Trio Petroleum Corp. Expands Operations And Secures New Prospects
$TPET
Trio Petroleum Corp. (NYSEAMERICAN:TPET), a prominent oil and gas company based in California, has recently announced significant expansions and strategic acquisitions that underscore its commitment to growth and operational excellence. The company, which operates primarily in Monterey County, California, has been actively enhancing its portfolio through smart acquisitions and the development of existing assets. On October 23, 2023, Trio Petroleum secured an exclusive four-month option to acquire a natural gas prospect in the Sacramento Basin, which is estimated to produce around 40 billion cubic feet of gas. This prospect is strategically located near prolific gas fields and has direct access to a pipeline with excess capacity, making it a valuable addition to Trio’s growing portfolio. The firm is in the advanced stages of permitting for an exploration well, which is fully leased and positioned at approximately 8,000 feet based on 3D seismic data.
In addition to this new prospect, Trio has successfully acquired a 22% working interest in the McCool Ranch Oil Field located seven miles north of its flagship South Salinas Project. The acquisition includes developed areas with horizontal and vertical oil wells, a water-disposal well and other essential infrastructure. This property is fully permitted for oil and gas production and cyclic-steam injection. Trio plans to restart production from this field, which is expected to establish significant cash flow and has numerous undrilled infill and development well locations. Leadership transitions within Trio Petroleum also highlight a strategic shift aimed at strengthening the company’s market position.
Michael L. Peterson has been appointed as the new CEO, succeeding Frank C. Ingriselli, who will now serve as Vice Chairman. Peterson’s prior experience in public companies and his role in leading Trio’s Special Acquisition Committee have been instrumental in steering the company’s recent acquisitions and operational strategies. Moreover, Trio is advancing its testing and production activities at the South Salinas Project.
The HV-1 discovery well, part of this project, has shown promising results, particularly from the Brown Zone, which is now being prepared for further testing. Initial tests suggest that this zone, along with the Mid-Monterey Clay, could potentially produce approximately 145 barrels of oil per day. These developments reflect Trio Petroleum’s proactive approach in securing high-potential assets and optimizing its operations to enhance shareholder value. With a clear focus on strategic growth and operational efficiency, Trio is well-positioned to capitalize on the opportunities within the dynamic oil and gas industry.
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