Tri-Valley Forms Well Services Alliance and Sells Its Production Services Equipment

Business Wire, June 24, 2008

BAKERSFIELD, Calif. -- Tri-Valley Corporation (AMEX:TIV) announced that it has established an alliance with Excalibur Well Services, Inc of Bakersfield, California and has sold all of its 100% owned Great Valley Production Services production rigs and equipment to Excalibur as part of an advantageous arrangement. The sale price was not disclosed.

"We originally formed Great Valley Production Services LLP because, back in 2006, we could not get workover services on a timely basis due to acute rig and personnel shortages in the contractor community. We bought and refurbished old rigs and were able to hire competent people to operate them. Now, with our much enhanced production capability, we are in a far more desirable position to better focus our management and capital resources on what constitutes our main opportunity which is the continued rapid build up of oil and gas production, revenue, reportable reserves, share value and reward for our drilling partners," said Joseph R. Kandle, president of Great Valley Production Services LLP.

Tri-Valley presently has six producing properties in California in the Sacramento and San Joaquin Valley and the Oxnard Plain with 40 active oil and natural gas wells and plans to drill more this year and beyond. The Company has also established a new year-end target of at least 3,000 barrels of oil equivalent per day (up from its original goal of 2,000) and is ahead of plan to achieve that goal.

Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.

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 includes 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, 2007, and the annual report on Form 10-K for the year ended December 31, 2007.