Trio Petroleum Corp Announces Selection of the Monterey Formation Brown Zone as the Second Test Interval at its HV-1 Discovery Well
The Brown Zone is the Core Reserve Zone to now be tested after exciting production results from its first test in the Mid-Monterey Formation.
Investor Conference Call today at 4:30PM EST to Discuss Exciting Test Results and Trio's Future Plans
DANVILLE, CA, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp. (NYSE:TPET) ("Trio " or the " Company "), a California-based oil and gas company, today announced that the second test interval at the HV-1 discovery well of the South Salinas Project will be the Brown Zone ("Brown Chert"), of the Miocene Age Monterey Formation.
The Brown Zone (aka Brown Chert) and the overlying Yellow Zone (aka Yellow Chert) are the primary reservoir objectives of the HV-1 well and both are attributed oil and gas reserves in the Company's Reserve Report as filed with the SEC. The first test interval, the Mid-Monterey Clay, is a deeper stratigraphic interval (i.e., below the Brown Chert) that is not attributed oil and/or gas reserves in the Company's Reserve Report but which, nevertheless, and importantly, appears to potentially be capable of commercial oil and gas production at the HV-1 well. Thus, the Brown-Zone test will be the first test in the HV-1 well of the Company's reserves as delineated in the Company's Reserve Report as filed with the SEC.
The current plan is to perforate and acidize (for borehole clean-up) approximately 350 feet of the Brown Zone in an interval from approximately 5,465 to 5,850 feet measured depth and to then test the well via swabbing operations. Operations may commence during the week of August 28, with initial production results estimated one or two weeks thereafter.
The Company believes the Yellow Zone to be the best oil and gas reservoir target in the HV-1 well. It will be tested shortly after the test of the Brown Zone, unless the underlying Brown Zone, and/or the Brown Zone commingled with the Mid-Monterey Clay, is put on production, in which case the test of the Yellow Zone will be put on-hold until an appropriate time.
Trio has scheduled a webinar media interactive call to be held today, Wednesday, August 23 at 4:30PM EST
The following are the details on how to join the conference call:
When: Aug 23, 2023 4:30 PM EST
Link to join the webinar:
https://us06web.zoom.us/webinar/register/WN_MI3Z_uPwR8OPCH_uC7aVCA
Trio's CEO, Frank Ingriselli, stated: "We're delighted by the promising initial results from testing the Mid-Monterey Clay in the HV-1 well. It consistently exhibited impressive swabbing rates, such as 400 to 500 barrels of fluid per day. During the swab runs, oil recovery reached remarkable rates, as demonstrated by the earlier report citing up to 125 BOPD. However, our enthusiasm remains even higher as we prepare to advance to upper depths for testing the Brown Zone. Our aspirations are aimed at achieving even greater yields of oil and gas production, including higher gravity oil. All signs point to a very exciting testing phase ahead."
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.
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
[email protected]
