Company Announces First Revenue
July 01 2024 - 8:30AM
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 CommunicationsMichael Bayes(404)
809-4172michael@redwoodefc.com
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