Trio Provides Operational Update on McCool Ranch
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 American: TPET) ha fornito un aggiornamento operativo sul suo giacimento di petrolio McCool Ranch nella contea di Monterey, California. La produzione attuale di petrolio è compresa tra 10 e 20 BOPD dai pozzi HH-1 e 35X. L'azienda prevede di aumentare la produzione riprendendo le operazioni di vapore ciclico e riavviando la produzione da altri tre pozzi (58X, HH-3 e HH-4).
I dati storici mostrano che quando i cinque pozzi sono stati inizialmente sottoposti a vapore nel 2014-2015, la produzione è aumentata da 30 BOPD a circa 400 BOPD nell'arco di nove mesi. I pozzi HH-1 e 35X avevano precedentemente raggiunto tassi massimi di 175 e 290 BOPD rispettivamente durante le operazioni di vapore ciclico.
KLS Petroleum Consulting raccomanda di sviluppare McCool Ranch con pozzi orizzontali dotati di laterali di 1.000 piedi. TPET stima che la proprietà possa ospitare circa 22 ulteriori pozzi orizzontali e potrebbe iniziare la perforazione nel 2025.
Trio Petroleum Corp (NYSE American: TPET) proporcionó una actualización operativa sobre su campo petrolero McCool Ranch en el condado de Monterey, California. La producción actual de petróleo es de 10 a 20 BOPD de los pozos HH-1 y 35X. La empresa planea aumentar la producción reanudando las operaciones de vapor cíclico y reiniciando la producción de otros tres pozos (58X, HH-3 y HH-4).
Los datos históricos muestran que cuando los cinco pozos se sometieron inicialmente a vapor en 2014-2015, la producción aumentó de 30 BOPD a aproximadamente 400 BOPD en un período de nueve meses. Los pozos HH-1 y 35X habían alcanzado previamente tasas máximas de 175 y 290 BOPD respectivamente durante las operaciones de vapor cíclico.
KLS Petroleum Consulting recomienda desarrollar McCool Ranch con pozos horizontales con laterales de 1.000 pies. TPET estima que la propiedad puede acomodar aproximadamente 22 pozos horizontales adicionales y podría comenzar a perforar en 2025.
트리오 석유 공사 (NYSE American: TPET)는 캘리포니아 몬터레이 카운티에 위치한 맥쿨 랜치 유전의 운영 업데이트를 제공했습니다. 현재 석유 생산량은 HH-1 및 35X 우물에서 하루 10-20 BOPD입니다. 회사는 사이클 증기 작업을 재개하고 58X, HH-3 및 HH-4의 세 개 추가 우물에서 생산을 재개하여 생산량을 늘릴 계획입니다.
역사적 데이터에 따르면 2014-2015년에 다섯 개의 우물이 처음으로 증기 처리되었을 때, 생산량은 30 BOPD에서 약 400 BOPD로 증가했습니다. HH-1 및 35X 우물은 사이클 증기 작업 중 각각 최대 175 및 290 BOPD의 생산률을 기록했습니다.
KLS 석유 컨설팅은 맥쿨 랜치를 1,000피트 측면을 갖춘 수평 우물로 개발할 것을 권장합니다. TPET는 이 부지가 약 22개의 추가 수평 우물을 수용할 수 있을 것으로 추정하며, 2025년부터 시추를 시작할 수 있습니다.
Trio Petroleum Corp (NYSE American: TPET) a fourni une mise à jour opérationnelle sur son champ pétrolier McCool Ranch dans le comté de Monterey, en Californie. La production pétrolière actuelle est de 10 à 20 BOPD provenant des puits HH-1 et 35X. L'entreprise prévoit d'augmenter la production en reprenant les opérations de vapeur cyclique et en redémarrant la production de trois puits supplémentaires (58X, HH-3 et HH-4).
Les données historiques montrent que lorsque les cinq puits ont été initialement traités avec de la vapeur en 2014-2015, la production est passée de 30 BOPD à environ 400 BOPD sur une période de neuf mois. Les puits HH-1 et 35X avaient précédemment atteint des débits maximaux de 175 et 290 BOPD respectivement lors des opérations de vapeur cyclique.
KLS Petroleum Consulting recommande de développer McCool Ranch avec des puits horizontaux ayant des latérales de 1 000 pieds. TPET estime que la propriété peut accueillir environ 22 puits horizontaux supplémentaires et pourrait commencer le forage en 2025.
Trio Petroleum Corp (NYSE American: TPET) hat eine betriebliche Aktualisierung zu seinem McCool Ranch Ölfeld im Monterey County, Kalifornien, bereitgestellt. Die aktuelle Ölproduktion beträgt 10-20 BOPD aus den Bohrlöchern HH-1 und 35X. Das Unternehmen plant, die Produktion durch die Wiederaufnahme von zyklischen Dampfbetrieben und den Neustart der Produktion aus drei zusätzlichen Bohrlöchern (58X, HH-3 und HH-4) zu erhöhen.
Historische Daten zeigen, dass die Produktionsmenge beim ersten Dampfeinsatz der fünf Bohrlöcher in den Jahren 2014-2015 von 30 BOPD auf etwa 400 BOPD über einen Zeitraum von neun Monaten stieg. Die Bohrlöcher HH-1 und 35X haben während der zyklischen Dampfbetriebe zuvor Höchstwerte von 175 beziehungsweise 290 BOPD erreicht.
KLS Petroleum Consulting empfiehlt die Entwicklung des McCool Ranch mit horizontalen Bohrlöchern, die 1.000 Fuß lange Lateralen aufweisen. TPET schätzt, dass das Grundstück Platz für etwa 22 zusätzliche horizontale Bohrlöcher bietet und die Bohrungen möglicherweise im Jahr 2025 beginnen können.
- Historical production data shows potential for significant production increase from 30 BOPD to 400 BOPD with steam operations
- Property has capacity for 22 additional horizontal wells, indicating expansion potential
- Company owns existing steam generator on-site for planned operations
- Current production is low at only 10-20 BOPD
- Additional capital investment required for steam operations and well reactivation
- Drilling program delayed until 2025
Insights
The operational update from Trio Petroleum reveals mixed signals for investors. Current production of 10-20 BOPD from two wells represents minimal cash flow, but there's potential for significant improvement through cyclic-steam operations. Historical data shows promise, with previous peak production of 400 BOPD from five wells in 2014-2015 and individual wells achieving 175-290 BOPD post-steaming.
The company's development plan, including the potential for 22 additional horizontal wells in 2025, could substantially increase production. However, with a market cap of just
The McCool Ranch field's technical aspects show promise but face operational challenges. The shallow depth of approximately 2,200 feet for the Lombardi Oil Sand is advantageous for development costs. The presence of heavy oil typically requires enhanced oil recovery methods like cyclic-steam injection, which the company has successfully implemented historically.
The recommendation by KLS Petroleum for horizontal wells with 1,000-foot laterals aligns with industry best practices for heavy oil development. However, the current "cold" production method is significantly underperforming compared to steamed operations. The on-site steam generator is a valuable asset, but the company's cautious approach to restarting steam operations suggests possible operational or financial constraints.
Company Details Plans to Increase Production and Cash Flow
Bakersfield, CA, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today provided an update on operational activities the Company is taking to increase oil production and cash flow at the McCool Ranch Oilfield in Monterey County, California.
Oil production has been stable for a number of months at about 10 to 20 BOPD from the HH-1 and 35X wells collectively and we are actively looking into the best course of action to increase oil production and cash flow while containing costs, including resuming cyclic-steam operations at these two wells, and also by restarting production from three additional wells - the 58X, HH-3 and HH-4.
The HH-1 and 35X wells are both completed in a zone of heavy-oil at the top of the high-quality Lombardi Oil Sand at a shallow depth of approximately 2,200 feet. The HH-1 well has a short horizontal completion and the 35X a vertical completion in the oil sand.
Since we restarted oil production at McCool Ranch earlier this year, the aforementioned HH-1 and 35X wells have each been producing “cold” (i.e., without steam injection), and it has been our expectation that each would be produced cold as long as profitable and that each would then be returned to cyclic-steam operations, also known as “huff and puff,” which is proven at McCool Ranch to significantly increase production and cash flow. The Company has a steam generator on-site that will be utilized for cyclic-steam operations.
The wells at McCool Ranch historically have responded favorably to cyclic-steam operations. When our current five oil wells (i.e., the HH-1, HH-3, HH-4, 35X & 58X wells) were initially steamed in 2014-2015, oil production steadily increased over a nine-month period from 30 BOPD to a peak of about 400 BOPD. During cyclic-steam operations the HH-1 and 35X wells briefly achieved rates of 175 and 290 BOPD, respectively, immediately after being returned to oil production after steaming.
KLS Petroleum Consulting LLC (“KLSP”), a third-party, independent engineering firm, recommends that McCool Ranch be developed with horizontal wells, each landed in the Lombardi Oil Sand with a 1,000-foot lateral. We estimate that TPET’s property can probably accommodate approximately 22 additional such horizontal wells and TPET accordingly may commence a drilling program in 2025. TPET expects to add the reserve value of the McCool Ranch Field to the Company’s reserve report after a further period of observation and review of the oil production that was restarted on February 22, 2024.
“We are pleased to provide this operational update on McCool Ranch,” commented Robin Ross, CEO of Trio. “Previous operations demonstrate that it is possible to increase production at McCool Ranch, and this is our intent now, and we are evaluating various options besides cyclic-steam to optimize production and minimize costs. Looking beyond our current assets, our focus remains on acquiring projects that generate immediate cash flow or offer transformative growth potential with strategic investment. This approach aligns with our long-term vision of creating exponential value while managing risk and resources effectively.”
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 sections of the Trio reports filed with the Securities and Exchange Commission (SEC). Copies 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
What is the current oil production at TPET's McCool Ranch Oilfield?
How many additional horizontal wells can TPET develop at McCool Ranch?
What was the peak production at McCool Ranch during previous steam operations?
When does TPET plan to start its new drilling program at McCool Ranch?
