Drilling to Total Depth Expected to take About 20 Days
DANVILLE, CA, May 05, 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 the Ensign Drilling Rig #540 has commenced drilling operations on Trio’s HV-1 well located at the South Salinas Project. It is anticipated that it will take about 20 days to drill the well to total depth.
Drilling of HV-1 commenced at 8:00PM Pacific Time on Thursday May 4, 2023. The anticipated total depth of the well will be 6,500 feet. The HV-1 confirmation well is a two-mile step-out from Trio’s 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 location was chosen based on interpretation of three-dimensional seismic data and the well will help define the magnitude of this new oil and gas field, in which Trio owns an 85.75% working interest.
Mr. Frank Ingriselli, Trio’s Chief Executive Officer, commented “We are fortunate to be able to secure our drilling rig in the first week post-IPO, and to commence drilling operations in our third week post-IPO. This key milestone was accomplished in a much shorter timeframe than we originally anticipated, which was approximately two months. Our expedited timeline has accelerated our development plans to commercialize and produce from our asset, and we are optimistic that this could lead to a growth in 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 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
www.trio-petroleum.com
Ingriselli@gvest.com
