BAKERSFIELD, CA, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp. (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today announced that it has secured a four-month option (the “Option”) with exclusivity to acquire a natural gas prospect in the Sacramento Basin with potential to produce an estimated 40 billion cubic feet of gas (BCF).
The prospect is close to prolific gas fields, has easy access to a gas pipeline with excess capacity and targets gas sands at about 8,000 feet. The prospect is based on 3D seismic data. During the Option period the Company will finalize due diligence including on geophysical, legal, lease, title, pipeline, market, and permit matters. The prospect is fully leased and permitting for an exploration well is in an advanced stage.
The Company believes that this prospect could potentially provide significant natural gas production and cash flow and that it is a an excellent addition to the Company’s growing portfolio of high-quality development and exploration opportunities, diversifying the Company's assets and helping to ensure the success and growth of the Company.
Trio’s CEO, Michael L Peterson, stated: “We are pleased to have this Option to acquire a potentially significant gas prospect in the Sacramento Basin. We are fulfilling our business plan to make smart acquisitions to help ensure the success of the company and to increase shareholder value. We will continue to search for acquisitions to help diversify and provide significant upside opportunity to our production and cash flow.
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” where it owns an 85.75% working interest. Trio’s near-term plans include testing and producing the HV-1 well, and then drilling the HV-2 and HV-4 wells. Previous operations on this asset have successfully drilled two (2) production/discovery wells (i.e., the HV-3A and BM 2-2 wells) that Trio now owns. Trio also has a 22% working interest in the Hangman Hollow Area of the McCool Ranch Oil Field seven miles north of the Company’s South Salinas Project.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "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. 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 Trio's control, that could cause actual results to materially and adversely differ from such statements, which risks, uncertainties and other factors are included from time to time in filings made by Trio with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to Trio’s Registration Statement on Form S-1 filed initially filed with the SEC on June 14, 2023 and declared effective on July 6, 2023, Trio’s Report on Form 10-Q for the quarterly period ended April 30, 2023 (filed with the SEC on June 8, 2023) and Trio’s Report on Form 10-Q for the quarterly period ended July 31, 2023 (filed with the SEC on September 11, 2023), all of which are available on the SEC’s website at www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.
Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com
