This Expansion Increases Trio’s Ownership in the South Salinas Project by Approximately 8%
Drilling Rig Now Expected to Move to Location Within One Week
DANVILLE, CA, May 01, 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 it has leased an additional 667 mineral-acres solidifying its core acreage position at its South Salinas Project. This increases Trio’s leasehold from 8,600 acres to 9,267 acres, an approximate 8% increase. This comes on the heels of Trio’s announcement last week that it contracted a drilling rig and will within two weeks commence drilling operations on the HV-1 well located on Trio’s asset called the South Salinas Project. As an update, Trio’s expects that the drilling rig will begin to move to its drilling location within a week. The HV-1 well is a two-mile step-out well to the HV-3A discovery that found and produced mid-gravity oil on Trio’s acreage.
Mr. Frank Ingriselli, Trio’s Chief Executive Officer, commented “the leasing of this additional core acreage couldn’t have come at a better time for the Company. We will very soon commence drilling on its HV-1 confirmation well and now have expanded and solidified our acreage available to carry out our aggressive development plans. This expansion should result in our ability to acquire more reserves and increase the net present value of our development project.”
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.
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 9,267-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
