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: TPET) has announced the acquisition of petroleum and natural gas properties from Novacor Exploration in Saskatchewan's Lloydminster heavy oil region. The acquisition includes TWP48 Assets and pending TWP47 assets, featuring seven producing wells with current production of approximately 70 barrels per day.
The assets have potential for 4 additional re-entry wells and two fully equipped locations that could add 70 barrels per day in total. A Reserve Report from August 2024 by Petrotech and Associates indicates 91.5MBBL of total proved and probable oil reserves from currently producing wells.
The acquisition price is US$650,000 in cash (paid in two tranches) and 526,536 shares of TPET common stock. The properties benefit from low operational costs, with Novacor's current lift cost at CDN $10.00 per barrel. Novacor will continue as operator of the assets, maintaining operational efficiency in the heavy oil region.
Trio Petroleum Corp (NYSE: TPET) announced two key updates: an extension of its option period to acquire additional working interest in the Asphalt Ridge Project and an extended LOI deadline for Novacor assets acquisition.
The Asphalt Ridge option period has been extended to April 10, 2025, allowing TPET to acquire the remaining 17.75% interest in the initial 960 acres. TPET currently owns 2.25% working interest and can acquire up to an additional 17.75% in the same area, plus 20% in adjacent 1,920 acres. Two exploratory wells, HSO 2-4 and HSO 8-4, showed substantial oil-bearing pay zones (190' and 100' respectively). Each typical project well has an estimated ultimate recovery of 300,000 barrels with initial production of 40 barrels per day.
The non-binding LOI to acquire Novacor's Saskatchewan heavy oil assets has been extended to March 15, 2025. The Novacor assets include seven producing wells yielding approximately 70 barrels per day, with potential for 4 additional re-entry wells and two reactivation locations capable of adding 70 barrels total daily production.
Trio Petroleum Corp (NYSE American: TPET) announced the full repayment of senior secured convertible promissory notes totaling $1.6 million as of January 7, 2025. These notes were issued to institutional investors through two separate financings in April and June 2024.
The June 2024 financing included both notes and warrants, with the warrants remaining outstanding. With the notes' retirement, the security interest granted to investors in Trio's assets has been terminated.
According to CEO Robin Ross, this debt clearance enables the company to pursue business growth through well reworking and new asset development. The company's strategy focuses on acquiring projects that either generate immediate cash flow or offer transformative growth potential through strategic investment.
Trio Petroleum Corp (NYSE American: TPET) has entered into a non-binding Letter of Intent to acquire a 100% working interest in petroleum and natural gas properties from Novacor Exploration in Saskatchewan's Lloydminster heavy oil region. The acquisition, valued at CD$2 million (US$1.4 million), includes seven producing wells currently yielding approximately 70 barrels per day.
The assets have potential for 4 additional re-entry wells and two fully equipped locations that could add 70 barrels per day in total. Two wells are temporarily shut in and could add 10 bpd each once reactivated. A Reserve Report from August 2024 details 91.5MBBL for total proved and probable oil. The purchase will be paid through US$650,000 in cash and the remainder in TPET common stock.
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: TPET) has secured an extension to February 10, 2025, for its option to acquire an additional 17.75% working interest in the Asphalt Ridge Project in Utah. The company currently owns 2.25% working interest in 960 acres and has reported successful oil production from the HSO 2-4 well, with the HSO 8-4 well scheduled for downhole heater installation in December. The project, one of North America's largest heavy-oil and tar-sand deposits outside Canada, features low wax and sulfur content. Typical wells are estimated to yield 300,000 barrels ultimate recovery with initial production of 40 barrels per day. Engineering for six additional wells has been completed with permits pending.
Trio Petroleum Corp (NYSE: TPET) announced a 1-for-20 reverse stock split of its outstanding common shares, effective November 14, 2024, with post-split trading beginning November 15, 2024. The split will automatically combine every 20 shares into 1 share, maintaining stockholders' percentage ownership. Fractional shares will be rounded up, and proportionate adjustments will be made to equity plans. VStock Transfer is serving as the exchange agent, with no action required from shareholders holding electronic shares. The company operates in Monterey County, California, and Uintah County, Utah.
Trio Petroleum Corp. (NYSE American: TPET) has appointed James Blake to its Board of Directors. Blake brings 30 years of financial industry experience and previously managed over $750 million in assets as a portfolio manager at a major Canadian bank. He holds a Bachelor of Commerce degree and is a Chartered Financial Analyst (CFA). Blake's expertise includes financial markets, investment strategies, risk management, and involvement in the startup ecosystem as an investor and capital raiser. The appointment aims to strengthen Trio's corporate governance and strategic direction in the energy market.
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) has announced oil production from its first well HSO 2-4 at the Asphalt Ridge Project in Uintah County, Utah, using a downhole heater. The project is considered one of the largest tar-sand deposits in North America outside of Canada. Key points include:
- Estimated ultimate recovery (EUR) of 300,000 barrels of oil
- Initial production rate of approximately 40 barrels per day
- Leasehold of 30,000 acres with potential for two and a half acre well spacing
- Plans to test a second heater to potentially lower operating expenses
- Expected drilling of a third well in late October and five additional wells in Q4 2024
- Potential for on-site refining of higher-gravity oil into green diesel
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