Malibu, California, June 18, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp ("Trio" or the "Company") (NYSE:TPET) is pleased to provide shareholders with an update regarding its acquisition strategy and ongoing efforts to build a diversified portfolio of cash-flowing oil and gas assets.

Acquisition Strategy Update

Trio continues to actively evaluate acquisition opportunities in both Canada and the United States, with its primary focus currently centered on producing oil and gas properties located in Alberta and Saskatchewan, both of which properties are located in Canada.

As of its balance sheet dated April 30, 2026, the Company had approximately $22 million in cash and cash equivalents and has raised net proceeds of approximately $1.7 million pursuant to its At-The-Market facility, since that date. As of April 30, 2026, Trio also did not have any long-term debt. Management believes that this financial position provides the Company with significant financial flexibility as it evaluates opportunities that it believes can create long-term shareholder value.

To support its acquisition efforts, Trio has assembled a team of experienced industry consultants with expertise in operations, reservoir engineering, land management, production optimization and asset evaluation. The team's mandate is to identify producing oil and gas properties that not only generate immediate cash flow but also offer meaningful upside through development drilling, workovers, recompletions, reserve growth and operational improvements.

To date, the Company has submitted approximately twelve non-binding acquisition proposals and indications of interest to various owners of producing oil and gas assets, primarily in Alberta and Saskatchewan. The targeted opportunities have averaged approximately 550 barrels of oil equivalent per day (BOE/d) of current production and include both operated and non-operated working interest opportunities involving light oil and heavy oil assets.

The Company's initial acquisition proposals have generally been three times (3X) Cash Flow based on valuation metrics averaging $25,000 Canadian per flowing BOE/D. While management believes these valuations represent attractive entry points, there can be no assurance that any of the Company's proposals will be accepted, that negotiations will advance, or that any transaction will ultimately result in a definitive agreement or completed acquisition.

Management remains committed to a disciplined acquisition strategy and is focused on acquiring assets that satisfy strict technical, operational and economic criteria rather than pursuing growth for growth's sake.

Robin Ross, Chairman and Chief Executive Officer of Trio Petroleum, commented:

"We recognize that shareholders are eager to see the Company deploy its capital into producing assets. However, our cash position does not create pressure to complete a transaction simply for the sake of putting money to work. We believe patience and discipline are critical to maximizing long-term shareholder value.

We are conducting thorough technical, operational and economic reviews before moving forward with any transaction. Our objective is to acquire assets that can generate meaningful cash flow while also providing substantial upside potential. If an opportunity does not meet our acquisition criteria, we are prepared to walk away.

We also believe the current market valuation of Trio does not adequately reflect the strength of our balance sheet. Management believes that such market valuation does not take into account the Company's cash position and its planned use of cash for acquisitions, which, management believes, will support a significantly greater market valuation, as a result of a fundamental growth in operations, although there is no assurance that this will be achieved. We also don't believe that the current market value fully takes into account our existing oil and gas assets, production, revenues, infrastructure, technical team, or the acquisition opportunities currently being evaluated.

Key Operational Highlights

Following spring breakup and ongoing field optimization activities, current runtime production from the Company's producing assets is approximately 78.7 barrels of oil per day (BOPD).

Saskatchewan: Since closing its recent acquisition from NovaCor Exploration Ltd., the Company has focused on optimizing and returning acquired Saskatchewan assets to production.
- Preparing to return the 06-05-048-24W3 well to production this month, with anticipated production of approximately 18 BOPD
- Completed workover of the 04-05-048-24W3 well, with anticipated production increase of approximately 6 BOPD
- Additional optimization activities ongoing across the acquired Saskatchewan asset base

Alberta:
- 11-07-050-01W4 well continues to undergo optimization to address sand-related production challenges; management believes the well is capable of approximately 18 BOPD under stable operating conditions
- 12-07-050-01W4 well successfully plugged back from the Colony formation and returned to the Sparky formation, with anticipated stable production of approximately 12 BOPD
Based on currently identified optimization and restart initiatives, management believes production has the potential to increase from approximately 78.7 BOPD to approximately 132.7 BOPD

Water Disposal Facility

Commissioning completed at the 131/04-29-051-26W3/00 water disposal facility
Facility is operational and management believes capable of processing up to 1,000 cubic metres of water per day
Facility is currently being marketed to third-party operators throughout the region
At full utilization and based on disposal fees of approximately $3.00 per cubic metre, management believes the facility could generate gross disposal revenue of approximately $90,000 per month
Historical skim oil recovery rates in the area indicate the potential to recover approximately 180 cubic metres of oil per month, equivalent to approximately 38 barrels of oil per day
These figures represent potential operating capacity and are not current production or current revenue levels
If the facility reaches full utilization and anticipated recovery rates, management believes combined production and recovery potential could increase to approximately 170.7 BOPD

Management remains focused on increasing production, maximizing operating efficiencies, and creating additional cash flow opportunities across its Saskatchewan and Alberta asset base.

About Trio Petroleum Corp.

Trio Petroleum Corp is a publicly traded oil and gas company focused on the acquisition, development, and optimization of energy assets across North America. The Company's strategy emphasizes disciplined capital allocation, opportunistic acquisitions, and operational execution designed to maximize long-term shareholder value.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding capital deployment, acquisition opportunities, stockholder proposals, exchange compliance, and anticipated growth. These statements involve risks and uncertainties, including completion of acquisitions, results of due diligence, commodity price volatility, regulatory approvals, market conditions, and other factors that may cause actual results to differ materially from those anticipated. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.

Investor Relations Contact

Redwood Empire Financial Communications

Michael Bayes

404-809-4172

michael@redwoodefc.com

Trio Petroleum Corp Provides Update on Acquisition Strategy and Ongoing Operations