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.
Trio Petroleum Corp (NYSE: TPET) provides investors with centralized access to official company announcements and energy sector developments. This resource aggregates press releases, regulatory filings, and operational updates related to TPET's oil and gas exploration activities in California and Utah.
Track verified information about drilling programs, financial results, and strategic initiatives including the South Salinas Project. All content is sourced directly from company disclosures and vetted industry reports, maintained in compliance with financial publishing standards.
Key updates include working interest developments, mineral leasehold acquisitions, and operational milestones managed through subsidiary Trio LLC. Users receive unfiltered access to earnings announcements, technical evaluations of idle well assets, and management commentary.
Bookmark this page for efficient monitoring of TPET's exploration progress across its 9,300-acre portfolio. Combine with SEC filings and market data for comprehensive analysis of the company's energy sector position.
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.
Trio Petroleum Corp (NYSE American: TPET) has appointed Robin Ross as its new Chief Executive Officer, effective July 11, 2024. Ross, a co-founder and recently rejoined Chairman of the Board, replaces Michael Peterson. The management change aims to transition Trio from an exploration-based business to a financially stable, cash-flowing enterprise with a diversified portfolio of oil and gas assets.
Under Peterson's tenure, Trio acquired working interests in the McCool Ranch Field and the Asphalt Ridge tar sand project in Utah. The company has drilled two promising wells in Asphalt Ridge, which is expected to become Trio's largest near-term source of value and cash flow. Ross plans to focus on finding additional attractive assets and increasing oil production and cash flow across all current assets.
Trio Petroleum Corp (NYSE American: TPET) has announced its first revenue from the McCool Ranch Field in Monterey County, California, marking a significant milestone. The field is producing approximately 30 barrels of oil per day (BOPD). CEO Michael Peterson emphasized the importance of revenue generation for the company's growth strategy. Trio's operations include the McCool Ranch and Presidents fields in California, both now generating revenue. Additionally, two wells at the Asphalt Ridge Project in Utah are expected to begin meaningful production within 30 days, further boosting predictable cash flows. Trio plans to increase production with five producing wells at McCool Ranch and additional wells throughout the remainder of 2024 at the Asphalt Ridge Project.
Trio Petroleum Corp (NYSE American: TPET), an oil and gas company, announced the return of co-founder Robin Ross as Chairman of the board on June 17, 2024. Stan Eschner, the current Chairman, will now serve as Vice Chairman, and Frank Ingriselli has resigned from the board. CEO Michael Peterson praised Ross for his extensive experience in finance, banking, and strategic development, which is expected to benefit Trio's efforts to increase production and diversify. Trio operates in Monterey County, CA, with an 85.75% interest in 9,245 acres at the Presidents and Humpback oilfields and a 21.92% interest in 800 acres in the McCool Ranch Field. They also have interests in Uintah County, UT, with a 2.25% interest in 960 acres and options to increase their stake in adjacent areas.
Trio Petroleum Corp (NYSE American: TPET) has successfully drilled its first two exploratory wells, HSO 8-4 and HSO 2-4, in Uintah County, Utah. The HSO 8-4 well found over 100 feet of oil-bearing pay zone in the Rimrock Sandstone while the HSO 2-4 found over 190 feet combined in the Rimrock and Asphalt Ridge Sandstones. Production is expected to commence shortly with downhole heaters being installed. The company projects an estimated 40% oil recovery and EUR of 300,000 barrels per well. Trio plans to drill additional wells and expand its participation in the project, leveraging its data to support economic viability.
Trio Petroleum Corp (NYSE American: TPET) announced regaining compliance with NYSE American listing standards. CEO Michael Peterson highlighted recent operational milestones and positive business activities, emphasizing potential shareholder value unlock.
