Asphalt Ridge Option Period to Acquire Remaining 17.75% Working Interest Extended to December 10, 2024
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) ha fornito aggiornamenti sul suo Asphalt Ridge Project nella contea di Uintah, Utah. L'azienda ha ottenuto un'estensione di due mesi per l'opzione di acquisire un ulteriore 17,75% di interesse operativo su 960 acri, che scadrà il 10 dicembre 2024. TPET possiede attualmente un interesse operativo del 2,25% in quest'area.
L'azienda ha completato con successo la perforazione di due pozzi esplorativi, HSO 2-4 e HSO 8-4, trovando zone di estrazione di petrolio significative. I risultati iniziali dei test del pozzo HSO 2-4, che ha iniziato la produzione il 12 settembre 2024, sono stati incoraggianti. L'Asphalt Ridge Project è considerato uno dei più grandi giacimenti di sabbie bituminose in Nord America al di fuori del Canada, con potenziale per una produzione significativa di petrolio.
Un tipico pozzo di progetto ha un recupero finale stimato di 300.000 barili di petrolio con un tasso di produzione iniziale di circa 40 barili al giorno. Il basso contenuto di cera e l'insignificante contenuto di zolfo del petrolio lo rendono potenzialmente desiderabile per vari settori, incluso quello dello shipping.
Trio Petroleum Corp (NYSE American: TPET) ha proporcionado actualizaciones sobre su Asphalt Ridge Project en el condado de Uintah, Utah. La compañía ha asegurado una extensión de dos meses para su opción de adquirir un 17,75% adicional de interés en 960 acres, que ahora expirará el 10 de diciembre de 2024. TPET posee actualmente un interés del 2,25% en esta área.
La empresa ha perforado y completado con éxito dos pozos exploratorios, HSO 2-4 y HSO 8-4, encontrando zonas de producción de petróleo significativas. Los resultados iniciales de las pruebas del pozo HSO 2-4, que comenzó a producir el 12 de septiembre de 2024, han sido alentadores. El Asphalt Ridge Project se considera uno de los depósitos de arenas bituminosas más grandes de América del Norte fuera de Canadá, con potencial para una producción significativa de petróleo.
Un pozo típico del proyecto tiene una recuperación final estimada de 300,000 barriles de petróleo con una tasa de producción inicial de aproximadamente 40 barriles por día. El bajo contenido de cera y la cantidad despreciable de azufre del petróleo lo hacen potencialmente deseable para varias industrias, incluido el transporte marítimo.
Trio Petroleum Corp (NYSE American: TPET)는 유타주 유인타 카운티에 있는 Asphalt Ridge Project에 대한 업데이트를 제공했습니다. 회사는 960에이커에서 추가 17.75%의 작업 지분을 확보하기 위한 옵션에 대한 두 달의 연장을 얻었으며, 현재 만료일은 2024년 12월 10일입니다. TPET는 현재 이 지역에서 2.25%의 작업 지분을 보유하고 있습니다.
회사는 HSO 2-4 및 HSO 8-4라는 두 개의 탐사 유정을 성공적으로 굴착하고 완료하여 상당한 석유 생산 구역을 발견했습니다. 2024년 9월 12일에 생산을 시작한 HSO 2-4 유정의 초기 테스트 결과는 고무적이었습니다. Asphalt Ridge Project는 캐나다 외 북미에서 가장 큰 타르 모래 매장지 중 하나로 여겨지며, 상당한 석유 생산 가능성을 가지고 있습니다.
전형적인 프로젝트 유정은 약 300,000배럴의 석유를 회수할 수 있으며 초기 생산률은 약 40배럴입니다. 석유의 낮은 왁스 함량과 무시할 수 있는 황 함량은 해운 산업을 포함한 다양한 산업에 대해 잠재적으로 매력적입니다.
Trio Petroleum Corp (NYSE American: TPET) a fourni des mises à jour sur son Asphalt Ridge Project dans le comté de Uintah, Utah. La société a obtenu une prolongation de deux mois sur son option d'acquérir un intérêt de travail supplémentaire de 17,75 % sur 960 acres, qui expirera désormais le 10 décembre 2024. TPET détient actuellement un intérêt de travail de 2,25 % dans cette zone.
La société a réussi à forer et à compléter deux puits d'exploration, HSO 2-4 et HSO 8-4, rencontrant des zones de paiement porteurs de pétrole importantes. Les résultats des premiers tests du puits HSO 2-4, qui a commencé sa production le 12 septembre 2024, ont été encourageants. Le projet Asphalt Ridge est considéré comme l'un des plus grands gisements de sables bitumineux en Amérique du Nord, en dehors du Canada, avec un potentiel de production pétrolière significatif.
Un puits typique du projet a une récupération ultime estimée à 300 000 barils de pétrole avec un taux de production initial d'environ 40 barils par jour. La faible teneur en cires et la quantité négligeable de soufre du pétrole en font un produit potentiellement désirable pour diverses industries, y compris le transport maritime.
Trio Petroleum Corp (NYSE American: TPET) hat Aktualisierungen zu seinem Asphalt Ridge Project im Uintah County, Utah, bereitgestellt. Das Unternehmen hat eine zwei-monatige Verlängerung für seine Option auf den Erwerb eines zusätzlichen 17,75% Anteils an 960 Acres gesichert, die nun am 10. Dezember 2024 abläuft. TPET besitzt derzeit einen 2,25% Anteils an diesem Gebiet.
Das Unternehmen hat erfolgreich zwei Erkundungsbohrungen, HSO 2-4 und HSO 8-4, gebohrt und abgeschlossen, wobei substanzielle ölhaltige Zonen gefunden wurden. Die ersten Testresultate des Bohrlochs HSO 2-4, das am 12. September 2024 die Produktion aufgenommen hat, sind vielversprechend. Das Asphalt Ridge Project wird als eines der größten Teersandvorkommen in Nordamerika außerhalb Kanadas angesehen, mit Potenzial für eine signifikante Ölproduktion.
Ein typisches Projektbohrloch hat eine geschätzte endgültige Förderung von 300.000 Barrel Öl mit einer anfänglichen Produktionsrate von etwa 40 Barrel pro Tag. Der niedrige Wachsstoff- und vernachlässigbare Schwefelgehalt des Öls macht es potenziell für verschiedene Industrien, einschließlich des Schiffsverkehrs, attraktiv.
- Successful drilling and completion of two exploratory wells with substantial oil-bearing pay zones
- Encouraging initial test results from the HSO 2-4 well, showing significant oil cut
- Option secured to acquire additional working interest in the Asphalt Ridge Project
- Potential for high profitability due to the project's scale and oil quality
- current working interest of 2.25% in the 960 acres at Asphalt Ridge
- Uncertainty in exercising the option to acquire additional working interest by the deadline
Bakersfield, CA, Oct. 10, 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 Asphalt Ridge Project in Uintah County, Utah.
TPET announced on January 5, 2024, that it had secured an option (the “Option”) to acquire a
Initial test results at the HSO 2-4 well have since been encouraging, with mobile oil and fluids already showing a significant oil cut while dewatering occurs. The fluids are a result of an initial temperature test where water was pumped downhole which will not be done in the future.
TPET currently owns a
The Asphalt Ridge Project is known to be one of the largest tar-sand deposits in North America outside of Canada, making it a potential giant oilfield, and is unique given its low wax and negligible sulfur content, which is expected to make the oil very desirable for many industries, including shipping. The project has the potential to be both immense and highly profitable. A typical project well has an estimated ultimate recovery (“EUR”) of 300,000 barrels of oil with an initial production rate of approximately 40 barrels of oil per day.
About Trio Petroleum Corp
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 a
Cautionary Statement Regarding Forward-Looking Statements
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.
Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com
FAQ
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