McCool Ranch Field HH-1 Well Producing ~47 Barrels of Oil per Day; 58X and 35X Wells to be Restarted Shortly
Presidents Field HV-3A Well to be Restarted Shortly at S. Salinas Project
Bakersfield, CA, March 19, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, today provided an update on its operations in Monterey County, California, including at the McCool Ranch Field (“McCool Ranch”) and at the Presidents Field.
TPET is pleased to announce that the HH-1 well at McCool Ranch has been producing about 47 barrels of oil per day since it was put back on cold production on February 22, 2024. The 58X well at McCool Ranch was also put back on production but was temporarily idled in order to perform a heat treatment that should be accomplished shortly. The 35X well at McCool Ranch has been hooked-up to power and it should also be put back on production shortly. Given the success of the McCool Ranch wells, the Company plans to also restart the last two wells in the restart program, the HH-3 and HH-4 wells, in subsequent weeks.
TPET is also pleased to announce that equipment and facilities (e.g., pumping unit, tanks, etc.) have been moved to the HV-3A discovery well site at Presidents Field in the South Salinas Project and that well should be put back on production this week or next.
As a result, TPET should soon have four actively producing oil wells, three at McCool Ranch Field and one at Presidents Field.
Additional information is provided on TPET’s website at the following link: https://trio-petroleum.com
Trio’s CEO, Michael L Peterson, stated: We are extremely pleased with the success we have experienced in the restart of the McCool Ranch Field with the first well, the HH-1, reporting average production of 47 barrels of oil per day over the past three weeks. We anticipate two more wells at the McCool Ranch Field to be put back on production shortly, with the last two wells scheduled to be restarted in the following month. We have also seen good progress being made in getting the HV-3A well at Presidents Field back on production. Our plan is to have four oil wells producing and generating significant cash flow within the next few weeks and then restarting the final two additional McCool Ranch Field wells in April.
About Trio Petroleum Corp
Trio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uinta County, Utah. Trio has a large, approximately 9,300-acre asset called the “South Salinas Project” in Monterey County, California, where it owns an 85.75% working interest, an approximate 22% working interest in the McCool Ranch Oil Field in Monterey County, and an option to acquire a 20% working interest in the approximately 30,000 acre Asphalt Ridge project in Uinta County, 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 news 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 section of the Trio’s S-1 filed with the Securities and Exchange Commission (SEC). Copies are 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 release, except as required by law.
Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com
