Trio Petroleum Corp Provides Update on Monterey County Operations

Production Rig On-Site at McCool Ranch Oilfield to Restart Oil Production: First Two Wells Expected to Begin Production this Week

15 New Well Locations at McCool Ranch Oilfield Recommended by Independent Engineering Firm, Some of Which Could be Drilled in Q2, 2024

Production Rig Relocating to South Salinas Project to Restart Oil Production of the HV-3A Well at the Presidents Oilfield -- Prior Test Production of 33 BOPD and Peak of 154 BOPD

Bakersfield, CA, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“TPET”, “Trio” or the “Company”), a California-based oil and gas company, today provided an update on its operations in Monterey County, California, where it has ownership in two assets: the South Salinas Project and the McCool Ranch Oilfield (“McCool Ranch”).

TPET announced on Oct. 18, 2023, the acquisition of approximately 22% working interest in McCool Ranch, located in Monterey County seven miles north of the Company’s South Salinas Project. Trio will be restarting oil production of these previously producing wells that have been primarily idle since 2015.

There are three developed areas at McCool Ranch and the Company’s acquisition is in the so-called Hangman Hollow Area that is relatively new and developed with four horizontal oil wells, two vertical oil wells, one water-disposal well, one freshwater well, a steam generator, boiler, three 5,000 barrel tanks, 250 barrel test tank, water softener facilities, two fresh water tanks, two soft water tanks, in-field steam pipelines, oil pipelines and other facilities. The property is fully and properly permitted for oil and gas production, cyclic-steam injection and water disposal and is currently idle (i.e., not producing), but restart operations have begun.

TPET’s investment at McCool Ranch is primarily allocated to restarting production and is expected to establish important cash flow. TPET will receive a disproportionately high share of the cash flow until payout of its initial investment.

KLS Petroleum Consulting LLC (“KLSP”), a third-party, independent engineering firm, recommends that McCool Ranch be developed with fifteen additional horizontal wells, each landed in the Lombardi Oil Sand with a 1,000-foot lateral, and TPET accordingly may commence a drilling program in Q2, 2024. Pictures of McCool Ranch can be found on the Trio website at the following link: https://trio-petroleum.com