Trio Petroleum Corp. Provides Alberta Operations Update and Confirms Near-Term Production Commencement
Rhea-AI Summary
Trio Petroleum Corp (NYSE American: TPET) announced that its wholly owned Canadian unit completed all Alberta Energy Regulator approvals and license transfers for a heavy-oil asset at NW 7-50-1W4 as of January 30, 2026. Surface lease agreements for initial producing wells are expected to be executed by week end.
The company plans to place two wells on production within 7 to 10 days, targeting combined initial production of ~30–40 barrels of oil per day, and to target two additional wells on production by March 31, 2026. Management frames the asset as Trio's first producing foothold in Alberta with potential near-term upside through perforation of additional intervals.
Positive
- AER approvals and license transfers completed on Jan 30, 2026
- Two wells targeted to start production within 7–10 days
- Initial production guidance of 30–40 barrels per day from two wells
- Two additional wells targeted by Mar 31, 2026
- Plan to perforate additional intervals to enhance production and recovery
Negative
- Initial production is modest at 30–40 bbl/d, limiting near-term cash flow scale
- Start dates remain conditional on surface access, field execution and severe weather
- Near-term upside contingent on successful surface leases and operational sequencing
Key Figures
Market Reality Check
Peers on Argus
TPET fell 22.79% while key peers showed mixed moves: BRN up 4.85%, MTR up 0.84%, and several others, including MXC and BATL, down between roughly 6–11%. With only one peer (BATL) in the momentum scanner and moving down more moderately, the magnitude of TPET’s decline appears more company-specific than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 05 | Saskatchewan acquisition | Positive | +1.1% | Acquisition of Saskatchewan heavy-oil assets with existing production and disposal facility. |
| Nov 04 | Alberta acquisition | Positive | -4.5% | Purchase of Alberta mineral lease with four wells and cash/share consideration. |
| Oct 09 | Regulatory approval | Positive | -1.8% | AER eligibility granted to acquire and hold energy licences in Alberta. |
| Aug 07 | Operational update | Positive | +0.9% | Update on multi-asset production, reserves, and potential across three projects. |
Recent strategic and acquisition updates have produced mixed reactions, with two prior positive-sentiment announcements aligning with modest gains and two others seeing negative price reactions.
Over the past six months, Trio has steadily shifted toward Canadian heavy-oil and broader North American assets. On Nov 4, 2025, it acquired Alberta heavy-oil leases with four wells. On Oct 9, 2025, its Canadian unit secured Alberta Energy Regulator eligibility. A broader operational update on Aug 7, 2025 highlighted multi-asset potential. Most recently, on Jan 5, 2026, Trio bought Saskatchewan heavy-oil assets. Today’s Alberta production update builds directly on that November Alberta acquisition and the broader Canadian growth strategy.
Regulatory & Risk Context
The company has an effective Form S-3 shelf registration dated September 4, 2025, with at least one recorded usage via a 424B5 prospectus supplement on January 9, 2026 supporting an at-the-market equity program of up to $3,600,000. This structure enables periodic common stock issuance under the existing shelf while offers and sales remain active.
Market Pulse Summary
This announcement details Trio’s transition from regulatory approvals to active field operations on its Alberta heavy-oil asset, with two wells targeted to start producing within 7–10 days and two more by March 31, 2026. It advances the Canadian growth path highlighted in the 10-K and prior acquisitions. Investors may watch realized production rates versus the 30–40 BOPD expectation, execution timing, and any further use of the existing ATM program for funding.
Key Terms
alberta energy regulator regulatory
AI-generated analysis. Not financial advice.
Malibu, California, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) ("Trio" or the "Company"), an oil and gas company, through its wholly owned Canadian subsidiary, Trio Petroleum Canada, Corp. ("Trio Canada"), is pleased to provide an operational update on its Alberta heavy-oil asset located at NW 7-50-1W4, marking the Company’s first producing foothold and strategic entry into the Province of Alberta.
Trio confirms that, as of January 30, 2026, all required Alberta Energy Regulator (“AER”) approvals and license transfers associated with the property were completed. With regulatory approvals now in place, Trio Canada has transitioned the asset from acquisition and regulatory processing to active field operations.
Operational activities are being conducted by Trio Canada, together with its Alberta operating partner. Surface lease agreements for the initial producing well locations are scheduled to be executed by the end of this week, clearing the final access requirements to commence production operations.
Initial Production and Operational Plan
The Company expects to place the following two wells on production within 7 to 10 days, subject to routine field execution timing and severe weather:
- 100/11-7-50-1W4
- 103/12-7-50-1W4
Based on current operating plans and historical performance of the wells, management anticipates these two wells together will contribute approximately 30 to 40 barrels of oil per day as production is established.
In addition to returning the wells to production, the Company intends to perforate additional approved producing intervals within the existing wellbores. These perforation operations are designed to access new zones that have not previously been produced, with the objective of enhancing production rates and improving long-term recovery, while maintaining a disciplined, low-capital operating approach.
Additional Wells and Near-Term Upside
Two additional wells located on the same quarter section:
- 100/13-7-50-1W4
- 100/14-7-50-1W4
remain within the Company’s near-term development plan. Subject to surface access and operational sequencing, Trio is targeting these wells to be placed on production by the March, 31 2026.
Upon integration of all four wells, the Company expects total field production to be consistent with the production expectations previously disclosed in connection with the original acquisition announcement dated November 4, 2025.
Strategic Significance
This Alberta asset represents Trio’s initial producing platform in one of North America’s most established heavy-oil regions. Management views the property as a stepping stone into Alberta, providing immediate production, existing infrastructure, and a repeatable framework for evaluating and executing additional opportunities in the province.
“This is an important execution milestone for Trio,” said Robin Ross, Chief Executive Officer of the Company. “With regulatory approvals completed and surface access being finalized, we are moving decisively into production. This asset represents our first producing foundation in Alberta, and we believe it demonstrates our ability to convert acquisitions into near-term production and cash flow while positioning the Company for continued growth in Western Canada.”
About Trio Petroleum Corp
Trio Petroleum Corp is an oil and gas exploration and development company with operations in California, Saskatchewan, Alberta, and Utah. The Company is focused on acquiring and developing high-quality producing assets that offer near-term cash flow and long-term growth potential.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding anticipated timing of surface lease execution, commencement of production, expected production rates, perforation of additional zones, operational performance, and timing for integration of additional wells. These statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including regulatory processes, surface access, operational execution, equipment performance, reservoir response, commodity prices, and other risks described in the Company’s filings with the U.S. Securities and Exchange Commission. Trio undertakes no obligation to update forward-looking statements except as required by law.
Investor Relations Contact
Redwood Empire Financial Communications
Michael Bayes (404) 809-4172 michael@redwoodefc.com
FAQ
When did Trio Petroleum (TPET) complete regulatory approvals for its Alberta asset?
How soon will the initial Trio (TPET) wells begin producing in Alberta?
What production rates does Trio (TPET) expect from the first two Alberta wells?
Are there plans for additional wells or upside at Trio's Alberta site (TPET)?
What operational risks could delay Trio (TPET) starting Alberta production?
