| For the Quarterly Period Ended June 30, 2010 | Commission File No. 001-31852 |
|----------------------------------------------|-------------------------------|

| Delaware(State or other jurisdiction of incorporation or organization)  | 94-1585250(I.R.S. Employer Identification Number)  |
|------------------------------------------------------------------------------|---------------------------------------------------------|

----

|     |                                                                                        | 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 | 11     |
|     |                                                                                        |   |
| ITEM 3.  | Quantitative and Qualitative Disclosures About Market Risk                                  | 16     |
|     |                                                                                        |   |
| ITEM 4.  | Controls and Procedures                                                                     | 16     |
|     |                                                                                        |   |
| PART II. | OTHER INFORMATION                                                                           | 17     |
|     |                                                                                        |   |
| ITEM 1.  | Legal Proceedings                                                                           | 17     |
|     |                                                                                        |   |
| ITEM 1A. | Risk Factors                                                                                | 18     |
|     |                                                                                        |   |
| ITEM 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 18     |
|     |                                                                                        |   |
| ITEM 5.  | Other Information                                                                           | 18     |
|     |                                                                                        |   |
| ITEM 6.  | Exhibits                                                                                    | 18     |
|     |                                                                                        |   |
|     | SIGNATURES                                                                                  | 19     |

----

| ASSETS                                                                  |   |          |       |   |              |   |
|-------------------------------------------------------------------------|--------|---------------|------------|--------|-------------------|--------|
|                                                                    |   | June 30, 2010 |       |   | December 31, 2009 |   |
|                                                                    |   | (Unaudited)   |       |   | (Audited)         |   |
|                                                                    |   |          |       |   |              |   |
| Current Assets                                                          |   |          |       |   |              |   |
|    Cash                                                  |   | $             | 1,692,028  |   |              | $      | 290,926 |   |
|    Accounts Receivable TVOG Production Accrual           |   |          | 890,505    |   |              |   | 33,623 |   |
|    Accounts Receivable - Trade                           |   |          | 44,391     |   |              |   | 63,151 |   |
|    Prepaid Expenses                                      |   |          | 473,458    |   |              |   | 16,889 |   |
|    Accounts Receivable from Joint Venture Partners - Net |   |          | 646,314    |   |              |   | 1,432,785 |   |
|   Accounts Receivable - Other                                 |   |          | 114,518    |   |              |   | 25,717 |   |
|                                                                    |   |          |       |   |              |   |   |   |
| Total Current Assets                                                    |   |          | 3,861,214  |   |              |   | 1,863,091 |   |
|                                                                    |   |          |       |   |              |   |   |   |
| Property and Equipment - Net                                            |   |          |       |   |              |   |   |   |
|    Proved Properties                                     |   |          | 25,265     |   |              |   | 25,265 |   |
|    Unproved Properties                                   |   |          | 1,693,296  |   |              |   | 1,551,998 |   |
|    Rig                                                   |   |          | 1,093,829  |   |              |   | 1,132,847 |   |
|    Other Property and Equipment                          |   |          | 4,472,761  |   |              |   | 5,470,295 |   |
|                                                                    |   |          |       |   |              |   |   |   |
| Total Property and Equipment - Net                                      |   |          | 7,285,151  |   |              |   | 8,180,405 |   |
|                                                                    |   |          |       |   |              |   |   |   |
| Other Assets                                                            |   |          |       |   |              |   |   |   |
|    Deposits                                              |   |          | 365,919    |   |              |   | 172,913 |   |
|    Investments in Joint Venture Partnerships             |   |          | 23,284     |   |              |   | 17,400 |   |
|    Goodwill                                              |   |          | 212,414    |   |              |   | 212,414 |   |
|    Other                                                 |   |          | -          |   |              |   | 13,800 |   |
|                                                                    |   |          |       |   |              |   |   |   |
| Total Other Assets                                                      |   |          | 601,617    |   |              |   | 416,527 |   |
|                                                                    |   |          |       |   |              |   |   |   |
| Total Assets                                                            |   | $             | 11,747,982 |   |              | $      | 10,460,023 |   |

----

| LIABILITIES AND STOCKHOLDERS' EQUITY                                          |   |          |         |   |              |   |
|-------------------------------------------------------------------------------|--------|---------------|--------------|--------|-------------------|--------|
|                                                                          |   |          |         |   |              |   |
|                                                                          |   | June 30, 2010 |         |   | December 31, 2009 |   |
|                                                                          |   | (Unaudited)   |         |   | (Audited)         |   |
|                                                                          |   |          |         |   |              |   |
| Current Liabilities                                                           |   |          |         |   |              |   |
|     Notes Payable                                         |   | $             | 389,142      |   |              | $      | 439,482 |   |
|    Trade -  Accounts Payable and Accrued Expenses    |   |          | 4,247,635    |   |              |   | 5,962,774 |   |
|    Non-Trade Accounts Payable                                  |   |          | 850,000      |   |              |   | 850,000 |   |
|                                                                          |   |          |         |   |              |   |   |   |
| Total Current Liabilities                                                     |   |          | 5,486,777    |   |              |   | 7,252,256 |   |
|                                                                          |   |          |         |   |              |   |   |   |
| Non-Current Liabilities                                                       |   |          |         |   |              |   |   |   |
|    Asset Retirement Obligation                                 |   |          | 366,423      |   |              |   | 351,013 |   |
|    Long-Term Portion of Notes Payable                          |   |          | 1,298,565    |   |              |   | 1,395,649 |   |
|                                                                          |   |          |         |   |              |   |   |   |
| Total Non-Current Liabilities                                                 |   |          | 1,664,988    |   |              |   | 1,746,662 |   |
|                                                                          |   |          |         |   |              |   |   |   |
| Total Liabilities                                                             |   |          | 7,151,765    |   |              |   | 8,998,918 |   |
|                                                                          |   |          |         |   |              |   |   |   |
| Stockholders' Equity                                                          |   |          |         |   |              |   |   |   |
|    Common Stock, $.001 par value; 100,000,000 shares           |   |          |         |   |              |   |   |   |
|    authorized; 37,350,504* and 33,190,462 at June 30, 2010 and |   |          |         |   |              |   |   |   |
|    December 31, 2009, respectively.                            |   |          | 37,351       |   |              |   | 33,190 |   |
|    Less: Common Stock in Treasury, at cost; 120,025 shares     |   |          | (38,370)     |   |              |   | (13,370) |   |
|    Capital in Excess of Par Value                              |   |          | 56,977,612   |   |              |   | 51,469,228 |   |
|    Additional Paid in Capital - Warrants                       |   |          | 4,017,703    |   |              |   |   |   |
|    Additional Paid in Capital - Stock Options                  |   |          | 2,466,917    |   |              |   | 2,429,722 |   |
|    Accumulated Deficit                                         |   |          | (58,864,996) |   |              |   | (52,457,665) |   |
|                                                                          |   |          |         |   |              |   |   |   |
| Total Stockholders' Equity                                                    |   |          | 4,596,217    |   |              |   | 1,461,105 |   |
|                                                                          |   |          |         |   |              |   |   |   |
| Total Liabilities and Stockholders' Equity                                    |   | $             | 11,747,982   |   |              | $      | 10,460,023 |   |

----

|                                                       |   |                                |        |   |                              |   |
|------------------------------------------------------------|--------|-------------------------------------|-------------|--------|-----------------------------------|--------|
|                                                       |   | For the Three Months Ended June 30, |        |   | For the Six Months Ended June 30, |   |
|                                                       |   | 2010                                |        |   | 2009                              |   |   | 2010 |   |   | 2009 |   |
| Revenues                                                   |   |                                |        |   |                              |   |   |   |   |   |   |   |
|    Sale of Oil and Gas                      |   | $                                   | 465,216     |   |                              | $      | 311,097 |   |   | $ | 920,989 |   |   | $ | 617,693 |   |
|    Gain on Sale of Asset                    |   |                                | 1,082,693   |   |                              |   | - |   |   |   | 1,673,492 |   |   |   | - |   |
|    Partnership Income                       |   |                                | 7,810       |   |                              |   | - |   |   |   | 7,810 |   |   |   | 30,033 |   |
|    Other Income                             |   |                                | -           |   |                              |   | 193,304 |   |   |   | 8,155 |   |   |   | 205,808 |   |
|    Interest Income                          |   |                                | 904         |   |                              |   | 5,312 |   |   |   | 2,019 |   |   |   | 15,950 |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Total Revenues                                             |   | $                                   | 1,556,623   |   |                              | $      | 509,713 |   |   | $ | 2,612,465 |   |   | $ | 869,484 |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Costs and Expenses                                         |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
|    Production Costs                         |   | $                                   | 247,177     |   |                              | $      | 632,946 |   |   | $ | 532,554 |   |   | $ | 1,058,846 |   |
|    Mining Exploration Expenses              |   |                                | 85,561      |   |                              |   | 48,695 |   |   |   | 224,389 |   |   |   | 117,152 |   |
|    Depletion, Depreciation and Amortization |   |                                | 168,904     |   |                              |   | 445,370 |   |   |   | 334,292 |   |   |   | 895,562 |   |
|    Bad Debt Expense                         |   |                                | -           |   |                              |   | - |   |   |   | - |   |   |   | 53,980 |   |
|    Interest Expense                         |   |                                | 33,250      |   |                              |   | 63,590 |   |   |   | 55,860 |   |   |   | 97,746 |   |
|    General and Administrative               |   |                                | 2,347,956   |   |                              |   | 1,533,232 |   |   |   | 3,803,308 |   |   |   | 3,942,728 |   |
|    Warrant Expense                          |   |                                | 2,855,454   |   |                              |   | - |   |   |   | 4,017,703 |   |   |   | - |   |
|    Stock Option Expense                     |   |                                | 24,278      |   |                              |   | - |   |   |   | 51,690 |   |   |   | - |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Total Costs and Expenses                                   |   | $                                   | 5,762,580   |   |                              | $      | 2,723,833 |   |   | $ | 9,019,796 |   |   | $ | 6,166,014 |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Loss Before Minority Interest                              |   | $                                   | (4,205,957) |   |                              | $      | (2,214,119) |   |   | $ | (6,407,331) |   |   | $ | (5,296,530) |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Minority Interest                                          |   |                                | -           |   |                              |   | (24,831) |   |   |   | - |   |   |   | (53,402) |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss                                                   |   | $                                   | (4,205,957) |   |                              | $      | (2,189,288) |   |   | $ | (6,407,331) |   |   | $ | (5,243,128) |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Basic Net Loss Per Share:                                  |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
|    Loss from Operations                     |   | $                                   | (0.11)      |   |                              | $      | (0.08) |   |   | $ | (0.18) |   |   | $ | (0.19) |   |
|    Basic Loss Per Common Share              |   | $                                   | (0.11)      |   |                              | $      | (0.08) |   |   | $ | (0.18) |   |   | $ | (0.19) |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Number of Shares Outstanding              |   |                                | 36,902,102  |   |                              |   | 27,614,867 |   |   |   | 35,039,904 |   |   |   | 27,536,111 |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Potentially Dilutive Shares Outstanding           |   |                                | 40,851,924  |   |                              |   | 30,100,334 |   |   |   | 36,550,615 |   |   |   | 30,112,944 |   |
|                                                       |   |                                |        |   |                              |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                        |   |                              |        |
|---------------------------------------------------------------------------------------------|--------|-----------------------------------|-------------|
|                                                                                        |   | For the Six Months Ended June 30, |        |
|                                                                                        |   | 2010                              |        |   | 2009 |   |
|                                                                                        |   |                              |        |   |   |   |
| Cash Flows from Operating Activities                                                        |   |                              |        |   |   |   |
|    Net Loss                                                                  |   | $                                 | (6,407,331) |   |   | $ | (5,243,127) |   |
|                                                                                        |   |                              |        |   |   |   |   |   |
| Adjustments to Reconcile Net (Loss) to Net Cash                                             |   |                              |        |   |   |   |   |   |
| Provided/(Used) by Operating Activities                                                     |   |                              |        |   |   |   |   |   |
|    Depreciation, Depletion and Amortization                                  |   |                              | 334,292     |   |   |   | 895,562 |   |
|    Minority Interest                                                         |   |                              | -           |   |   |   | (53,403) |   |
|    Warrant Expense                                                           |   |                              | 4,017,703   |   |   |   | - |   |
|    Stock Options                                                             |   |                              | 51,690      |   |   |   | 272,233 |   |
|    (Gain) or Loss on Sale of Property                                        |   |                              | (1,673,492) |   |   |   | - |   |
|    Bad Debt Expense                                                          |   |                              | -           |   |   |   | 53,980 |   |
|    Director Compensation                                                     |   |                              | 95,400      |   |   |   | - |   |
| Changes in Operating Capital                                                                |   |                              |        |   |   |   | - |   |
|    (Increase) or Decrease in Total Accounts Receivable                       |   |                              | (926,923)   |   |   |   | 769,468 |   |
|    (Increase) or Decrease in Total Other Assets                              |   |                              | (641,659)   |   |   |   | (308,087) |   |
|    Increase or (Decrease) in Accounts Payable, Deferred Revenue              |   |                              |        |   |   |   |   |   |
|       and Accrued Expenses                                    |   |                              | (1,715,139) |   |   |   | 2,170,039 |   |
|    Increase or (Decrease) in Accounts Payable to Joint Venture Partners      |   |                              |        |   |   |   | - |   |
|     and Related Parties                                                 |   |                              | (5,072,307) |   |   |   | (912,173) |   |
|    (Increase) or Decrease in Accounts Receivable from Joint Venture Partners |   |                              | 5,858,778   |   |   |   | 3,981,822 |   |
|                                                                                        |   |                              |        |   |   |   | - |   |
| Net Cash Provided/(Used) by Operating Activities                                            |   | $                                 | (6,078,988) |   |   | $ | 1,626,314 |   |
|                                                                                        |   |                              |        |   |   |   |   |   |
| Cash Flows from Investing Activities                                                        |   |                              |        |   |   |   |   |   |
|    Proceeds from the Sale of Property                                        |   |                              | 3,059,341   |   |   |   | - |   |
|    Capital Expenditures                                                      |   |                              | (809,476)   |   |   |   | (465,096) |   |
|                                                                                        |   |                              |        |   |   |   |   |   |
| Net Cash Provided/(Used) by Investing Activities                                            |   | $                                 | 2,249,865   |   |   | $ | (465,096) |   |
|                                                                                        |   |                              |        |   |   |   |   |   |
| Cash Flows from Financing Activities                                                        |   |                              |        |   |   |   |   |   |
|    Principal Payments on Long-Term Debt                                      |   |                              | (147,424)   |   |   |   | (119,599) |   |
|    Net Proceeds from the Issuance of Stock Options                           |   |                              | 2,200       |   |   |   | - |   |
|    Net Proceeds from the Issuance of Common Stock                            |   |                              | 5,414,945   |   |   |   | 19,301 |   |
|    Sale or (Purchase) of Treasury Stock                                      |   |                              | (25,000)    |   |   |   |   |   |
|                                                                                        |   |                              |        |   |   |   |   |   |
| Net Cash Provided/(Used) by Financing Activities                                            |   | $                                 | 5,244,721   |   |   | $ | (100,298) |   |
|                                                                                        |   |                              |        |   |   |   |   |   |
| Net Increase or (Decrease) in Cash and Cash Equivalents                                     |   |                              | 1,401,102   |   |   |   | 1,060,920 |   |
| Cash and Cash Equivalents at Beginning of Period                                            |   |                              | 290,926     |   |   |   | 2,000,787 |   |
|                                                                                        |   |                              |        |   |   |   |   |   |
| Cash and Cash Equivalents at End of Period                                                  |   | $                                 | 1,692,028   |   |   | $ | 3,061,707 |   |

----

|   | • | Tri-Valley Oil & Gas Co. (“TVOG”) — conducts our hydrocarbon (crude oil and natural gas) business.  TVOG derives its revenue from oil and natural gas production. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Select Resources Corporation, Inc. (“Select”) — holds and maintains our precious metals and industrial minerals business.  Select holds and develops three major mineral assets in the State of Alaska. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Great Valley Production Services, LLC (“GVPS”) — conducts our oil production services, well workover services, and the business of refurbishment of oilfield equipment. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Great Valley Drilling Company, LLC (“GVDC”) — formed to own and operate a geothermal and oil drilling rig in the State of Nevada. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Tri-Valley Power Corporation — is inactive at the present time. |
|--------|---------|-----------------------------------------------------------------------|

|   | - | Oil and Gas Operations — This segment represents our oil and gas business.  During the first six months of 2010, this segment generated virtually all of the Company’s revenues from operations. |
|--------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Rig Operations — This segment consists of drilling rig operations. |
|--------|---|--------------------------------------------------------------------------|

|   | - | Minerals — This segment represents our precious metal and industrial mineral prospects.  In the past, it has generated revenues from pilot-scale mining projects and subcontracting exploration and business development projects.  This segment holds title to land or leases in the State of Alaska.   |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | Drilling and Development — This segment includes revenue received from crude oil and natural gas drilling and development operations performed for joint venture partners. |
|--------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | An expanded definition of oil and gas producing activities to include nontraditional resources such as bitumen extracted from oil sands.                                                                                                                                  |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | The use of an average of the first-day-of-the-month price for the 12-month period, rather than a year-end price for determining whether reserves can be produced economically.                                                                                            |
|   | • | Amended definitions of key terms such as “reliable technology” and “reasonable certainty” which are used in estimating proved oil and gas reserve quantities.                                                                                     |
|   | • | A requirement for disclosing separate information about reserve quantities and financial statement amounts for geographical areas representing 15 percent or more of proved reserves.                                                                                     |
|   | • | Clarification that an entity’s equity investments must be considered in determining whether it has significant oil and gas activities and a requirement to disclose equity method investments in the same level of detail as required for consolidated investments. |

----

|                                           |   | For Three Months Ended |   |   | For Three Months Ended |   |   | For Six Months Ended |   |   | For Six Months Ended |   |
|------------------------------------------------|--------|------------------------|--------|--------|------------------------|--------|--------|----------------------|--------|--------|----------------------|--------|
|                                           |   | June 30, 2010          |   |   | June 30, 2009          |   |   | June 30, 2010        |   |   | June 30, 2009        |   |
|  Revenues                                 |   |                   |   |   |                   |   |   |                 |   |   |                 |   |
|     Oil and Gas Operations |   | $                      | 1.60   |   |                   | $      | 0.50   |                 |   | $      | 2.60                 |   |   | $ | 0.80 |   |
|     Rig Operations         |   |                   | -      |   |                   |   | -      |                 |   |   | -                    |   |   |   | - |   |
|     Minerals               |   |                   | -      |   |                   |   | -      |                 |   |   | -                    |   |   |   | - |   |
|     Non-Segmented Items    |   |                   | -      |   |                   |   | -      |                 |   |   | -                    |   |   |   | - |   |
|  Consolidated Revenues                    |   | $                      | 1.60   |   |                   | $      | 0.50   |                 |   | $      | 2.60                 |   |   | $ | 0.80 |   |

|                                           |   | For Three Months Ended |   |   | For Three Months Ended |   |   | For Six Months Ended |   |   | For Six Months Ended |   |
|------------------------------------------------|--------|------------------------|--------|--------|------------------------|--------|--------|----------------------|--------|--------|----------------------|--------|
|                                           |   | June 30, 2010          |   |   | June 30, 2009          |   |   | June 30, 2010        |   |   | June 30, 2009        |   |
|  Operating Income (Loss)                  |   |                   |   |   |                   |   |   |                 |   |   |                 |   |
|     Oil and Gas Operations |   | $                      | 1.30   |   |                   | $      | (0.60) |                 |   | $      | 2.30                 |   |   | $ | (0.90) |   |
|     Rig Operations         |   |                   | (0.30) |   |                   |   | (0.20) |                 |   |   | (0.40)               |   |   |   | (0.50) |   |
|     Minerals               |   |                   | (0.10) |   |                   |   | (0.10) |                 |   |   | (0.30)               |   |   |   | (0.30) |   |
|     Non-Segmented Items    |   |                   | (5.10) |   |                   |   | (1.30) |                 |   |   | (8.00)               |   |   |   | (3.50) |   |
|  Total Income (Loss)                      |   | $                      | (4.20) |   |                   | $      | (2.20) |                 |   | $      | (6.40)               |   |   | $ | (5.20) |   |

----

|                            |   | June 30, |   |   | December 31, |   |
|---------------------------------|--------|----------|--------|--------|--------------|--------|
|  Total Assets              |   | 2010     |   |   | 2009         |   |
|  Oil and Gas Operations    |   | $        | 8.60   |   |         | $      | 7.20 |   |
|  Rig Operations            |   |     | 1.50   |   |         |   | 1.70 |   |
|  Minerals                  |   |     | 1.40   |   |         |   | 1.40 |   |
|  Drilling and Development  |   |     | 0.20   |   |         |   | 0.20 |   |
|  Consolidated Total Assets |   | $        | 11.70  |   |         | $      | 10.50 |   |

----

|   | · | Closed a $5.0 million sale of common stock in a registered direct offering with institutional investors |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | Installed artificial lift on four additional oil wells at our Pleasant Valley project |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | Expanded 30-day steam cycles on two additional oil wells at our Pleasant Valley project |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | Initiated steam cycles on two existing oil wells at our Claflin property |
|--------|--------|--------------------------------------------------------------------------|

|   | · | Closed on the sale of the South Belridge and Shields-Arms leases for an aggregate price of $3.4 million, $0.9 million net  to Tri-Valley Corporation |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reduced past-due Trade Accounts Payable and Accrued Expenses by more than $1.0 million |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | Completed an NI 43-101 Report on our Shorty Creek gold exploration project in Alaska |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | Formed an Advisory Committee with partners who own or control a majority interest of the TVC OPUS 1 Drilling Program, L.P., to recommend a development and financing plan for the Pleasant Valley project |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Reorganized management structure to strengthen the Company’s focus on accelerating oil revenue generation from existing assets |
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|   | · | Joined the Russell Microcap Index |
|--------|--------|-----------------------------------|

|   |  ●                                 |  Closing the balance of our planned $10.0 million financing for fiscal year 2010                                                                          |
|--------|-----------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |      ●              |  Expanding 30-day steam cycles on the three remaining oil wells at our Pleasant Valley project                                                                                          |
|   |      ●    |  Completing the initial steam cycle on the remaining five oil wells at our Claflin property                                                                                             |
|   |      ●         |  Converting an existing vertical well to salt water disposal well at our Pleasant Valley project                                                                                                       |
|   |      ●         |  Recommending a development and financing plan for the Pleasant Valley project with the Advisory Committee of partners who own or control a majority interest of the TVC OPUS 1 Drilling Program, L.P. |
|   |      ●         |  Initiating drilling of a horizontal steam-injection well to start Steam Assisted Gravity Drainage (SAGD) process at our Pleasant Valley project                                                       |
|   |      ●         |  Drilling 10-15 new wells at our Claflin and Brea properties                                                                                                                                           |
|   |      ●    |  Recompleting the Tilgreut Lease Number 1-18 at our Moffat Ranch property                                                                                                                              |

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|                                  |   |   |   |                            |   |   |   |       |   |
|---------------------------------------|--------|--------|--------|---------------------------------|--------|--------|--------|------------|--------|
|                                  |   |   |   | For Three Months Ended June 30, |   |   |   |
|                                  |   |   |   |                            |   |   |   | Increase   |   |   |   |   |
|                                  |   | 2010   |   |                            | 2009   |   |   | (Decrease) |   |   | Change % |   |
|  Oil and Gas Operations          |   | $      | 1.60   |                            |   | $      | 0.50   |       |   | $ | 1.10 |   |   |   | 220 | % |
|  Rig Operations                  |   |   | -      |                            |   |   | -      |       |   |   | - |   |   |   | 0 | % |
|  Minerals                        |   |   | -      |                            |   |   | -      |       |   |   | - |   |   |   | 0 | % |
|  Drilling and Development        |   |   | -      |                            |   |   | -      |       |   |   | - |   |   |   | 0 | % |
|  Non-Segmented Items             |   |   | -      |                            |   |   | -      |       |   |   | - |   |   |   | 0 | % |
|     Total Revenue |   | $      | 1.60   |                            |   | $      | 0.50   |       |   | $ | 1.10 |   |   |   | 220 | % |

|                         |   |                                                                                                                                                                     |   |   |   |   |   |     |   |
|------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|----------|--------|
|                         |   | For Three Months Ended June 30,                      (Increase) |   |   |   |
|                         |   | 2010                                                                                                                                                                     |   |   | 2009   |   |   | Decrease |   |   | Change % |   |
|  Oil and Gas Operations |   | $                                                                                                                                                                        | 1.3    |   |   | $      | (0.6   | )        |   | $ | 1.9 |   |   |   | 317 | % |
|  Rig Operations         |   |                                                                                                                                                                     | (0.3   | )      |   |   | (0.2   | )        |   |   | (0.1 | ) |   |   | 50 | % |
|  Minerals               |   |                                                                                                                                                                     | (0.1   | )      |   |   | (0.1   | )        |   |   | - |   |   |   | 0 | % |
|  Non-Segmented Items    |   |                                                                                                                                                                     | (5.1   | )      |   |   | (1.3   | )        |   |   | (3.8 | ) |   |   | 286 | % |
|  Total Income (Loss):   |   | $                                                                                                                                                                        | (4.2   | )      |   | $      | (2.2   | )        |   | $ | (2.0 | ) |   |   | 89 | % |

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|   | Ÿ | Cash Management –During the first quarter of 2010, a new Treasury Management Account Structure was implemented with improved controls over authorizing and recording cash disbursements.  New procedures for reconciling all bank accounts monthly were implemented and followed. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Ÿ | Authorizing and Recording Equity Transactions –During the first quarter of 2010, new procedures were implemented and followed, ensuring that all equity transactions were reviewed and authorized by the Chief Financial Officer prior to recording.                                             |
|   | Ÿ | Property, Plant and Equipment –During the first quarter of 2010, depreciation procedures were fully reviewed, and new procedures for properly recording expense for depreciable assets were implemented and followed.                                                                            |

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| 31.1 | Rule 13a-14(a)/15d-14(a) Certification |
|------|----------------------------------------|
| 31.2 | Rule 13a-14(a)/15d-14(a) Certification |
| 32.1 | 18 U.S.C. Section 1350 Certification   |
| 32.2 | 18 U.S.C. Section 1350 Certification   |

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|   August 2, 2010 | TRI-VALLEY CORPORATION /s/ Maston N. Cunningham    Maston N. Cunningham    President and Chief Executive Officer  |
|----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                |
| August 2, 2010             | /s/ John E. Durbin    John E. Durbin    Chief Financial Officer                                                        |