Trio Petroleum Corp. reports developments as an oil and gas exploration and development company with assets and operating activity in California, Utah and Western Canada. Company updates focus on field operations, license approvals, well workovers, producing assets held through Trio Petroleum Canada, and U.S. projects including South Salinas, McCool Ranch and Utah oil prospects.
News also covers capital-structure actions such as at-the-market equity sales, convertible debt conversions, acquisition initiatives for oil and gas properties, and stockholder-meeting matters. Governance changes and operational updates are typically framed around production plans, balance-sheet capacity and development activity across the company’s oil and gas portfolio.
Trio Petroleum Corp (NYSE: TPET) acquired Saskatchewan heavy oil assets from NovaCor for $1,000,000 CDN paid via issuance of 912,875 common shares on Jan 5, 2026. The Acquired Assets include four wells (three producing ~30 bbl/d, one non-producing expected ~20 bbl/d on return) and a produced-water disposal facility.
The company cites mapped Mannville intervals (McLaren, Waseca, Sparky, GP), multilateral/horizontal opportunities across the north half of Section 3-48-24W3, and estimates the disposal facility could generate ~$100,000/month in combined revenue.
Trio Petroleum Corp (NYSE American: TPET) announced on November 4, 2025 that its Canadian subsidiary acquired a mineral lease (quarter section, 160 acres) at NW 7-50-1W4 in Alberta.
The purchase includes four fully equipped wells with current production the company estimates at 60–70 barrels per day, two wells to begin production after license transfers, and two wells currently held by the Orphan Well Association pending an AER license transfer. Total consideration: $150,000 CAD cash, $150,000 CAD restricted shares and $10,000 CAD to the Receiver.
Trio Petroleum (NYSE American: TPET) said its wholly owned Canadian subsidiary, Trio Petroleum Canada, received notice from the Alberta Energy Regulator on October 9, 2025 that it meets eligibility under Directive 067 to acquire and hold energy licences and approvals in Alberta.
Management said this eligibility is an initial regulatory clearance enabling the company to pursue identified energy assets in Alberta as part of its immediate expansion plans, while noting forward-looking statements remain subject to risks and uncertainties.
Trio Petroleum (NYSE American: TPET) provided an operational update across its three oil and gas assets. In Lloydminster, Saskatchewan, production has stabilized at 60-70 BOPD with potential for additional wells to add 70 barrels per day and multilateral drill opportunities capable of 200-300 bpd.
The South Salinas Project in California holds significant potential with estimated 47 million barrels of P2 reserves ($2.1B undiscounted net cash flow) and 129 million barrels of P3 reserves ($7.9B undiscounted net cash flow). In PR Spring, Utah, testing continues with downhole heaters, targeting one of North America's largest tar-sand deposits with potential for 50,000 barrels per day when fully developed.
The company also announced the resignation of Stan Eschner as Vice-Chairman, who will remain as consultant until year-end.
Trio Petroleum Corp (NYSE American: TPET) has announced the suspension of operations at McCool Ranch and the termination of efforts to acquire a working interest in the project. The decision was driven by unfavorable economic conditions, specifically high water disposal costs in California and natural gas prices that make cyclic-steam operations cost-prohibitive and economically unfeasible in the long term.
The company plans to redirect its focus to other sites that offer better economic potential and higher profit prospects. Trio Petroleum Corp maintains operations across California, Saskatchewan, and Utah.
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.