Trio Petroleum Corp Announces an Option to Acquire a 40 BCF Potential Natural Gas Prospect in the Sacramento Basin, California
23 10월 2023 - 9:00PM
Trio Petroleum Corp. (NYSE American: TPET) (“
Trio”
or the “
Company”), a California-based oil and gas
company, today announced that it has secured a four-month option
(the “Option”) with exclusivity to acquire a natural gas prospect
in the Sacramento Basin with potential to produce an estimated 40
billion cubic feet of gas (BCF).
The prospect is close to prolific gas fields,
has easy access to a gas pipeline with excess capacity and targets
gas sands at about 8,000 feet. The prospect is based on 3D seismic
data. During the Option period the Company will finalize due
diligence including on geophysical, legal, lease, title, pipeline,
market, and permit matters. The prospect is fully leased and
permitting for an exploration well is in an advanced stage.
The Company believes that this prospect could
potentially provide significant natural gas production and cash
flow and that it is a an excellent addition to the Company’s
growing portfolio of high-quality development and exploration
opportunities, diversifying the Company's assets and helping to
ensure the success and growth of the Company.
Trio’s CEO, Michael L Peterson, stated: “We are
pleased to have this Option to acquire a potentially significant
gas prospect in the Sacramento Basin. We are fulfilling our
business plan to make smart acquisitions to help ensure the success
of the company and to increase shareholder value. We will continue
to search for acquisitions to help diversify and provide
significant upside opportunity to our production and cash flow.
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. Trio also
has a 22% working interest in the Hangman Hollow Area of the McCool
Ranch Oil Field seven miles north of the Company’s South Salinas
Project.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "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. 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
Trio's control, that could cause actual results to materially and
adversely differ from such statements, which risks, uncertainties
and other factors are included from time to time in filings made by
Trio with the U.S. Securities and Exchange Commission (“SEC”),
including, but not limited to Trio’s Registration Statement on Form
S-1 filed initially filed with the SEC on June 14, 2023 and
declared effective on July 6, 2023, Trio’s Report on Form 10-Q for
the quarterly period ended April 30, 2023 (filed with the SEC on
June 8, 2023) and Trio’s Report on Form 10-Q for the quarterly
period ended July 31, 2023 (filed with the SEC on September 11,
2023), all of which are available on the SEC’s website
at 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 CommunicationsMichael Bayes(404) 809
4172michael@redwoodefc.com
Trio Petroleum (AMEX:TPET)
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Trio Petroleum (AMEX:TPET)
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부터 5월(5) 2023 으로 5월(5) 2024