Trio Petroleum Corp. - TPET STOCK NEWS

Trio Petroleum Corp (NYSE American: TPET) has entered into a non-binding Letter of Intent to acquire a 100% working interest in petroleum and natural gas properties from Novacor Exploration in Saskatchewan's Lloydminster heavy oil region. The acquisition, valued at CD$2 million (US$1.4 million), includes seven producing wells currently yielding approximately 70 barrels per day.

The assets have potential for 4 additional re-entry wells and two fully equipped locations that could add 70 barrels per day in total. Two wells are temporarily shut in and could add 10 bpd each once reactivated. A Reserve Report from August 2024 details 91.5MBBL for total proved and probable oil. The purchase will be paid through US$650,000 in cash and the remainder in TPET common stock.

Trio Petroleum Corp (NYSE American: TPET) provided an operational update on its McCool Ranch Oilfield in Monterey County, California. Current oil production stands at 10-20 BOPD from the HH-1 and 35X wells. The company plans to increase production by resuming cyclic-steam operations and restarting production from three additional wells (58X, HH-3, and HH-4).

Historical data shows that when the five wells were initially steamed in 2014-2015, production increased from 30 BOPD to approximately 400 BOPD over nine months. The HH-1 and 35X wells previously achieved peak rates of 175 and 290 BOPD respectively during cyclic-steam operations.

KLS Petroleum Consulting recommends developing McCool Ranch with horizontal wells featuring 1,000-foot laterals. TPET estimates the property can accommodate approximately 22 additional horizontal wells and may begin drilling in 2025.

Trio Petroleum Corp (NYSE: TPET) has secured an extension to February 10, 2025, for its option to acquire an additional 17.75% working interest in the Asphalt Ridge Project in Utah. The company currently owns 2.25% working interest in 960 acres and has reported successful oil production from the HSO 2-4 well, with the HSO 8-4 well scheduled for downhole heater installation in December. The project, one of North America's largest heavy-oil and tar-sand deposits outside Canada, features low wax and sulfur content. Typical wells are estimated to yield 300,000 barrels ultimate recovery with initial production of 40 barrels per day. Engineering for six additional wells has been completed with permits pending.

Trio Petroleum Corp (NYSE: TPET) announced a 1-for-20 reverse stock split of its outstanding common shares, effective November 14, 2024, with post-split trading beginning November 15, 2024. The split will automatically combine every 20 shares into 1 share, maintaining stockholders' percentage ownership. Fractional shares will be rounded up, and proportionate adjustments will be made to equity plans. VStock Transfer is serving as the exchange agent, with no action required from shareholders holding electronic shares. The company operates in Monterey County, California, and Uintah County, Utah.

Trio Petroleum Corp. (NYSE American: TPET) has appointed James Blake to its Board of Directors. Blake brings 30 years of financial industry experience and previously managed over $750 million in assets as a portfolio manager at a major Canadian bank. He holds a Bachelor of Commerce degree and is a Chartered Financial Analyst (CFA). Blake's expertise includes financial markets, investment strategies, risk management, and involvement in the startup ecosystem as an investor and capital raiser. The appointment aims to strengthen Trio's corporate governance and strategic direction in the energy market.

Trio Petroleum Corp (NYSE American: TPET) has provided updates on its Asphalt Ridge Project in Uintah County, Utah. The company has secured a two-month extension on its option to acquire an additional 17.75% working interest in 960 acres, now expiring on December 10, 2024. TPET currently owns a 2.25% working interest in this area.

The company has successfully drilled and completed two exploratory wells, HSO 2-4 and HSO 8-4, encountering substantial oil-bearing pay zones. Initial test results from the HSO 2-4 well, which began production on September 12, 2024, have been encouraging. The Asphalt Ridge Project is considered one of the largest tar-sand deposits in North America outside of Canada, with potential for significant oil production.

A typical project well has an estimated ultimate recovery of 300,000 barrels of oil with an initial production rate of approximately 40 barrels per day. The low wax and negligible sulfur content of the oil make it potentially desirable for various industries, including shipping.

Trio Petroleum Corp (NYSE American: TPET) has announced oil production from its first well HSO 2-4 at the Asphalt Ridge Project in Uintah County, Utah, using a downhole heater. The project is considered one of the largest tar-sand deposits in North America outside of Canada. Key points include:

- Estimated ultimate recovery (EUR) of 300,000 barrels of oil
- Initial production rate of approximately 40 barrels per day
- Leasehold of 30,000 acres with potential for two and a half acre well spacing
- Plans to test a second heater to potentially lower operating expenses
- Expected drilling of a third well in late October and five additional wells in Q4 2024
- Potential for on-site refining of higher-gravity oil into green diesel

Trio Petroleum Corp (NYSE American: TPET) has reported significant increases in estimated oil and gas reserves and future net cash flows at its South Salinas Project in Monterey County, California. The company's updated reserve report, effective April 30, 2024, shows:

• A $67 million increase in estimated discounted (at 10%) net cash flow, reaching $475 million
• Probable (P2) Undeveloped Reserves of approximately 40 million stock tank barrels of oil and 42 billion cubic feet of gas
• An Undiscounted Net Cash Flow of approximately $2.1 billion

CEO Robin Ross attributes this improvement to successful operational investments and focused efforts on optimizing current production and increasing lease and working interest acquisitions.

Trio Petroleum Corp (NYSE American: TPET) has provided updates on its Asphalt Ridge Project in Uintah County, Utah. The company has upgraded the downhole-heater in the HSO 2-4 well, increasing its capacity to heat oil to approximately 300° Fahrenheit, potentially improving oil production. TPET expects to commence oil production in August-September 2024 and plans to drill and complete an additional well during the same period.

TPET currently owns a 2.25% working interest in 960 acres at Asphalt Ridge and has secured a two-month extension on its option to acquire an additional 17.75% working interest until October 10, 2024. The Asphalt Ridge Project is considered one of the largest tar-sand deposits in North America outside of Canada, with potential for significant oil production and profitability.