Welcome to our dedicated page for Trio Petroleum news (Ticker: $TPET), a resource for investors and traders seeking the latest updates and insights on Trio Petroleum stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Trio Petroleum's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
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Rhea-AI Summary
Trio Petroleum Corp (TPET) announces the commencement of oil sales from its California assets and the initiation of drilling activities on its Asphalt Ridge project in Utah. The company is set to ship 2,100 barrels of oil from the McCool Ranch Field in California, with expected net revenues of $105,000. Drilling on the Asphalt Ridge project is scheduled to begin this week, targeting a heavy-oil tar sand field. Trio Petroleum Corp is optimistic about the future cash-flow potential of these assets and looks forward to further updates on production and exploration.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
11.67%
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Rhea-AI Summary
Trio Petroleum Corp (TPET) provides an operational update on its oil producing assets in Monterey County, California, reporting stabilized oil production at 75 barrels per day. The Company highlights successful production at the Presidents Field and the McCool Ranch Field, with plans for expanded drilling programs. Trio Petroleum aims to increase production levels through low-cost investments and identifies potential development well locations at Presidents Field.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
26.08%
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Rhea-AI Summary
Trio Petroleum Corp (TPET) retires $2.6 million in outstanding convertible notes, strengthening its balance sheet. The Company's CEO, Michael Peterson, highlights the positive steps taken to improve financial stability. Trio focuses on developing assets and generating cash flows.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-26.15%
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Rhea-AI Summary
Trio Petroleum Corp (TPET) announces successful oil production at McCool Ranch Field and upcoming restart of wells at Presidents Field in California.
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Rhea-AI Sentiment
End-of-Day
-1.73%
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Rhea-AI Summary
Trio Petroleum Corp (TPET) resumes oil production at McCool Ranch Field and South Salinas Project, pumping approximately 400 barrels of fluid per day from the HH-1 and 58X Wells. The company also plans to restart the 35X Well and HV-3A Well shortly.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-8.93%
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Rhea-AI Summary
Trio Petroleum Corp (NYSE American: TPET) received a deficiency letter from NYSE American regarding non-compliance with listing standards due to low share price. The Company aims to improve share price by August 26, 2024, considering options like a reverse stock split if needed.
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Rhea-AI Sentiment
End-of-Day
-8.93%
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Rhea-AI Summary
Trio Petroleum Corp (NYSE American: TPET) provided an update on its operations in Monterey County, California, announcing the restart of oil production at McCool Ranch Oilfield and the South Salinas Project. The company aims to restart production at the previously idle wells and has plans to drill new wells based on recommendations by an independent engineering firm. TPET's investment is expected to establish important cash flow, with the company receiving a disproportionately high share of the cash flow until payout of its initial investment. The production rig on-site at McCool Ranch was delayed by heavy rainfall, but operations are set to restart this week. TPET plans to initially restart each well 'cold' and transition to cyclic-steam operations when appropriate.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-25.58%
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Rhea-AI Summary
Trio Petroleum Corp (NYSE American: TPET) has secured an option to acquire a 20% interest in a sweet, heavy-oil development project at Asphalt Ridge, estimated to contain 42-92 million barrels of oil. The project is planned to commence in Q1 2024 and is expected to be one of the largest heavy oil deposits in North America outside of Canada, with low wax and negligible sulfur content, making the oil produced very desirable for many industries, including shipping.
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Rhea-AI Sentiment
End-of-Day
3.33%
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Trio Petroleum Corp (NYSE American: TPET) provided an update on the restart of the McCool Ranch Oil Field in Monterey County. The company has acquired an approximate 22% working interest in the field and is currently in the process of restarting production from six previously producing wells. The San Ardo WD-1 water disposal well has been successfully refurbished, and testing and repairs of on-site facilities are in progress.
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Rhea-AI Sentiment
End-of-Day
3.33%
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Rhea-AI Summary
Trio Petroleum Corp (NYSE American: TPET) provided updates on its HV-1 confirmation well and its HV-3A discovery well in the South Salinas Project. The company estimates both wells should be producing on pump in mid- to late-January. The drilling and testing of the HV-1 well showed oil shows and swab testing results of the Mid-Monterey-Clay, a zone previously not assigned any value in the reserve report, which swab tested at rates of up to approximately 125 barrels of oil per day. The Company believes production from this zone will further increase the reserves and PUDs of the Company’s current approximate $2 billion PV(10) reserve value.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.59%
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Trio Petroleum Corp.
NYSE:TPET
TPET Rankings
TPET Stock Data
14.09M
22.07M
20.22%
0.29%
0.32%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
United States of America
BAKERSFIELD