Trio Provides Operational Update
Trio Petroleum (NYSE American: TPET) provided an operational update across its three oil and gas assets. In Lloydminster, Saskatchewan, production has stabilized at 60-70 BOPD with potential for additional wells to add 70 barrels per day and multilateral drill opportunities capable of 200-300 bpd.
The South Salinas Project in California holds significant potential with estimated 47 million barrels of P2 reserves ($2.1B undiscounted net cash flow) and 129 million barrels of P3 reserves ($7.9B undiscounted net cash flow). In PR Spring, Utah, testing continues with downhole heaters, targeting one of North America's largest tar-sand deposits with potential for 50,000 barrels per day when fully developed.
The company also announced the resignation of Stan Eschner as Vice-Chairman, who will remain as consultant until year-end.
Trio Petroleum (NYSE American: TPET) ha fornito un aggiornamento operativo sui suoi tre asset di petrolio e gas. A Lloydminster, Saskatchewan, la produzione si 猫 stabilizzata tra 60 e 70 BOPD, con il potenziale per nuovi pozzi che potrebbero aggiungere 70 barili al giorno e opportunit脿 di trivellazione multilaterale capaci di produrre 200-300 bpd.
Il Progetto South Salinas in California presenta un potenziale significativo con riserve stimate di 47 milioni di barili P2 (flusso di cassa netto non scontato di 2,1 miliardi di dollari) e 129 milioni di barili P3 (flusso di cassa netto non scontato di 7,9 miliardi di dollari). A PR Spring, Utah, i test con riscaldatori downhole continuano, mirando a uno dei pi霉 grandi depositi di sabbia bituminosa del Nord America, con un potenziale di 50.000 barili al giorno una volta completamente sviluppato.
L'azienda ha inoltre annunciato le dimissioni di Stan Eschner dalla carica di Vicepresidente, che rimarr脿 come consulente fino alla fine dell'anno.
Trio Petroleum (NYSE American: TPET) proporcion贸 una actualizaci贸n operativa sobre sus tres activos de petr贸leo y gas. En Lloydminster, Saskatchewan, la producci贸n se ha estabilizado entre 60 y 70 BOPD, con potencial para pozos adicionales que podr铆an a帽adir 70 barriles por d铆a y oportunidades de perforaci贸n multilateral capaces de producir entre 200 y 300 bpd.
El Proyecto South Salinas en California tiene un potencial significativo con reservas estimadas de 47 millones de barriles P2 (flujo de caja neto no descontado de 2.1 mil millones de d贸lares) y 129 millones de barriles P3 (flujo de caja neto no descontado de 7.9 mil millones de d贸lares). En PR Spring, Utah, contin煤an las pruebas con calentadores downhole, apuntando a uno de los mayores dep贸sitos de arenas bituminosas de Norteam茅rica, con un potencial de 50,000 barriles por d铆a cuando est茅 completamente desarrollado.
La compa帽铆a tambi茅n anunci贸 la renuncia de Stan Eschner como vicepresidente, quien permanecer谩 como consultor hasta fin de a帽o.
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旌橂Μ韽媹鞎� 靷毎鞀� 靷措Μ雮橃姢 頂勲鞝濏姼電� 4,700毵� 氚半煷鞚� P2 毵れ灔霟�(頃犾澑 鞝� 靾� 順勱笀 頋愲 21鞏� 雼煬)瓿� 1鞏� 2,900毵� 氚半煷鞚� P3 毵れ灔霟�(頃犾澑 鞝� 靾� 順勱笀 頋愲 79鞏� 雼煬)鞙茧 靸侂嫻頃� 鞛犾灛霠レ潉 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 鞙犿儉欤� PR 鞀ろ攧毵�鞐愳劀電� 雼れ毚頇� 頌堩劙毳� 鞚挫毄頃� 韰岇姢韸戈皜 瓿勳啀 歆勴枆 欷戩澊氅�, 攵侂 斓滊寑鞚� 韮�毳� 靸岆摐 毵れ灔歆� 欷� 頃橂倶毳� 氇╉憸搿� 頃橂┌ 鞕勳爠 臧滊皽 鞁� 頃橂（ 5毵� 氚半煷 靸濎偘 臧�電レ劚鞚� 臧栮碃 鞛堨姷雼堧嫟.
霕愴暅 須岇偓電� 鞀ろ儬 鞐愳妶雱� 攵�須岇灔鞚� 靷瀯頄堨溂氅�, 鞐半旯岇 旎劋韯错姼搿� 雮潉 瓴冹澊霛缄碃 氚滍憸頄堨姷雼堧嫟.
Trio Petroleum (NYSE American : TPET) a fourni une mise 脿 jour op茅rationnelle concernant ses trois actifs p茅troliers et gaziers. 脌 Lloydminster, Saskatchewan, la production s'est stabilis茅e entre 60 et 70 BOPD, avec un potentiel pour des puits suppl茅mentaires pouvant ajouter 70 barils par jour et des opportunit茅s de forage multilat茅ral capables de produire 200 脿 300 bpd.
Le projet South Salinas en Californie pr茅sente un potentiel important avec des r茅serves estim茅es 脿 47 millions de barils de cat茅gorie P2 (flux de tr茅sorerie net non actualis茅 de 2,1 milliards de dollars) et 129 millions de barils de cat茅gorie P3 (flux de tr茅sorerie net non actualis茅 de 7,9 milliards de dollars). 脌 PR Spring, Utah, les tests avec des chauffages downhole se poursuivent, ciblant l'un des plus grands gisements de sables bitumineux d'Am茅rique du Nord, avec un potentiel de 50 000 barils par jour une fois pleinement d茅velopp茅.
La soci茅t茅 a 茅galement annonc茅 la d茅mission de Stan Eschner de son poste de vice-pr茅sident, qui restera consultant jusqu'脿 la fin de l'ann茅e.
Trio Petroleum (NYSE American: TPET) gab ein Betriebsupdate zu seinen drei 脰l- und Gasanlagen bekannt. In Lloydminster, Saskatchewan hat sich die Produktion bei 60-70 BOPD stabilisiert, mit Potenzial f眉r zus盲tzliche Bohrungen, die 70 Barrel pro Tag hinzuf眉gen k枚nnen, sowie multilateral Bohrm枚glichkeiten mit einer Kapazit盲t von 200-300 bpd.
Das South Salinas Projekt in Kalifornien besitzt ein erhebliches Potenzial mit gesch盲tzten 47 Millionen Barrel P2-Reserven (2,1 Mrd. USD undiskontierter Nettocashflow) und 129 Millionen Barrel P3-Reserven (7,9 Mrd. USD undiskontierter Nettocashflow). In PR Spring, Utah laufen weiterhin Tests mit Downhole-Heizungen, die auf eines der gr枚脽ten Teersandvorkommen Nordamerikas abzielen, mit einem Potenzial von 50.000 Barrel pro Tag bei vollst盲ndiger Entwicklung.
Das Unternehmen k眉ndigte au脽erdem den R眉cktritt von Stan Eschner als stellvertretender Vorsitzender an, der bis Jahresende als Berater t盲tig bleiben wird.
- Stable production of 60-70 BOPD at Lloydminster with low operational costs
- Potential to add 70 additional barrels per day from reactivation of wells in Saskatchewan
- South Salinas Project estimates show significant P2 reserves worth $2.1B in undiscounted net cash flow
- PR Spring project potential for 50,000 barrels per day with 20-year life expectancy
- Water disposal costs expected to reduce from $10/barrel to under $1/barrel in South Salinas
- PR Spring development contingent on test wells producing 80 BOPD for 30 consecutive days
- High initial drilling costs of $800,000 per well at PR Spring
- Loss of key executive with Vice-Chairman's resignation
- Company seeking joint venture partners due to high development costs for South Salinas Project
Insights
Trio outlines three-asset strategy across North America with promising production plans, though execution remains the critical challenge ahead.
Trio Petroleum's operational update reveals a multi-pronged development strategy with assets in Saskatchewan, California, and Utah, all at different stages of development. In Saskatchewan, the company has stabilized production at 60-70 BOPD from recently acquired Novacor fields, with potential to add 70 additional barrels through reactivation of existing wells. More significantly, there's identified upside through multi-lateral drilling opportunities that could yield 200-300 BPD in section 19-47-26w3.
The California South Salinas Project represents Trio's largest potential asset with estimated 47 million barrels of Probable (P2) reserves and 129 million barrels of Possible (P3) reserves. The company is awaiting approval for water disposal that would dramatically reduce costs from
The Utah PR Spring project targets one of North America's largest tar-sand deposits outside Canada, with testing underway to determine economical extraction methods. The ambitious estimates include 6.75 billion barrels of OOIP and 300,000 barrels per well recovery, with potential for 1,000 wells on their 2,000-acre parcel. However, Trio's obligation remains contingent on two test wells producing 80 BOPD for 30 consecutive days - a critical milestone not yet achieved.
The resignation of Stan Eschner as Vice-Chairman represents a notable leadership change, though his continued involvement as a consultant until year-end suggests a managed transition rather than an abrupt departure.
Trio's strategy emphasizes rapid production growth, particularly in Saskatchewan where increasing output by year-end is described as "realistic." However, the company faces execution challenges across multiple early-stage assets, with capital allocation decisions likely to determine near-term success.
Trio reveals ambitious production plans across three assets but lacks concrete timeline and funding details for transforming reserves into revenue.
Trio Petroleum's operational update reveals a company with significant potential resources but currently minimal production and cash flow. The Saskatchewan assets are generating just 60-70 BOPD, though with low operational costs and opportunities to increase to approximately 140 BOPD through reactivations. More substantial growth would require investment in multi-lateral drilling projects with 200-300 BPD potential per well.
The company's reserve estimates are striking - particularly the South Salinas Project with estimated undiscounted net cash flows of
The PR Spring asset in Utah shows similarly ambitious projections, including 300,000 barrels per well across potentially 1,000 well locations. However, the critical milestone of establishing initial production from two test wells has not yet been achieved, making these projections highly speculative.
The company's near-term focus on increasing Saskatchewan production by year-end represents a pragmatic approach to generating cash flow from their most developed asset. However, the press release lacks specific details on capital requirements, funding sources, or precise timelines for achieving their stated goals.
Lastly, the departure of Vice-Chairman Stan Eschner, who founded Trio LLC and was previously involved with the South Salinas project, represents a notable leadership change that investors should monitor for potential implications on project execution.
Company Details Plans to Increase Production, Cash Flows in Q4 2025
Monterey, California, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (鈥淭rio鈥� or the 鈥淐ompany鈥�), a California oil and gas company, today provided an operational update on each of its current oil and gas assets, by field.
Lloydminster, Saskatchewan
- Production has stabilized between 60 and 70 BOPD at the recently acquired fields from Novacor.
- Wells produce heavy crude oil with low operational costs from the McLaren/Sparky and Lloydminster formation and is home to some of the largest players in the industry such as Cenovus Energy, Canadian Natural Resources, Baytex Energy, and Rife Resources.
- Potential for four additional re-entry wells and two fully equipped locations to be reactivated each capable of an additional 70 barrels in total per day.
- Novacor Exploration Ltd. (the operator) has identified further potential upside through multi-lateral drill opportunities. The multilateral drill opportunity is in section 19-47-26w3 owned by Trio and is capable of 200 to 300bpd per Doug Forrest, president of Novacor.
- The Company is currently reviewing accretive opportunities in the area which can generate immediate cash flow.
Presidents Field, South Salinas Project, Monterey, California
- California Geologic Energy Management Division's (CalGEM) review of our Bradley Water Disposal Project Application has been given a higher priority. The objective is to obtain approval to utilize the Bradley minerals 1-2 well (drilled in 2005) for the disposal of produced water which, we believe, would result in reduced water disposal costs from approximately
$10 /barrel to less than$1 /barrel once the field is in production. - South Salinas Project (9,300 acres) has the potential to be significant, with, an estimated 40 million barrels of oil plus 42 billion cubic feet of gas, or 47 million barrels of oil equivalent in Probable (P2).* Undeveloped reserves and an approximate 101 million barrels of oil plus 169 billion cubic feet of gas, or 129 million barrels of oil equivalent in Possible (P3) Undeveloped reserves. *
- Trio's Total Probable (P2) undiscounted net cash flow is an estimated approximate
$2.1 billion , and Trio's Total Possible (P3) undiscounted net cash flow is an estimated approximate$7.9 billion * - Due to the size and cost of developing this project, Trio is talking to potential joint venture partners
* KLS Petroleum consulting LLC reserve report, Kenneth L. Schuessler, P.E., Managing Member
PR Spring, Uintah, Utah
- Testing continues with downhole heaters to be followed by chemical squeeze at nearby Asphalt Ridge's two test wells to determine the most economical oil extraction process. Asphalt Ridge is located in the same Uintah Basin as PR Spring with similar geology and formations.
- PR Spring is known to be located in one of the largest tar-sand deposits in North America outside of Canada, and establishing first-oil at this project is of utmost significance to the Company.
- Trio has an option to acquire 2000 acres.
- Contains an estimated 6.75 billion barrels or OOIP within the Uintah basin boundary.*
- Ultimate recovery of 300,000 barrels of oil per well.*
- 2000 acre parcel will support up to 1000 wells.*
- Potential to provide upwards of 50,000 barrels a day when fully developed with approximate 20-year life.*
- Initial total drilling and completion cost of less than
$800,000 per well and declining with scale.* - Trio's obligation is subject to the two test wells previously drilled at Asphalt Ridge producing 80 BOPD combined for 30 consecutive days.
* report provided by Dr. Douglas S. Hamilton Ph.D. in geology and Optimization Study by Dr Amanda Bustin, President of Bustin Earth Science Consultants
鈥淲e are pleased to be able to provide these operational updates on our three oil and gas assets,鈥� commented Robin Ross, CEO of Trio. 鈥淲e have three highly scalable projects today. One of our top priorities is increasing production substantially in Saskatchewan and Alberta by the end of the year. I believe this is realistic based on the projects we are reviewing.鈥�
鈥淲e, more than ever, view PR Spring as a highly scalable, low-risk field for rapid development. PR Spring is potentially large and profitable as noted above, and it is of utmost importance to establish oil production at the first two wells at Asphalt Ridge (the 2-4 and 8-4 wells) which is within the same Uintah basin with similar geology and formations. This is an exciting and very important time for our Company as we continue to execute our plans to grow our business,鈥� concluded Mr. Ross.
Resignation
The Company announces the resignation of Stan Eschner, Vice-Chairman of the Board of Directors effective as of August 1, 2025. Commented Robin Ross, CEO, 鈥漇tan has been a resourceful asset to the Company having founded Trio LLC, the current operator and previous owner of our South Salinas project. We all wish Stan well in his future endeavors." Mr. Eschner will remain as a consultant to the Company reporting directly to the CEO until the end of the year.
About Trio Petroleum Corp
Trio Petroleum Corp is an oil and gas exploration and development company in California, Saskatchewan and Utah.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this press release of Trio Petroleum Corp (鈥淭rio鈥�) 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 鈥淎cts鈥�). In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," 鈥渙n-track鈥�, "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 sections of the Trio reports filed with the Securities and Exchange Commission (SEC). Copies of such documents are available on the SEC's website,聽. 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
FAQ
What is Trio Petroleum's current production level at Lloydminster, Saskatchewan?
How much are the estimated reserves worth at TPET's South Salinas Project?
What is the production potential of Trio's PR Spring project in Utah?
How will TPET reduce water disposal costs at the South Salinas Project?
Who resigned from Trio Petroleum's board and what is their transition plan?
