Trio Provides Operational Update

Rhea-AI Summary

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.

Positive

• Stable production of 60-70 BOPD at Lloydminster with low operational costs
• Potential to add 70 additional barrels per day from reactivation of wells in Saskatchewan
• South Salinas Project estimates show significant P2 reserves worth $2.1B in undiscounted net cash flow
• PR Spring project potential for 50,000 barrels per day with 20-year life expectancy
• Water disposal costs expected to reduce from $10/barrel to under $1/barrel in South Salinas

Negative

• PR Spring development contingent on test wells producing 80 BOPD for 30 consecutive days
• High initial drilling costs of $800,000 per well at PR Spring
• Loss of key executive with Vice-Chairman's resignation
• Company seeking joint venture partners due to high development costs for South Salinas Project

Company Details Plans to Increase Production, Cash Flows in Q4 2025

Monterey, California, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California oil and gas company, today provided an operational update on each of its current oil and gas assets, by field.

Lloydminster, Saskatchewan

• Production has stabilized between 60 and 70 BOPD at the recently acquired fields from Novacor.
• Wells produce heavy crude oil with low operational costs from the McLaren/Sparky and Lloydminster formation and is home to some of the largest players in the industry such as Cenovus Energy, Canadian Natural Resources, Baytex Energy, and Rife Resources.
• Potential for four additional re-entry wells and two fully equipped locations to be reactivated each capable of an additional 70 barrels in total per day.
• Novacor Exploration Ltd. (the operator) has identified further potential upside through multi-lateral drill opportunities. The multilateral drill opportunity is in section 19-47-26w3 owned by Trio and is capable of 200 to 300bpd per Doug Forrest, president of Novacor.
• The Company is currently reviewing accretive opportunities in the area which can generate immediate cash flow.

Presidents Field, South Salinas Project, Monterey, California

• California Geologic Energy Management Division's (CalGEM) review of our Bradley Water Disposal Project Application has been given a higher priority. The objective is to obtain approval to utilize the Bradley minerals 1-2 well (drilled in 2005) for the disposal of produced water which, we believe, would result in reduced water disposal costs from approximately $10/barrel to less than $1/barrel once the field is in production.
• South Salinas Project (9,300 acres) has the potential to be significant, with, an estimated 40 million barrels of oil plus 42 billion cubic feet of gas, or 47 million barrels of oil equivalent in Probable (P2).* Undeveloped reserves and an approximate 101 million barrels of oil plus 169 billion cubic feet of gas, or 129 million barrels of oil equivalent in Possible (P3) Undeveloped reserves. *
• Trio's Total Probable (P2) undiscounted net cash flow is an estimated approximate $2.1 billion, and Trio's Total Possible (P3) undiscounted net cash flow is an estimated approximate $7.9 billion*
• Due to the size and cost of developing this project, Trio is talking to potential joint venture partners

* KLS Petroleum consulting LLC reserve report, Kenneth L. Schuessler, P.E., Managing Member

PR Spring, Uintah, Utah

• Testing continues with downhole heaters to be followed by chemical squeeze at nearby Asphalt Ridge's two test wells to determine the most economical oil extraction process. Asphalt Ridge is located in the same Uintah Basin as PR Spring with similar geology and formations.
• PR Spring is known to be located in one of the largest tar-sand deposits in North America outside of Canada, and establishing first-oil at this project is of utmost significance to the Company.
• Trio has an option to acquire 2000 acres.
• Contains an estimated 6.75 billion barrels or OOIP within the Uintah basin boundary.*
• Ultimate recovery of 300,000 barrels of oil per well.*
• 2000 acre parcel will support up to 1000 wells.*
• Potential to provide upwards of 50,000 barrels a day when fully developed with approximate 20-year life.*
• Initial total drilling and completion cost of less than $800,000 per well and declining with scale.*
• Trio's obligation is subject to the two test wells previously drilled at Asphalt Ridge producing 80 BOPD combined for 30 consecutive days.

* report provided by Dr. Douglas S. Hamilton Ph.D. in geology and Optimization Study by Dr Amanda Bustin, President of Bustin Earth Science Consultants

“We are pleased to be able to provide these operational updates on our three oil and gas assets,” commented Robin Ross, CEO of Trio. “We have three highly scalable projects today. One of our top priorities is increasing production substantially in Saskatchewan and Alberta by the end of the year. I believe this is realistic based on the projects we are reviewing.”

“We, more than ever, view PR Spring as a highly scalable, low-risk field for rapid development. PR Spring is potentially large and profitable as noted above, and it is of utmost importance to establish oil production at the first two wells at Asphalt Ridge (the 2-4 and 8-4 wells) which is within the same Uintah basin with similar geology and formations. This is an exciting and very important time for our Company as we continue to execute our plans to grow our business,” concluded Mr. Ross.

Resignation

The Company announces the resignation of Stan Eschner, Vice-Chairman of the Board of Directors effective as of August 1, 2025. Commented Robin Ross, CEO, ”Stan has been a resourceful asset to the Company having founded Trio LLC, the current operator and previous owner of our South Salinas project. We all wish Stan well in his future endeavors." Mr. Eschner will remain as a consultant to the Company reporting directly to the CEO until the end of the year.

About Trio Petroleum Corp

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

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 is Trio Petroleum's current production level at Lloydminster, Saskatchewan?

Trio's production at Lloydminster has stabilized between 60 and 70 BOPD from the McLaren/Sparky and Lloydminster formation, with potential to add 70 more barrels per day from additional wells.

How much are the estimated reserves worth at TPET's South Salinas Project?

The South Salinas Project has estimated P2 reserves worth $2.1 billion in undiscounted net cash flow and P3 reserves worth $7.9 billion in undiscounted net cash flow.

What is the production potential of Trio's PR Spring project in Utah?

PR Spring has the potential to provide upwards of 50,000 barrels per day when fully developed, with an approximate 20-year life and up to 1000 wells on the 2000-acre parcel.

How will TPET reduce water disposal costs at the South Salinas Project?

Trio plans to reduce water disposal costs from $10/barrel to less than $1/barrel by utilizing the Bradley minerals 1-2 well for produced water disposal, pending CalGEM approval.

Who resigned from Trio Petroleum's board and what is their transition plan?

Stan Eschner resigned as Vice-Chairman effective August 1, 2025, but will remain as a consultant to the Company reporting directly to the CEO until the end of the year.