TRIO PETROLEUM ANNOUNCES LLOYDMINSTER ACQUISITION WITH CUMMINGS MULTILATERAL OIL WELL AND WORKOVER PRODUCTION GROWTH OPPORTUNITY

Cash on hand will fund the cash purchase price and anticipated development and workover expenses.

Rhea-AI Summary

Trio Petroleum (TPET) announced its Canadian subsidiary’s acquisition of 24 oil wells from Marlin Resources in Saskatchewan’s Lloydminster region. The assets include 4 producing wells and 20 shut-in wells, with approximately 37 barrels of oil per day of current production. Consideration comprises CDN$800,000 in cash and an underutilized water disposal asset transferred to Marlin.

Trio proposes a Cummings multilateral well, using multiple horizontal branches from one surface location, with an estimated CDN$1.2 million drilling, completion and equipping budget. It has also budgeted CDN$425,000 for existing-well workovers, reactivation and recompletion targeting additional production. The acquisition includes a water disposal facility that Trio expects to reduce hauling distances and disposal costs, while creating opportunities for third-party disposal and associated skim-oil revenue.

6 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointAcquired producing assets add approximately 37 barrels of oil per day of current production.
• Minor point. Forward-looking: it has not happened yet and may not happen.Proposed Cummings multilateral well adds a drilling opportunity targeting approximately 4,000 meters of reservoir.
• Minor point. Forward-looking: it has not happened yet and may not happen.Budgeted workover, reactivation and recompletion program targets additional production from existing wells.
• Minor point. Forward-looking: it has not happened yet and may not happen.Acquired water disposal facility is expected to reduce hauling distances and disposal costs.
• Minor point. Forward-looking: it has not happened yet and may not happen.New disposal facility creates opportunities for third-party disposal and associated skim-oil revenue.
• Minor pointTrio estimates the purchase price per flowing barrel is below average market pricing for comparable producing assets.

Negative

• Moderate pointAcquisition consideration requires CDN$800,000 cash and transfer of an underutilized water disposal asset.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed Cummings well carries an estimated CDN$1.2 million drilling, completion and equipping budget.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Existing-well workovers, reactivation and recompletion carry a CDN$425,000 budget.
• Minor pointAcquired inventory includes 20 shut-in wells, alongside four producing wells.

News Explained

For the announced acquisition, Trio says its Canadian subsidiary will fund the CDN$800,000 cash purchase price and anticipated development and workover expenses from cash on hand, identifying the funding source for both the purchase and planned spending.

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Details

Market Reaction – TPET

$1.66 – $1.77 Day Range

$9.16M Market Cap

On Sep 30, the day this news came out, the latest delayed price for TPET is 1.78% above the previous close. The latest delayed price is $1.72. Relative volume is elevated at 2.5x the average.

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Key Figures

Acquired wells: 24 wells Current production: approximately 37 BOPD Drilling and development budget: CDN$1.2 million +2 more

Acquired wells

24 wells

4 producing and 20 shut-in heavy-oil assets

Current production

approximately 37 BOPD

Production combined with the acquisition

Drilling and development budget

CDN$1.2 million

Proposed Cummings multilateral well; includes drilling, completion and equipping

Workover program budget

CDN$425,000

Workover, reactivation and recompletion program

Cash purchase price

CDN$800,000

Consideration for the 24 wells, plus transfer of a water disposal asset

Key Terms

bopd, multilateral, workover, recompletion

4 terms

bopd technical

"approximately 37 barrels of oil per day (“BOPD”)"

bopd stands for "barrels of oil per day," a measure of how much crude oil a well, field, or company produces each day. Investors use it like a water-flow meter: higher daily output usually means more potential sales and cash flow, while declines can signal shrinking revenue or operational problems, making it a key metric for valuing oil producers and assessing production trends.

multilateral technical

"a proposed Cummings multilateral well"

An arrangement, agreement, or activity that involves three or more independent parties — for example countries, companies, banks, or regulators — working together rather than just two sides. For investors it matters because multilateral deals or rules can broaden markets, share costs and risks, and create common standards that affect trade, financing and regulatory exposure; think of it like a group project where decisions and outcomes depend on many participants, not just one counterparty.

workover technical

"identified existing-well workover upside"

A workover is a targeted maintenance or repair operation on an oil or gas well to restore, improve, or change its production—like giving a car a tune-up or replacing parts so it runs better. Investors care because workovers can increase or prolong revenue by boosting output or recovering trapped reserves, but they also involve upfront costs and temporary downtime that affect short-term cash flow and the long-term value of the asset.

recompletion technical

"workover, reactivation and recompletion program"

Recompletion is the process of returning to an existing oil or gas well to change how or where it produces, such as opening a new layer, repairing equipment, or applying stimulation to boost flow. For investors, recompletion is important because it can raise production and extend a well’s productive life without drilling a new well—like renovating a room to get more use from the same house—often at lower cost and faster turnaround than building anew.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Boca Raton, Florida., Sept. 30, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) ("Trio" or the "Company"), today announced the acquisition by its Canadian subsidiary of 24 oil wells, with 4 producing and 20 shut-in heavy-oil assets, from Marlin Resources Ltd. ("Marlin"), an active operator in Saskatchewan's Lloydminster region.

The acquisition would combine approximately 37 barrels of oil per day (“BOPD”) of current production with identified existing-well workover upside, a significant new multilateral drilling opportunity and strategically positioned disposal infrastructure. This transaction represents another achievement in Trio’s strategy to build a substantially larger Canadian oil and gas business.

Cummings Multilateral plus Existing Well Workover Growth Opportunity

A central development opportunity within the Marlin acquisition is a proposed Cummings multilateral well on the N/2 of Section 9-48-23W3. The proposed well would use multiple horizontal branches from a single surface location to access approximately 4,000 meters of target Cummings reservoir. Trio estimates a CDN$1.2 million drilling and development budget which includes drilling, completion and equipping the well for production. Nearby, a Cummings multilateral development by Canadian Natural Resources (“CNRL”) and other operators support the broader development concept as similar Cummings wells are producing approximately 375 BOPD, thereby supporting adding a major drilling component to the production upside identified in the existing well inventory. In addition, Trio has budgeted a CDN$425,000 workover, reactivation and recompletion program targeting additional production.

Terms

As consideration of the 24 wells, Trio is paying CDN$800,000 in cash and transferring to Marlin an underutilized water disposal asset. The cash purchase price and anticipated development and workover expenses will be funded from Trio’s cash on hand.

Strategic Water Disposal Facility

As part of the transaction, Trio is acquiring a water disposal facility that is better located to support Trio's existing wells, the acquired wells and future development. The improved location is expected to reduce water-hauling distances and disposal costs while creating opportunities for third-party water-disposal and associated skim-oil revenue.

Robin Ross, Chairman and Chief Executive Officer of Trio Petroleum Corp, stated “We expect this transaction to be far more than the production being acquired today. The existing-well workover program provides a defined path intended to materially increase production, while the Cummings multilateral well adds a significant new drilling opportunity on the acquired lands. Based on current production, we estimate the purchase price per flowing barrel represents a discount to the average market price for comparable producing assets. This acquisition represents another important step in growing Trio's Canadian asset base.”

ABOUT TRIO PETROLEUM CORP

Trio Petroleum Corp (NYSE American: TPET) is an independent oil and gas company focused on the acquisition, development and optimization of oil and gas properties in North America. The Company’s strategy is centered on acquiring producing assets at attractive valuations, optimizing existing production and identifying opportunities to develop additional production through drilling and other development activities.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release of 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 this press release, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” “aim,” “goal,” or “may,” derivations of such words, 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, although not all forward-looking statements are denoted by such words. Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements relate, among other things, to the anticipated operational and financial benefits to Trio of its new acquisition of the assets from Marlin as described herein, as well as Trio’s growth plans and strategies in general. 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 significant 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 and on Trio’s website at https://ir.trio-petroleum.com/sec-filings/. Accordingly, readers should not place undue reliance on any forward-looking statements. Trio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes 404 809-4172
michael@redwoodefc.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What wells is Trio Petroleum acquiring from Marlin Resources?

Trio’s Canadian subsidiary is acquiring 24 oil wells in Saskatchewan’s Lloydminster region, including four producing and 20 shut-in wells. Current production is approximately 37 barrels of oil per day. Consideration consists of CDN$800,000 in cash and an underutilized water disposal asset transferred to Marlin.

What development spending does Trio Petroleum plan for the Lloydminster acquisition?

Trio estimates CDN$1.2 million for a proposed Cummings multilateral well and has budgeted CDN$425,000 for existing-well workovers, reactivation and recompletion. The proposed well budget covers drilling, completion and equipping the well for production; the existing-well program targets additional production.

How will Trio Petroleum fund the Marlin acquisition and development programs?

The cash purchase price and anticipated development and workover expenses will be funded from Trio’s cash on hand.