BAKERSFIELD, Calif.--(BUSINESS WIRE)--Tri-Valley Corporation (NYSE AMEX:TIV) announced the completion of its
management succession plan set up in 2008. As such, G. Thomas Gamble,
48, formerly vice chairman of the board of directors, has become
chairman and Maston N. Cunningham, 57, has become chief executive
officer of the parent company, its five operating subsidiaries and
executive of the managing partner of the company's two limited
partnerships. They succeed F. Lynn Blystone, 74, who previously held all
those positions during his 29 year career with the company and has now
retired.
"I am particularly comfortable and confident with this leadership whose
experience and skill sets have been tested during some of the very
toughest economic and industry times in many decades. I believe the
assembled teams under their leadership will continue to build value in
Tri-Valley shares and the established asset platform," said Blystone,
who remains a substantial shareholder and project investor.
Mr. Gamble presently owns and operates a vineyard and wine business in
Napa Valley, California. He is a successful businessman and investor in
a variety of enterprises with a major part of his portfolio in the
petroleum and mineral exploration and production business in California
and Alaska.
Mr. Cunningham, a CPA, had a 22 year career as an executive with
Occidental Petroleum in the U.S., Pakistan, Peru, and his final post as
president and general manager of Occidental of Ecuador before taking
early retirement.
Tri-Valley is a publicly traded petroleum and mineral exploration
company. It produces oil in California's Ventura and San Joaquin Valley
basins and natural gas in the Sacramento River Delta. In Alaska it has
two large gold exploration projects and a high grade calcium carbonate
quarry. It owns Great Valley Drilling Company LLC with a geothermal /
petroleum drilling rig in Fallon, Nevada and Great Valley Production
Company with oil field facilities and a fleet of portable steam
generators.
This press release contains forward-looking statements that involve
risks and uncertainties. Actual results, events and performance could
vary materially from those contemplated by these forward-looking
statements which include such words and phrases as exploratory, wildcat,
prospect, speculates, unproved, prospective, very large, expect,
potential, etc. Among the factors that could cause actual results,
events and performance to differ materially are risks and uncertainties
discussed in the company's quarterly report on Form 10-Q for the quarter
ended September 30, 2009, and the annual report on Form 10-K for the
year ended December 31, 2008.