Company Collects First Revenue Check for April Oil Sales at McCool Ranch Field
HH-1 at McCool Ranch Producing Steadily at Approximately 30 BOPD
Bakersfield, CA, July 01, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: "TPET", "Trio" or the "Company"), a California-based oil and gas company, today announced that it received its first revenue payment in June for its proportionate share of revenue from April oil sales at McCool Ranch Field in Monterey County, California.
"We are now generating revenue and this is a positive milestone for our Company," commented Michael Peterson, CEO of Trio. "My top priority when I assumed the role of CEO was to quickly begin generating revenue from our existing oil assets. We believe cash flow stability is a critical component of our initial growth strategy. We are now pleased that both the McCool Ranch and Presidents fields in California are generating revenue."
"Our newest asset, the Asphalt Ridge Project in Utah has its first two wells drilled and completed. Heat treatment will begin this week on one well and heat treatment is expected to begin on the second well the first week of August. We expect that within 30 days, we will begin producing meaningful production on the Asphalt Ridge Project, adding yet another source of predictable cash flows to our business."
Mr. Peterson continued, "We expect to increase oil production and cash flow at all of our current assets. McCool Ranch is primarily producing currently from one well and we intend to have five producing wells there in the near term. In addition, oil that has been produced from our HV3-A well in the President's Field is being picked up this week to be sold and we are taking steps to increase our production from that field. Lastly, we are working closely with our operating partners on the Asphalt Ridge Project to aggressively add new wells throughout the remainder of 2024, concluded Mr. Peterson.
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 Uintah County, Utah. In Monterey County, Trio owns 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns 2.25% working interest in 960 acres with an option to acquire up to 20% working interest in the 960 acres and in an adjacent 1,920 acres in the greater 30,000 acres of the Asphalt Ridge Project.
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 press 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 Trio's Annual Report on Form 10-K and Amendment No. 1 thereto, both 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 press release, except as required by law.
Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809-4172
[email protected]
