Drilling Operations Are Expected to Commence in 2 Weeks
DANVILLE, CA, April 20, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp. (NYSE American: TPET) (“Trio”), an oil and gas exploration and development company focused on strategic, high growth energy projects in California, today announced that on April 19, 2023 it signed a drilling rig contract with Ensign Drilling, securing a fully equipped ADR 350 rig (#540) that can drill to a depth of 10,000-feet. Drilling operations are expected to commence in approximately 2 weeks at Trio’s HV-1 well, located on the company’s 8,600-acre asset called the South Salinas Project in Monterey County, California. The HV-1 well is a confirmation/development well and is a two-mile step out from the HV-3A discovery well that found high-quality, mid-gravity oil at depths of about 3,750 to 5,100 feet. The HV-1 well is designed to produce from and define the magnitude of this new oil and gas field, in which Trio owns an 85.75% working interest. Trio anticipates that the well will take approximately 30 days to fully drill and complete. If the well is successful, Trio should be able to begin production within about 30 days of completion.
More details on Trio’s development plans can be found in its latest Form S-1 filing with the Securities and Exchange Commission (the “SEC”) which can be obtained from the SEC at www.sec.gov or accessed from Trio’s website at: www.trio-petroleum.com.
Mr. Frank Ingriselli, Trio’s CEO, commented "We are pleased to sign a drilling rig contract to drill our confirmation well HV-1 to initiate the development and production from our South Salinas project. We are fully permitted to drill and produce this well and additional wells planned to be drilled in 2023. We believe that this well is a confirmation step-out from the discovery well previously drilled on this asset now owned by Trio. Trio plans to continue its aggressive plan to develop its South Salinas Asset so as to aim to drive positive shareholder value.”
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. Trio has a large, approximately 8,600-acre asset called the “South Salinas Project Asset” where it owns an 85.75% working interest. Trio’s immediate plans are to commence drilling of its HV-1 confirmation well followed by drilling a second well named HV-2. Previous operations on this asset have successfully drilled two (2) production/discovery wells which Trio now owns.
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.
Trio Contact:
Frank C. Ingriselli
CEO
Trio Petroleum Corp.
Ingriselli@gvest.com
