Trio Petroleum Corp. (NYSE American: TPET) Announces Strategic Acquisition of Cash-Flow-Positive Production in Saskatchewan and Highlights Multilateral Opportunities in the North Half of Section 3-48-24W3

Rhea-AI Summary

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.

Positive

• Acquisition price of $1,000,000 CDN paid in stock
• Issued 912,875 common shares to vendor
• Three wells producing approximately 30 bbl/d
• One shut-in well expected to produce 20 bbl/d when returned
• Produced-water facility target of ~$100,000/month revenue

Negative

• Transaction financed by equity issuance of 912,875 shares
• Total current production modest at ~30–50 bbl/d before upside
• Forward-looking upside and revenue estimates are unaudited and subject to risks

News Market Reaction – TPET

+1.07%

13 alerts

+1.07% News Effect

+19.2% Peak Tracked

-15.5% Trough Tracked

+$74K Valuation Impact

$7M Market Cap

1.3x Rel. Volume

On the day this news was published, TPET gained 1.07%, reflecting a mild positive market reaction. Argus tracked a peak move of +19.2% during that session. Argus tracked a trough of -15.5% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $74K to the company's valuation, bringing the market cap to $7M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Current production: 30 barrels per day Additional well: 20 barrels per day Well inventory: 4 wells +5 more

8 metrics

Current production 30 barrels per day Three producing wells in Saskatchewan acquisition

Additional well 20 barrels per day Fourth well expected rate when returned to production

Well inventory 4 wells Producing and non-producing wells included in acquired assets

Maidstone upside 15 bbl/d Potential additional zones in Section 3-48-24W3

Waseca upside 25 bbl/d Potential additional zones in Section 5-49-24W3

Disposal facility revenue $100,000 monthly Potential combined revenue from water disposal and skim oil

Purchase price $1,000,000 CAD Consideration for Saskatchewan heavy oil assets

Share issuance 912,875 shares Common stock issued as consideration for acquisition

Market Reality Check

Price: $0.4029 Vol: Volume 79,745 is well bel...

low vol

$0.4029 Last Close

Volume Volume 79,745 is well below the 20-day average 337,259, suggesting limited pre-news positioning. low

Technical Shares at 0.819 are trading below the 200-day MA of 1.13 and far under the 52-week high of 3.25.

Peers on Argus

Momentum data flags TPET as moving down while peers like INDO and USEG show +5.1...

2 Up

Momentum data flags TPET as moving down while peers like INDO and USEG show +5.10% and +10.64% moves up, indicating a stock-specific setup rather than a sector-wide move.

Historical Context

3 past events · Latest: Nov 04 (Positive)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Nov 04	Production acquisition	Positive	-4.5%	Alberta mineral lease acquisition with existing 60–70 bbl/d production.
Oct 09	Regulatory clearance	Positive	-1.8%	AER eligibility under Directive 067 to acquire and hold energy licences.
Aug 07	Operational update	Positive	+0.9%	Update on Lloydminster, South Salinas, and PR Spring project potential.

Pattern Detected

Recent positive regulatory and acquisition headlines for TPET have often seen muted or negative 24h price reactions, suggesting a pattern of divergence from headline tone.

Recent Company History

Over the last six months, Trio announced several expansion and regulatory milestones. On Nov 4, 2025, it acquired Alberta production assets, yet shares fell 4.47%. On Oct 9, 2025, Alberta Energy Regulator eligibility was disclosed, with a 1.82% decline. An operational update on Aug 7, 2025 tied to multiple assets saw a modest 0.88% gain. Today’s Saskatchewan acquisition continues the strategy of adding cash-flow-positive Canadian production.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-09-04

Trio has an active Form S-3 shelf filed on Sep 4, 2025, which is not yet effective and shows 0 recorded usages. It enables future registered offerings once effective but does not itself indicate any specific financing has occurred.

Market Pulse Summary

This announcement adds immediate Saskatchewan heavy-oil production, potential incremental 40 bbl/d f...

Analysis

This announcement adds immediate Saskatchewan heavy-oil production, potential incremental 40 bbl/d from additional zones, and a disposal facility targeting up to $100,000 in monthly revenue. It builds on a series of Canadian acquisitions highlighted in earlier releases. At the same time, Trio’s filings show ongoing losses, equity issuance and an active S-3 shelf, so future funding structure and execution on these assets remain key items to monitor.

Key Terms

multilateral drilling, horizontal wells, produced-water disposal facility, skim oil recovery, +4 more

8 terms

multilateral drilling technical

"enabling future horizontal and multilateral drilling opportunities."

Multilateral drilling is a well-construction technique that creates multiple branch tunnels from a single vertical or main borehole so one surface well can access several parts of an underground reservoir. Like opening several side streets from one main road to reach more houses, it can boost production and recover more oil or gas with fewer surface sites and lower per‑unit costs, which affects expected output, capital spending and long‑term cash flow for investors.

horizontal wells technical

"Offset McLaren horizontal wells east of Section 3 have averaged approximately 75 MBO per well"

Horizontal wells are oil or gas boreholes drilled down and then steered to run sideways through a reservoir, exposing a long stretch of rock to the well instead of a single vertical point. For investors they matter because the wider contact with the resource usually increases production and lowers the cost per unit produced, much like slicing through a loaf covers more area than tiny pokes, so companies can generate more revenue with fewer surface locations.

produced-water disposal facility technical

"Trio has also entered into an agreement to acquire NovaCor’s 4-29 produced-water disposal facility"

A produced-water disposal facility is a site or system that collects, treats, stores, or injects the salty, chemical-laden water that comes up alongside oil and gas during production. Think of it like a specialized wastewater plant or deep septic system for the oilfield; it matters to investors because how a company handles this water affects operating costs, regulatory compliance, environmental liability, permitting risk, and the ability to keep wells producing.

skim oil recovery technical

"additional potential upside from skim oil recovery depending on third-party volumes"

Skim oil recovery is the process of removing oil from the surface of water after a spill using mechanical devices that act like a floating ladle or vacuum. Investors should care because the speed and effectiveness of skimming determine cleanup costs, regulatory fines, and how quickly operations and shipments can resume; poor recovery raises environmental liability, insurance claims, and reputational damage that can hurt a company’s cash flow and share value.

piggyback registration rights regulatory

"we have granted certain “piggyback” registration rights and an obligation by the Company to register"

A contractual right that lets existing shareholders join a company’s planned public sale of stock so they can sell their own shares at the same time under the same paperwork. It matters to investors because it gives insiders and early holders an easier, often faster way to convert shares to cash, while also potentially increasing the number of shares offered and affecting the share price — like catching a scheduled bus instead of hiring a private ride to get where you need to go.

registration statement regulatory

"if the shares are not otherwise registered for resale in a registration statement"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

Mannville Group medical

"The Acquired Assets target established heavy oil intervals within the Mannville Group"

A group of underground rock layers in parts of Western Canada that commonly contain oil and natural gas; think of it as a thick sponge or layered cake in the earth that can hold fossil fuels. For investors, the Mannville Group matters because its rock qualities and the amount of hydrocarbons it holds influence how attractive drilling, production, and valuation opportunities are, and they affect estimates of reserves, costs and potential returns.

shoreface technical

"mapping indicates a thicker shoreface McLaren A sand trend through the north half"

The shoreface is the underwater zone just offshore where waves and currents actively move sand and shape the seabed — think of it as the submerged front apron of a beach that slopes away into deeper water. For investors, the shoreface matters because its shape and behavior affect coastal erosion, permitting, construction and dredging costs, habitat and regulatory risk, and therefore the value and liabilities of coastal real estate, infrastructure and resource projects.

AI-generated analysis. Not financial advice.

Malibu, California, Jan. 05, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) ("Trio" or the "Company"), an oil and gas company, today is pleased to announce that its wholly owned Canadian subsidiary, Trio Petroleum Canada, Corp. (the "Company"), has acquired certain Saskatchewan heavy oil assets (the "Acquired Assets") from NovaCor Exploration Ltd. ("NovaCor"). The Acquired Assets are located in west-central Saskatchewan and include producing heavy oil wells, associated equipment and infrastructure, and additional development and optimization opportunities.

The acquired assets consist of four wells along with a water disposal facility. Three of the wells are currently producing approximately 30 barrels per day, with the fourth well expected to produce approximately 20 barrels per day when returned to production. The Acquired Assets target established heavy oil intervals within the Mannville Group, including Waseca, McLaren, Sparky, and GP. Trio believes the asset base offers a combination of existing production and actionable operational upside, with opportunities to enhance performance through disciplined field execution. The acquisition also includes the infrastructure and equipment the Company’s management believes are necessary to support ongoing production and field operations. The assets consist of:

• 101/13-03-048-24W3/00 - 11 bbl/d
• 121/04-05-049-24W3/03 - 8 bbl/d
• 121/05-05-049-24W3/02 - 9 bbl/d
• 121/06-05-049-24W3/02- non-producing expect 20 bbl/d*
• 131/04-29-051-26W3/00 - disposal facility
  
  

Section 3-48-24W3 (Maidstone Area)

The Section 3-48-24W3 lands include established heavy oil well control and mapped pay development within the Mannville stack. Trio views this area as an inventory and reactivation/optimization opportunity, with post-closing work expected to focus on wellbore status, completion intervals, and low-cost workovers or recompletions where economics support near-term execution. The Company believes additional zones could add another 15 bbl/d*. With the acquisition of the NW/4 interest in Section 3-48-24W3 (LSD 13), Trio - together with its existing NE/4 Section 3-48-24W3 position - will have coverage across the north half of Section 3-48-24W3, enabling future horizontal and multilateral drilling opportunities. This expanded position provides optionality to design multi-branch laterals to maximize reservoir contact and accelerate development across the McLaren trend. Offset McLaren horizontal wells east of Section 3 have averaged approximately 75 MBO per well, and mapping indicates a thicker shoreface McLaren A sand trend through the north half of Section 3, supporting future horizontal and multilateral development concepts.

Section 5-49-24W3 (Waseca Area)

The Section 5-49-24W3 lands include producing wells and documented upside supported by zone-by-zone completion review. Trio views this area as a near-term optimization candidate, with a practical path to improving rates through operating and artificial-lift optimization and selective completion enhancements across Mannville intervals including Sparky, GP, and McLaren. The Company believes additional zones could add another 25 bbl/d*.

4-29 Produced-Water Disposal Facility (Third-Party Revenue)

Trio has also entered into an agreement to acquire NovaCor’s 4-29 produced-water disposal facility (wellbore UWI 131/04-29-051-26W3/00) in west-central Saskatchewan. The facility is being acquired as a fee-for-service, third-party produced-water disposal business intended to generate recurring disposal revenues through commercial service arrangements with area operators, with additional potential upside from skim oil recovery depending on third-party volumes and facility performance. The Company believes the facility can generate upwards of $100,000 monthly in combined revenue from both water disposal and skim oil recovery based on similar water disposal facilities in the area.

Management Commentary

"This acquisition adds immediate oil production and strengthens Trio's asset base with a path to near-term operating improvements, as well as a service-oriented disposal infrastructure asset designed to generate third-party revenue," said Robin Ross, Chief Executive Officer. "We are acquiring producing assets which we believe have associated substantial upside potential and also the infrastructure and equipment necessary to support this production. It is important to note the Maidstone position provides coverage across the north half of Section 3-48-24W3, which we believe supports future horizontal and multilateral drilling opportunities. Supported by offset McLaren horizontal performance and our mapping of a thicker shoreface McLaren A trend, we see a compelling runway for capital-efficient development. Our objective is to buy producing projects with far greater upside potential, which is exactly what this property acquisition is all about. Trio remains focused on disciplined growth, leveraging its technical expertise and operational capabilities to pursue opportunities that maximize shareholder value. Over the next few months we will begin work towards developing the full potential of this new project."

*recent internal report by Andrew Smith, P.Geol APEGA

Acquisition Purchase Price; Issuance of Shares of Common Stock; Grant of Registration Rights

The stated purchase price is $1,000,000 CDN paid in by the Company’s issuance of 912,875 shares of its common stock, in connection with which we have granted certain “piggyback” registration rights and an obligation by the Company to register the shares for resale, subject to certain limitations and restrictions, if the shares are not otherwise registered for resale in a registration statement, pursuant to such “piggyback” registration rights.

About Trio Petroleum Corp

Trio Petroleum Corp is an oil and gas exploration and development company with operations in California, Saskatchewan, Alberta and Utah.

Third-Party Coverage (Lloydminster Heavy Oil Multilaterals)

For additional background on multilateral drilling activity and rig-count trends in the Lloydminster area, see:

• Pipeline Online (Sep 18, 2024): “Multilateral well program proving a big win in Lloydminster area and SE Sask” (https://pipelineonline.ca/multilateral-well-program-proving-a-big-win-in-lloydminster-area-and-se-sask/)

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 press 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 press release, except as required by law.

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

FAQ

What did TPET pay for the Saskatchewan assets on Jan 5, 2026?

Trio paid $1,000,000 CDN via issuance of 912,875 common shares to NovaCor.

How much oil production did TPET acquire in Saskatchewan (TPET)?

The assets include three producing wells at ~30 bbl/d and one well expected to return at ~20 bbl/d.

What revenue does TPET expect from the 4-29 disposal facility (TPET)?

Management believes the facility could generate about $100,000/month from water disposal and skim oil recovery.

Does the TPET acquisition enable horizontal or multilateral drilling?

Yes; coverage across the north half of Section 3-48-24W3 supports future horizontal and multilateral drilling concepts.

What zones are targeted by TPET in the acquired Mannville stack (TPET)?

Target intervals include McLaren, Waseca, Sparky and GP within the Mannville Group.

Will TPET need additional work to restore full production (TPET)?

Post-closing work will focus on wellbore status and low-cost workovers or recompletions to return production.