New rig will expand geothermal exploration

BAKERSFIELD, Calif., Dec. 29 (UPI) -- California-based Tri-Valley Corp. announced its drilling subsidiary, Great Valley Drilling Company, LLC, purchased a a new drill for drilling geothermal wells.

The drill, which is can go 10,000 feet with 3 ½" drill pipe will be used in Nevada and California. The rig also has a full complement of rolling stock and a 45-ton crane.

"We expect to be a significant force in the drilling of geothermal wells in Nevada, a sector of energy business enjoying increasing favor among junior and midsized companies. We have the only Nevada-based rig and experienced crews for those opportunities," said Joseph R. Kandle, president of both GVDC and the operating subsidiary, Tri-Valley Oil & Gas Co.

Since Nevada has become a popular exploration site for oil and gas as well as geothermal power, GVDC hopes to add a production service rig and another drilling rig to its fleet as quickly as possible.

"Acquiring this rig with its experienced crew represents a very significant advance for Tri-Valley Corporation and its shareholders, particularly during this prevailing period of widespread severe rig shortages, and allows us to drill some of our own prospect inventory as well as contracting it out for third-party work to earn additional income," said F. Lynn Blystone, president and chief executive officer.