CORRECTING and REPLACING Tri-Valley Funds Next Project.

Energy Editors/Business Editors

CORRECTION...by Tri-Valley Corporation

BAKERSFIELD, Calif.--(BUSINESS WIRE)--Sept. 8, 2003

In BW5637, (CA-TRI-VALLEY-CORP) Tri-Valley Funds Next Project, first graph, first line should read xxx Tri-Valley Corporation (OTCBB:TRIL) has completed the full $2,040,000 funding (sted $1,505,000 funding).

The corrected release reads:

TRI-VALLEY FUNDS NEXT PROJECT

Tri-Valley Corporation (OTCBB:TRIL) has completed the full $2,040,000 funding to drill its Oil Lake Prospect soon after it completes its Oil Creek Prospect, now being drilled near Coalinga, California. The Oil Lake Prospect is located on the southwest side of Buena Vista Lake, just south of the giant Elk Hills Oilfield and east of America's most productive oilfield outside of Alaska, the multi-billion barrel Midway-Sunset Oilfield, all west of Bakersfield, California.

"Being only 1 1/2 miles from production and on the Buena Vista structure (formerly Naval Petroleum Reserve No. 2), we view this test of the Buena Vista extension as a 'develo-cat.' That is, it combines close-in features with the higher risk of trying to discover a new field extension," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Company.

The Company is in the final permit stages and expects to commence operations on Oil Lake next month.

"The Buena Vista structure has produced 660 million barrels of oil and one trillion cubic feet of natural gas and this well will test eight of the 12 horizons that historically produce on the structure," according to Paul Hacker, Tri-Valley's consulting geologist on the play.

"As the investing public becomes increasingly aware of the growing oil and gas supply/demand imbalance, they are looking for programs to access the opportunity and we've designed one that provides statistical probability of discovery success on a very large scale," said F. Lynn Blystone, president and chief executive officer of Tri-Valley Corporation.

Tri-Valley's exploration inventory contains very large targets like the 150 million barrel of oil equivalent (BOE) potential of the Oil Creek Prospect now drilling as well as the estimated 85 million BOE potential of Oil Lake Prospect. Until discovery success occurs, neither of these targets are proven and represent speculative upside at this stage. Still, they illustrate the magnitude of the upside leverage possible in the event of discovery.

"With consumers fretting over higher gasoline prices, the only sure solution is discovery of big, new, flush production reserves and Tri-Valley has two dozen big targets for investors to consider for exceptional reward potential as well as the possibility of making a difference for California citizens," Blystone said.

The Company and its subsidiaries are headquartered in Bakersfield, California, a premier oil-producing province of the western hemisphere. Tri-Valley Corporation stock is publicly traded on the over-the-counter bulletin board under the symbol "TRIL.OB" in the United States and in Europe on the Berlin and Frankfurt Stock Exchanges under the symbol "TVC WKN 911919." Our company websites, which include all SEC filings, are www.tri-valleycorp.com and www.tri-valley.de.

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 June 30, 2003, and the annual report on Form 10-K for the year ended December 31, 2002.