Tri-Valley Corporation and OPUS Special Committee Agree to Preliminary Terms on Restructuring and Resolution of Alleged Claims
Tri-Valley (NYSE: TIV) and the OPUS Special Committee announced today that they have reached preliminary, amicable terms resolving matters that will support the continued development and financing of the Pleasant Valley Oil Sands Project.
As previously disclosed, the Special Committee was formed to ensure the interests of OPUS partners would be represented independently of Tri-Valley in connection with Tri-Valley's review and resolution of potential claims brought to Tri-Valley's attention by OPUS partner, G. Robert Miller, in August 2010. Mr. Miller serves on the Special Committee. These claims relate to alleged breaches of the governing partnership agreements, including Tri-Valley's allocation of certain oil and gas lease acquisition and title defense costs to OPUS, the amount of turnkey drilling and well completion costs charged to OPUS, and the amount of fees charged to OPUS for the work performed by finders who assisted in the placement of partnership units.
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