Trio Petroleum Corp Provides Update on Acquisition Strategy and Ongoing Operations
Rhea-AI Summary
Trio Petroleum (NYSE American: TPET) outlined its acquisition strategy and operational status. The company holds about $22 million in cash, has raised approximately $1.7 million via its ATM since April 30, 2026, and carries no long-term debt, supporting acquisition flexibility.
Trio has submitted around 12 non-binding proposals for Canadian producing assets averaging 550 BOE/d. Current production is about 78.7 BOPD, with identified optimization projects that management believes could lift output to roughly 132.7 BOPD, plus additional potential from a newly commissioned water disposal facility.
Positive
- Approximately $22 million cash and cash equivalents as of April 30, 2026
- Raised about $1.7 million in additional cash via ATM since April 30, 2026
- No long-term debt, providing financial flexibility for acquisitions
- Submitted about 12 non-binding proposals for producing oil and gas assets
- Current production of approximately 78.7 BOPD with identified projects to ~132.7 BOPD
- Water disposal facility capacity of 1,000 m³/day with potential ~$90,000 monthly revenue at full use
Negative
- All ~12 acquisition proposals are non-binding with no assurance of completion
- Current oil production at approximately 78.7 BOPD, below identified potential levels
- Alberta 11-07-050-01W4 well facing sand-related production challenges
- Water disposal facility revenue and oil recovery figures are potential only, not current levels
News Market Reaction – TPET
In the Jun 18 session, TPET gained 1.43%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 05 | Saskatchewan acquisition | Positive | +1.1% | Share-funded Saskatchewan heavy oil acquisition with cash-flow-positive wells and disposal facility. |
| Nov 04 | Alberta acquisition | Positive | -4.5% | Acquisition of Alberta mineral lease with existing and future production for cash and shares. |
| Oct 09 | Regulatory clearance | Positive | -1.8% | Alberta Energy Regulator eligibility under Directive 067 to acquire and hold energy licences. |
| May 21 | Saskatchewan assets deal | Positive | +2.4% | Completion of Saskatchewan heavy oil acquisition with seven producing wells and low lift costs. |
| May 20 | Utah LOI | Positive | -0.8% | Letter of Intent for large Utah tar-sands acreage with long-term high production potential. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Acquisition-related announcements have led to mixed, generally modest stock moves with a slight negative bias on average.
Key Terms
at-the-market facility financial
working interest financial
barrels of oil equivalent per day (boe/d) technical
water disposal facility technical
workovers technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Malibu, California, June 18, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp ("Trio" or the "Company") (NYSE American: TPET) is pleased to provide shareholders with an update regarding its acquisition strategy and ongoing efforts to build a diversified portfolio of cash-flowing oil and gas assets.
Acquisition Strategy Update
Trio continues to actively evaluate acquisition opportunities in both Canada and the United States, with its primary focus currently centered on producing oil and gas properties located in Alberta and Saskatchewan, both of which properties are located in Canada.
As of its balance sheet dated April 30, 2026, the Company had approximately
To support its acquisition efforts, Trio has assembled a team of experienced industry consultants with expertise in operations, reservoir engineering, land management, production optimization and asset evaluation. The team's mandate is to identify producing oil and gas properties that not only generate immediate cash flow but also offer meaningful upside through development drilling, workovers, recompletions, reserve growth and operational improvements.
To date, the Company has submitted approximately twelve non-binding acquisition proposals and indications of interest to various owners of producing oil and gas assets, primarily in Alberta and Saskatchewan. The targeted opportunities have averaged approximately 550 barrels of oil equivalent per day (BOE/d) of current production and include both operated and non-operated working interest opportunities involving light oil and heavy oil assets.
The Company's initial acquisition proposals have generally been three times (3X) Cash Flow based on valuation metrics averaging
Management remains committed to a disciplined acquisition strategy and is focused on acquiring assets that satisfy strict technical, operational and economic criteria rather than pursuing growth for growth's sake.
Robin Ross, Chairman and Chief Executive Officer of Trio Petroleum, commented:
“We recognize that shareholders are eager to see the Company deploy its capital into producing assets. However, our cash position does not create pressure to complete a transaction simply for the sake of putting money to work. We believe patience and discipline are critical to maximizing long-term shareholder value.
We are conducting thorough technical, operational and economic reviews before moving forward with any transaction. Our objective is to acquire assets that can generate meaningful cash flow while also providing substantial upside potential. If an opportunity does not meet our acquisition criteria, we are prepared to walk away.
We also believe the current market valuation of Trio does not adequately reflect the strength of our balance sheet. Management believes that such market valuation does not take into account the Company’s cash position and its planned use of cash for acquisitions, which, management believes, will support a significantly greater market valuation, as a result of a fundamental growth in operations, although there is no assurance that this will be achieved. We also don’t believe that the current market value fully takes into account our existing oil and gas assets, production, revenues, infrastructure, technical team, or the acquisition opportunities currently being evaluated.
Key Operational Highlights
Following spring breakup and ongoing field optimization activities, current runtime production from the Company's producing assets is approximately 78.7 barrels of oil per day (BOPD).
- Saskatchewan: Since closing its recent acquisition from NovaCor Exploration Ltd., the Company has focused on optimizing and returning acquired Saskatchewan assets to production.
- Preparing to return the 06-05-048-24W3 well to production this month, with anticipated production of approximately 18 BOPD
- Completed workover of the 04-05-048-24W3 well, with anticipated production increase of approximately 6 BOPD
- Additional optimization activities ongoing across the acquired Saskatchewan asset base
- Alberta:
- 11-07-050-01W4 well continues to undergo optimization to address sand-related production challenges; management believes the well is capable of approximately 18 BOPD under stable operating conditions
- 12-07-050-01W4 well successfully plugged back from the Colony formation and returned to the Sparky formation, with anticipated stable production of approximately 12 BOPD
- Based on currently identified optimization and restart initiatives, management believes production has the potential to increase from approximately 78.7 BOPD to approximately 132.7 BOPD
Water Disposal Facility
- Commissioning completed at the 131/04-29-051-26W3/00 water disposal facility
- Facility is operational and management believes capable of processing up to 1,000 cubic metres of water per day
- Facility is currently being marketed to third-party operators throughout the region
- At full utilization and based on disposal fees of approximately
$3.00 per cubic metre, management believes the facility could generate gross disposal revenue of approximately$90,000 per month - Historical skim oil recovery rates in the area indicate the potential to recover approximately 180 cubic metres of oil per month, equivalent to approximately 38 barrels of oil per day
- These figures represent potential operating capacity and are not current production or current revenue levels
- If the facility reaches full utilization and anticipated recovery rates, management believes combined production and recovery potential could increase to approximately 170.7 BOPD
Management remains focused on increasing production, maximizing operating efficiencies, and creating additional cash flow opportunities across its Saskatchewan and Alberta asset base.
About Trio Petroleum Corp.
Trio Petroleum Corp is a publicly traded oil and gas company focused on the acquisition, development, and optimization of energy assets across North America. The Company’s strategy emphasizes disciplined capital allocation, opportunistic acquisitions, and operational execution designed to maximize long-term shareholder value.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding capital deployment, acquisition opportunities, stockholder proposals, exchange compliance, and anticipated growth. These statements involve risks and uncertainties, including completion of acquisitions, results of due diligence, commodity price volatility, regulatory approvals, market conditions, and other factors that may cause actual results to differ materially from those anticipated. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.
Investor Relations Contact
Redwood Empire Financial Communications
Michael Bayes
404-809-4172
michael@redwoodefc.com
