Wednesday, April 24, 2024 8:35:37 AM
The Company is also announcing the commencement of drilling activities on the Asphalt Ridge project in Uintah County, UT. A rig is scheduled to be on site this Sunday, and to drill and complete the Company’s first well on this asset in the next two weeks. Drilling results are expected to be readily available shortly after the well is drilled to a total estimated depth of 1,200 feet. The project targets a highly promising heavy-oil tar sand field that is expected to be densely developed at scale, with as low as 2.5 acre spacing for future wells. Through existing working interests and option agreements, the Company has the ability to take up to a 20% working interest in this project.
“These are positive next milestones for our Company,” commented Michael Peterson, CEO of Trio Petroleum Corp. “It is very encouraging to see these next steps happen in the transition from the exploration and de-risking of these promising oil and gas assets into potentially scalable cash-flowing resources. We look forward to providing further updates as we drill our first well on the Asphalt Ridge Asset and restart production on additional wells and selling of oil produced from both the McCool Ranch and Presidents Fields in the months ahead.”
Presidents Field
On March 26, 2024, the Company brought the HV-3A well in the Presidents Field back into production at a previously-reported oil production rate of 30 barrels of oil per day (BOPD). This well was drilled and completed in 2018 as an exploratory well, and in 2018-2019 it was briefly production-tested, during which peak production was 154 BOPD and average production was 33 BOPD.
This well is producing from 125 feet of perforations in the Yellow Zone, which is also commonly referred to as the Yellow Chert, and from an additional 125 feet of perforations in the overlying Upper Monterey Clay. The Monterey Formation is one of California’s major oil and gas producing zones.
Operations at HV-3A do not require steam due to the favorable viscosity of the mid-gravity oil. TPET believes that production at HV-3A can be significantly increased over current and previous levels, for example by:
adding up to 650 feet of additional perforations in the currently-producing oil zone
opening deeper behind-pipe oil zones, portions of which are already perforated
acidizing the well for borehole cleanup
other methods and operations under consideration
TPET will produce and monitor the HV-3A well as currently completed and when appropriate will take steps to increase production. There are potentially up to 50 development-well locations at Presidents on 40 acre well spacing, as indicated in the Company’s reserve report as filed with the SEC.
McCool Ranch Field
On February 22, 2024, the Company brought the HH-1 well at McCool Ranch back into production at a previously-reported oil production rate of 47 BOPD. The HH-1, 35X and 58X wells at McCool are now all producing with the HH-1, which started production late February, accounting for the majority of the approximate 2,100 barrels of oil that are being sold and shipped this week. As it did with the HH-1 well, The Company is currently taking steps to optimize the oil production from the 35X and 58X wells, including possibly employing cyclic steam and is also taking steps to bring the additional shut-in oil wells in this field back online.
Summary
In summary, the Company currently has four actively producing oil wells in California, three at McCool Ranch Field and one at Presidents Field and the Company is now selling and shipping oil from its California assets. The Company will be drilling its first well at the Asphalt Ridge Asset in Utah next week.
Additional information is provided on TPET’s website at the following link: https://trio-petroleum.com
Recent TPET News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:15:57 PM
- Company Regains NYSE Listing Compliance • GlobeNewswire Inc. • 05/06/2024 02:23:58 PM
- Company Commences Oil Sales from California Assets • GlobeNewswire Inc. • 04/24/2024 11:00:00 AM
- Company Provides Operational Update for Monterey County Oil Producing Assets • GlobeNewswire Inc. • 04/11/2024 11:00:00 AM
- Company Retires $2.6 Million Convertible Note • GlobeNewswire Inc. • 04/09/2024 11:00:00 AM
- Trio Petroleum Corp Provides Update on Monterey County Operations • GlobeNewswire Inc. • 03/19/2024 12:30:00 PM
- Trio Petroleum Corp Provides Update on Monterey County Operations • GlobeNewswire Inc. • 03/04/2024 01:30:00 PM
- Trio Petroleum Announces Notice of Noncompliance with NYSE American Listing Standards • GlobeNewswire Inc. • 03/01/2024 09:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/12/2024 11:28:16 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 02/08/2024 05:15:12 AM
- Trio Petroleum Corp Provides Update on Monterey County Operations • GlobeNewswire Inc. • 02/05/2024 10:26:48 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/05/2024 09:57:34 PM
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 01/29/2024 09:49:57 PM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 01/29/2024 09:46:13 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 01/29/2024 09:06:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/05/2024 09:31:21 PM
- Trio Petroleum Corp Announces an Option to Acquire a 20% Interest in the Asphalt Ridge Development Project in Utah • GlobeNewswire Inc. • 01/05/2024 11:00:00 AM
- Trio Petroleum Corp Announces the Restart of the McCool Ranch Oil Field • GlobeNewswire Inc. • 01/04/2024 09:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/02/2024 10:26:45 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 12/15/2023 10:25:32 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/12/2023 09:51:41 PM
- Form S-1/A - General form for registration of securities under the Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 12/07/2023 02:55:33 AM
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 11/03/2023 08:33:00 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 10/30/2023 04:02:30 PM
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