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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005
Commission File No. 0-6119

Tri-Valley Corporation
(Exact name of registrant as specified in its charter)

Delaware
84-0617433
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
Incorporation or organization)
  

5555 Business Park South, Suite 200, Bakersfield, California 93309
(Address of principal executive offices)

(661) 864-0500
(Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o


The number of shares of Registrant's common stock outstanding at March 31, 2005 was 22,247,052.

 


TRI-VALLEY CORPORATION

INDEX
   
Page 
PART I -
FINANCIAL INFORMATION
3
     
Item 1.
Consolidated Financial Statements
3
     
     
Item 2.
Management's Discussion and Analysis of Financial
  
 
Condition and Results of Operations
9
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
11
     
Item 4.
Controls and Procedures
11
     
     
PART II -
OTHER INFORMATION
12
     
Item 2.
Unregistered Sales of Equity Securities
12
     
Item 6.
Exhibits
12
     
SIGNATURES
 
13



 

PART I -
FINANCIAL INFORMATION

Item 1.
Unaudited Consolidated Financial Statements

TRI-VALLEY CORPORATION
CONSOLIDATED BALANCE SHEETS


ASSETS

   
March 31, 2005
  
Dec. 31, 2004
  
   
(Unaudited)
  
(Audited)
  
             
Current Assets
              
Cash
  
$
15,375,883
  
$
11,812,920
  
Accounts receivable, trade
   
413,211
    
192,008
  
Advance receivable
    
-
    
150,000
  
Note receivable
    
1,100,000
        
Prepaid expenses
    
86,029
    
96,056
  
               
Total Current Assets
    
16,975,123
    
12,250,984
  
               
Property and Equipment, Net
    
2,665,665
    
1,778,208
  
               
Other Assets
              
Deposits
    
457,566
    
200,407
  
Investments in partnerships
    
17,400
    
17,400
  
Other
    
13,913
    
13,913
  
Goodwill (net of accumulated amortization of $221,439 at December 31, 2003)
    
212,414
    
212,414
  
               
Total Other Assets
    
701,293
    
444,134
  
               
Total Assets
  
$
20,342,081
  
$
14,473,326
  

The accompanying notes are an integral part of these condensed financial statements.

 


LIABILITIES AND SHAREHOLDERS' EQUITY

   
March 31, 2005
  
Dec. 31, 2004
  
   
(Unaudited)
  
(Audited)
  
CURRENT LIABILITIES
              
Notes and contracts payable
  
$
1,025
  
$
9,985
  
Trade accounts payable & accrued expenses
    
1,248,414
    
1,237,848
 
Accounts payable to joint venture participants
    
158,838
   
100,115
 
Advances from joint venture participants
    
12,373,861
   
6,321,676
 
               
Total Current Liabilities
    
13,782,138
   
7,669,624
 
               
Long-term Portion of Notes and Contracts Payable
    
13,800
   
6,799
 
               
Total liabilities
    
13,795,938
   
7,676,423
 
               
Commitments
              
               
Shareholders' Equity
              
Common stock, $.001 par value: 100,000,000 shares authorized; 22,247,052 and 21,836,052 issued and outstanding at March 30, 2005 and Dec. 31, 2004, respectively
    
22,247
   
21,836
 
Less: Common stock in treasury, at cost, 100,025 shares
    
(13,370
)
  
(13,370
)
Subscription receivable
    
-
    
(750
)
Capital in excess of par value
    
18,248,797
   
15,125,607
 
Accumulated deficit
    
(11,711,531
)
  
(8,336,420
)
               
Total Shareholders' Equity
    
6,546,143
   
6,796,903
 
               
Total Liabilities and Shareholders' Equity
  
$
20,342,081
  
$
14,473,326
  

The accompanying notes are an integral part of these condensed financial statements.

 


TRI-VALLEY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

   
For the Three Months
  
   
Ended March 31
  
   
2005
  
2004
  
Revenues
              
Sale of oil and gas
  
$
169,126
  
$
227,419
  
Other income
    
9,649
   
13,493
 
Sale of oil & gas prospects
    
-
   
1,145,000
 
Interest income
    
23,333
   
369
 
Total Revenues
    
202,108
   
1,386,281
 
               
Cost and Expenses
              
Oil and gas lease expense
   
20,215
   
18,070
 
Mining exploration expenses
    
2,198,246
   
38,621
 
Project geology, geophysics, land & administration
    
192,407
    
440,219
 
Depletion, depreciation and amortization
    
19,376
   
7,233
 
Interest
    
347
   
26,292
 
General administrative
    
1,146,628
   
600,588
 
Total Cost and Expenses
    
3,577,219
   
1,131,023
 
               
Net Income (Loss)
  
$
(3,375,111
  
$
255,258
  
Basic & Diluted Earnings per Share
  
$
(.15
)
$
.01
  
Weighted Average Number of Shares
    
22,123,363
   
20,099,627
 

The accompanying notes are an integral part of these condensed financial statements.

 


TRI-VALLEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

   
For the Three Months