling Program, L.P. and resolution of alleged claims, as announced in a press release dated August 19, 2011;
Completion of initial steam injection and production of first oil from two more of the eight new wells at Claflin that were drilled last April, bringing the total number of producing wells at Claflin to three with five more waiting to be steamed once the rebuilt Claflin steam generators are installed and permitted for operation;
Continuation of work to rebuild steam generation facilities at Claflin to comply with current California Occupational Health and Safety standards and San Joaquin Valley Air Pollution Control District regulations;
Completion of a 1.8 square mile 3-D seismic survey on the Claflin, Brea and surrounding oil and gas leases to more accurately determine the optimum sites for future development drilling locations and possible exploration targets;
Relocation of corporate headquarters to smaller leased office space, resulting in annualized cost savings of over $150,000.
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.”
More about TIV at www.tri-valleycorp.com.
Children’s Place Retail Stores, Inc. (Nasdaq:PLCE) announced that Jane Elfers, President and Chief Executive Officer, will present at the J.P. Morgan SMid Cap Conference being held at the J.P. Morgan Conference Center in New York on Wednesday, November 30, 2011 at 11:45 a.m. Eastern Time.
The Children’s Place Retail Stores, Inc. operates as a children’s specialty apparel retailer in North America. It provides apparel, accessories, and shoes for children from newborn to 10 years of age.
Signature Bank (Nasdaq:SBNY) announced that its management plans to present its corporate story at the upcoming J.P. Morgan SMid Cap Conference. The conference is scheduled for Wednesday, November 30th - Thursday, December 1st, 2011 at the J.P. Morgan Conference Center at 383 Madison Avenue in New York City.
Signature Bank provides business and personal banking products and services in the New York metropolitan area.
Global Hunter (GBLHF.PK)
Global Hunter’s focus is on strategic and base metals, with an advanced stage copper oxide project in Chile and a highly prospective molybdenum property in British Columbia, Canada. GBLHF teams are working on developing the Corona de Cobre property in Chile and the Rabbit south property in British Columbia.
La Corona de Cobre, Chile:
+18,000 hectare land package in coastal belt of Andean Cordillera of Chile on the Atacama Fault Zone.(”Chilean Iron-Copper Belt”)
Project Highlights
- Copper oxide deposit, leachable
- Existing NI 43-101 Resource Estimate (225 million pounds of copper)
- Management with proven track record
- Highly qualified technical team
- Low operating costs of appr. $ 1.00/lb (preliminary calculation)
- Substantial upside potential (resource covers less than 0.1% of total area)
Rabbit South, British Columbia:
1,900 hectare land package between two of British Columbia’s most successful copper mines (Afton and Highland Valley)
Project Highlights
- 1,900 hectares 26km from Kamloops, British Columbia, between the Afton and Highland Valley copper mines
- 86 holes drilled on property from 1979 to 2005
- Two large target areas identified
- Recent drilling confirms presence of wide-spread near-surface molybdenum mineralization
Copper is one of the first metals to have been shaped and put to use by mankind. Originally valued for its appearance as much as its ease of manipulation, it has become widely used in many forms of technology, including electronic products, industrial machinery and telecommunications. Copper ore is the raw form of the material, which is subsequently processed and put to a variety of uses. Chile is currently the largest supplier of copper ore in the world.
Copper ore, when processed, possesses excellent alloying abilities, meaning it can be combined with other metals to form a metal alloy that incorporates some of the qualities of both combinants. Combined with zinc, it produces brass; and combined with tin, it can form bronze. A copper-nickel alloy, for instance, is often used on the hulls of ships, because it has properties that resist corrosion and help prevent the adhesion of marine fauna.
For more information please visit official website of GBLHF.PK: www.globalhunter.ca/homeabout.html
Charter Communications Inc (Nasdaq:CHTR) and James Cable , LLC announced that they have completed the trade of broadband systems located in Alabama and Georgia .
Charter Communications, Inc., through its subsidiaries, provides cable services to residential and commercial customers in the United States.
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