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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.
La Trio Petroleum Corp (TPET) annuncia l'inizio delle vendite di petrolio dai suoi asset in California e l'avvio delle attività di perforazione nel progetto Asphalt Ridge nello Utah. La compagnia prevede di spedire 2.100 barili di petrolio dal campo McCool Ranch in California, con entrate nette previste di 105.000 dollari. Le perforazioni nel progetto Asphalt Ridge sono programmate per iniziare questa settimana, prendendo di mira un campo di sabbie bituminose ricche di petrolio pesante. La Trio Petroleum Corp è ottimista riguardo al potenziale futuro di flusso di cassa di questi asset e attende con interesse ulteriori aggiornamenti sulla produzione e l'esplorazione.
Trio Petroleum Corp (TPET) anuncia el inicio de la venta de petróleo de sus activos en California y el comienzo de las actividades de perforación en su proyecto Asphalt Ridge en Utah. La empresa está lista para enviar 2,100 barriles de petróleo desde el Campo McCool Ranch en California, con ingresos netos esperados de $105,000. La perforación en el proyecto Asphalt Ridge está programada para comenzar esta semana, apuntando a un campo de arena bituminosa de petróleo pesado. Trio Petroleum Corp es optimista sobre el potencial futuro de flujo de caja de estos activos y espera con interés más actualizaciones sobre la producción y exploración.
트리오 페트롤리움 코퍼레이션(TPET)이 캘리포니아 자산에서의 원유 판매 개시와 유타주 아스팔트 릿지 프로젝트의 시추 활동 개시를 발표했습니다. 회사는 캘리포니아의 맥쿨 랜치 필드에서 2,100배럴의 원유를 선적할 예정이며, 예상 순수익은 105,000달러입니다. 아스팔트 릿지 프로젝트에서의 시추는 이번 주에 시작될 예정이며, 무거운 원유가 포함된 타르 샌드 필드를 목표로 하고 있습니다. 트리오 페트롤리움 코퍼레이션은 이 자산들의 미래 현금 흐름 가능성에 대해 낙관적이며, 생산 및 탐사에 대한 추가 업데이트를 기대하고 있습니다.
Trio Petroleum Corp (TPET) annonce le début des ventes de pétrole de ses actifs en Californie et le lancement des activités de forage sur son projet Asphalt Ridge en Utah. La compagnie prévoit d'expédier 2 100 barils de pétrole du champ McCool Ranch en Californie, avec des revenus nets attendus de 105 000 dollars. Le forage sur le projet Asphalt Ridge est programmé pour commencer cette semaine, ciblant un champ de sables bitumineux à pétrole lourd. Trio Petroleum Corp est optimiste quant au potentiel de flux de trésorerie futur de ces actifs et attend avec impatience d'autres mises à jour sur la production et l'exploration.
Die Trio Petroleum Corp (TPET) gibt den Beginn des Ölverkaufs aus ihren Vermögenswerten in Kalifornien und den Start der Bohraktivitäten im Asphalt Ridge Projekt in Utah bekannt. Das Unternehmen wird 2.100 Barrel Öl aus dem McCool Ranch Feld in Kalifornien versenden, mit erwarteten Nettoerlösen von 105.000 Dollar. Die Bohrungen im Asphalt Ridge Projekt sind für diese Woche geplant und zielen auf ein Schweröl-Tar-Sandfeld ab. Die Trio Petroleum Corp ist optimistisch bezüglich des zukünftigen Cashflow-Potenzials dieser Vermögenswerte und freut sich auf weitere Updates zu Produktion und Exploration.
Positive
Trio Petroleum Corp (TPET) is set to generate net revenues of approximately $105,000 from the sale of 2,100 barrels of oil produced at the McCool Ranch Field in California.
The company is commencing drilling activities on the Asphalt Ridge project in Utah, targeting a highly promising heavy-oil tar sand field with a potential 20% working interest.
Trio Petroleum Corp is optimistic about the transition of its oil and gas assets into scalable cash-flowing resources.
The company has successfully brought multiple wells back into production at both the McCool Ranch Field and Presidents Field in California, with plans to optimize production levels further.
Trio Petroleum Corp is focused on increasing production levels at the HV-3A well in the Presidents Field by implementing various methods such as additional perforations, acidizing, and borehole cleanup.
The Company is actively working on optimizing oil production from the HH-1, 35X, and 58X wells at the McCool Ranch Field in California.
Trio Petroleum Corp is committed to providing further updates on its drilling activities and oil production from its assets in California and Utah.
Negative
None.
The initiation of oil sales from Trio Petroleum's California assets and the beginning of exploratory drilling in Utah represent operational milestones that could influence the company's cash flow and future profitability. The sale of approximately 2,100 barrels of oil reflects active production efforts, albeit modest in scale compared to major oil producers. The indicated net revenue of $105,000> post-royalties and trucking costs offers a glimpse into the direct financial benefit of the current production, though it is essential to assess how this revenue aligns with operating costs and whether it meaningfully contributes to the company's bottom line. The strategic move to optimize production at existing wells, like the HH-1, may enhance production efficiency and indicate a potentially cautious but targeted approach to resource management. The prospective development in the Asphalt Ridge project in Utah could diversify the company's portfolio and provide long-term growth opportunities, especially if the heavy-oil tar sand field lives up to expectations. Investors should watch for the drilling result updates, as successful exploration could substantially impact the company's reserves and valuation.
Trio Petroleum's expansion in both California and Utah needs to be contextualized within broader market trends and price volatility in the oil market. While the sale of oil from the McCool Ranch Field is a positive step towards revenue generation, the production rate of 47 BOPD from the HH-1 well does not position the company as a significant player in the industry. However, the increased interest in domestic oil production amidst global supply concerns could render Trio's assets more strategically important. The heavy-oil tar sands project in Utah taps into a niche segment with specific extraction and refining challenges that could command higher prices. Investors should consider the potential impact of environmental regulations on tar sands operations, which are often more carbon-intensive and subject to scrutiny. Furthermore, the announcement should be weighed against oil price trends, as the profitability of tar sands projects is closely correlated with oil price movements. The revelation of additional up to 50 development-well locations at Presidents Field suggests substantial untapped potential, which may become a focal point for investor interest if Trio can demonstrate a viable path to profitable extraction.
As Trio Petroleum begins to sell oil from its Californian assets and advances exploration in Utah, a financial analysis is key to understanding the potential impact on the company's financial health. The disclosed net revenue figure provides a basis for calculating the estimated operating margin from these sales. Investors should look for consistency in production rates and the ability to maintain or reduce operational costs to improve profitability over time. The investment in exploratory drilling indicates a capital-intensive phase that could affect near-term cash flows, but successful discovery and development of new wells could significantly bolster the asset base and future earnings potential. The company’s working interest in the Utah Asphalt Ridge project, with options up to 20%, is relatively modest, indicating a partnership approach that could limit exposure to risks associated with new exploration. The financial implications of scaling up operations in the Presidents Field, as suggested by the proposed additional perforations and other optimization methods, will depend on the incremental costs versus the projected increase in oil production. From an investor standpoint, the execution of these initiatives and the resulting changes in reserves and production metrics will be critical in assessing Trio Petroleum's financial trajectory.
Company to Ship First Commercially Marketed Oil Sales Since Resumption of Operations in February
Rig Scheduled for First Exploratory Well on Utah Asset
Bakersfield, CA, April 24, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, today provided updates on its petroleum assets in Monterey County, California, and Uintah County, Utah.
The Company this week will make its first sale and shipment of oil produced at the McCool Ranch Field in Monterey County, California. The Company will ship approximately 2,100 barrels of oil, which were produced primarily from the HH-1 well that was brought back online in late February of 2024. Net of 16.67% royalties and oil trucking costs, the 80% net revenues to TPET from this sale are expected to be approximately $105,000.
The Company is also announcing the commencement of drilling activities on the Asphalt Ridge project in Uintah County, UT. A rig is scheduled to be on site this Sunday, and to drill and complete the Company’s first well on this asset in the next two weeks. Drilling results are expected to be readily available shortly after the well is drilled to a total estimated depth of 1,200 feet. The project targets a highly promising heavy-oil tar sand field that is expected to be densely developed at scale, with as low as 2.5 acre spacing for future wells. Through existing working interests and option agreements, the Company has the ability to take up to a 20% working interest in this project.
“These are positive next milestones for our Company,” commented Michael Peterson, CEO of Trio Petroleum Corp. “It is very encouraging to see these next steps happen in the transition from the exploration and de-risking of these promising oil and gas assets into potentially scalable cash-flowing resources. We look forward to providing further updates as we drill our first well on the Asphalt Ridge Asset and restart production on additional wells and selling of oil produced from both the McCool Ranch and Presidents Fields in the months ahead.”
Presidents Field
On March 26, 2024, the Company brought the HV-3A well in the Presidents Field back into production at a previously-reported oil production rate of 30 barrels of oil per day (BOPD). This well was drilled and completed in 2018 as an exploratory well, and in 2018-2019 it was briefly production-tested, during which peak production was 154 BOPD and average production was 33 BOPD.
This well is producing from 125 feet of perforations in the Yellow Zone, which is also commonly referred to as the Yellow Chert, and from an additional 125 feet of perforations in the overlying Upper Monterey Clay. The Monterey Formation is one of California’s major oil and gas producing zones.
Operations at HV-3A do not require steam due to the favorable viscosity of the mid-gravity oil. TPET believes that production at HV-3A can be significantly increased over current and previous levels, for example by:
adding up to 650 feet of additional perforations in the currently-producing oil zone
opening deeper behind-pipe oil zones, portions of which are already perforated
acidizing the well for borehole cleanup
other methods and operations under consideration
TPET will produce and monitor the HV-3A well as currently completed and when appropriate will take steps to increase production. There are potentially up to 50 development-well locations at Presidents on 40 acre well spacing, as indicated in the Company’s reserve report as filed with the SEC.
McCool Ranch Field
On February 22, 2024, the Company brought the HH-1 well at McCool Ranch back into production at a previously-reported oil production rate of 47 BOPD. The HH-1, 35X and 58X wells at McCool are now all producing with the HH-1, which started production late February, accounting for the majority of the approximate 2,100 barrels of oil that are being sold and shipped this week. As it did with the HH-1 well, The Company is currently taking steps to optimize the oil production from the 35X and 58X wells, including possibly employing cyclic steam and is also taking steps to bring the additional shut-in oil wells in this field back online.
Summary
In summary, the Company currently has four actively producing oil wells in California, three at McCool Ranch Field and one at Presidents Field and the Company is now selling and shipping oil from its California assets. The Company will be drilling its first well at the Asphalt Ridge Asset in Utah next week.
Trio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns 2.25% working interest in 960 acres and options to acquire up to 20% working interest in the 960 acres, in an adjacent 1,920 acres, and in the greater 30,000 acres of the Asphalt Ridge Project.
All statements in this press release of Trio Petroleum Corp (“Trio”) and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," “on-track”, "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Trio’s S-1 filed with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
