Opus I Partnership

In 2002, Tri-Valley created a limited partnership called the OPUS-I Drilling Program LP.  The purpose of this partnership was to raise one hundred million dollars by selling partnership interests to conduct wildcat exploration.  This purpose was amended in 2006 to include development of producing properties of which the partnership now has several. 

By year end 2007, the OPUS I partnership had raised approximately $60 million total and had invested it in drilling several non-commercial wells and in acquiring producing properties.  Tri-Valley owns 25% of the OPUS-I Program and is the partnership manager as well as the projects operator. 

For the year ended December 31, 2007, OPUS I partnership raised $15,972,108 for drilling and development and spent $17,789,571 primarily on the purchase of the Moffat East Ranch prospect; on drilling the Lundin-Weber 188, Lundin-Weber 344, Lundin-Weber 24, and Lundin-Weber 270; the turnkey and completion of the Pleasant Valley #1; the drilling and in progress completion of the Pleasant-Valley #2; and the turnkey & completion of the Moffat Ranch 48X-7.

At the end of 2005, with the acquisition of Pleasant Valley, Temblor Valley and Moffat Ranch East on behalf of the partnership, it was determined to end the raising of funds for the remainder of exploration plays in favor of capitalizing development of the properties to build production and revenue to achieve a high multiple return to Opus investors rather than continue further exploration risk for the Opus I partners.  A new partnership is envisioned for further exploration.