RECEIVABLES

12 Months Ended

Dec. 31, 2011

NOTE 3 – RECEIVABLES

The following table summarizes the components of current accounts receivable as of December 31, 2011 and 2010:

	2011		2010
Revenue	$	967,437	$	516,797
Joint venture partners		6,162,775		5,773,416
Other		736,043		32,552
		7,866,255		6,322,765
Less: long-term portion of receivable from joint venture partners		6,001,319		1,830,317
	$	1,864,936	$	4,492,448

Receivables from all joint venture partners were $6.2 million as of December 31, 2011 (2010 - $5.7 million). As of December 31, 2011, TVC OPUS 1 Drilling Program, L.P. (“OPUS”) owed the Company $6.0 million incurred by the Company as the operating partner on behalf of OPUS for costs and expenses related to the development and operation of Pleasant Valley and for the general and administrative expenses of OPUS. The $6.0 million receivable from OPUS will be contributed to a new limited liability company to be jointly-owned by the Company and OPUS, as further described in see Note 7 below, as partial consideration for the Company’s equity interest in the limited liability company and was classified as a long-term receivable as of December 31, 2011.

As of December 31, 2010, OPUS owed the Company $5.5 million and $1.8 million of this receivable which was estimated to be collectible from OPUS’s share of the Pleasant Valley net operating revenues in excess of a twelve-month period based on forecasted cash flows prepared by the Company’s independent petroleum engineers was classified as a long-term receivable.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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+ Details

TRI VALLEY CORP 10-K