Combined Oil Production Stabilized at 75 Barrels Per Day
Bakersfield, CA, April 11, 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 oil producing assets in Monterey County, California, including at the Presidents Field (“Presidents”) of the South Salinas Project and at the McCool Ranch Field (“McCool Ranch”).
“We are pleased to provide this operational update on our two oil producing assets in Monterey County,” commented Michael Peterson, CEO of Trio Petroleum. “The Company currently operates two highly promising, proven petroleum assets in Monterey County in the Presidents Field and the McCool Ranch, and we are very encouraged by our recent operational results at both fields.”
“Bringing these wells back online and taking the necessary steps to permit permanent production sets the stage for an expanded drilling program in these fields. We correctly identified these assets from a geological perspective, we drilled successful multiple test wells. Now we want to take the logical next steps in extracting value from these assets.”
Presidents Field
On March 26, the Company brought the HV-3A well in the Presidents Field back into full-time production. Oil production on this well has stabilized at an average production rate of 30 barrels of oil per day (BOPD). This well was previously drilled and completed by the Company as a test well in 2018 and was initially production-tested for 37 days. During this period, peak production was 154 BOPD, with average production of 33 BOPD.
This well is producing from 125 feet of perforations in the Yellow Zone, which is also commonly referred to as the Yellow Chert, and from an additional 125 feet of perforations in the overlying Upper Monterey Clay. These are both oil producing zones commonly found within the broader Monterey Formation. The Monterey Formation is one of California’s major oil and gas producing zones.
Operations at HV-3A do not require steam due to the favorable viscosity of the mid-gravity oil. Based on the Company’s production analysis, Trio believes that production at HV-3A can be significantly increased relative to current and previous levels through several low-cost investments. Two examples of these investments are:
1) to perforate an up to 650 feet in the currently producing oil zones,
2) opening deeper behind-pipe oil zones that are already perforated, acidizing the well for borehole cleanup, and other methods and operations under consideration.
The Company will produce and monitor these baseline production levels as currently completed for the time being and take steps to increase production when appropriate. Based on prevailing well spacing practices in adjacent fields, our geological team estimates that there are up to 50 additional development well locations at Presidents, assuming 40 acre well spacing.
McCool Ranch Field
As a separate update, the Company continues to monitor the HH-1 Well in the McCool Ranch which is continuing to produce approximately 45 BOPD. Based on this positive data, the Company has taken further steps to bring additional shut-in oil wells in this field back online. The 35X well was returned to production end of last week, and Trio’s production team expects to have stabilized production data for this well within two weeks. Lastly, the 58X well received a heat treatment this week, and is in the final stages of being brought back into full-time production.
In summary, the Company currently has three actively producing oil wells, two at McCool Ranch Field and one at Presidents Field. The HH-1 well at McCool Ranch and the HV-3A well at Presidents Field are collectively producing about 75 BOPD. This daily oil rate is expected to increase shortly as the 35X and 58X wells at McCool Ranch resume full time oil production in the immediate near term.
Additional information is provided on TPET’s website at the following link: https://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, 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
