Company Details Plans to Increase Production
Bakersfield, CA, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) ("Trio" or the "Company"), a California-based oil and gas company, today provided an operational update on each of its current oil and gas assets, by field. The update details the specific operational activities the Company is taking to increase daily oil and gas production.
McCool Ranch Field
- Production has been stable for a number of months averaging about 20 BOPD from the HH-1 and 35X wells collectively and we are actively continuing operations to increase oil production.
- The Company is planning to acidize the HH-1 and 35X wells and anticipates a notable increase in oil production.
- Planning is underway to return the 58X, HH-3 and HH-4 wells to production over the next several months.
- Operations continue to prepare the field for cyclic-steam operations - when our current five oil 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.
Presidents Field, South Salinas Project
- First oil sales from the HV-3A well occurred in August 2024. We believe production at HV-3A may be improved with acid treatments, by adding up to 625 feet of perforations across the proven oil-producing zones, and/or opening deeper behind-pipe oil zones that are currently below a bridge plug.
- We expect workovers at HV-3A, whether acidizing, perforating and/or opening deeper zones, will result in notable increases in oil production.
- Initially we expect to acidize (for borehole cleanup) the currently open 250 feet of perforations and anticipate production of at least 30 BOPD, (which was the average rate in the well's first month of production), and potentially a much higher oil rate.
Asphalt Ridge
- The HSO 2-4 well is currently producing, utilizing a downhole heater, and the operator, Valkor LLC, expects that production may stabilize at approximately 40 BOPD.
- Asphalt Ridge is known to be one of the largest tar-sand deposits in North America outside of Canada, and to have now established first-oil at this project is of utmost significance to the Company.
- Downhole heater operations are expected to be operational shortly at the 8-4 well.
- We expect at least one additional well at Asphalt Ridge by year's end.
- Valkor LLC projects that these 3 wells collectively will produce roughly 120-150 BOPD.
"We are pleased to be able to provide these operational updates on our three oil and gas assets," commented Robin Ross, CEO of Trio. "We have three good scalable projects today and one of my top priorities is developing what we control, and increasing production. The next few months should be exciting as we continue to demonstrate the potential of our company and grow our business."
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 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and a 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns a 2.25% working interest in 960 acres and options to acquire up to an additional 17.75% working interest in the 960 acres, and also an option to acquire 20% working interest in an adjacent 1,920 acres, and a right of first refusal to participate in an additional approximate 30,000 acres of the Asphalt Ridge Project at terms offered to other third parties.
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
