Trio Petroleum Corp Provides Update on Monterey County Operations

Oil Production Restarted at McCool Ranch Field at Approximately 400 Barrels Fluid per Day (Oil & Water) from the HH-1 and 58X Wells

The Third Well, The 35X Well to be Restarted Shortly

Oil Production Restart at the South Salinas Project at the HV-3A Well Also to Occur Shortly

Bakersfield, CA, March 04, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, today provided an update on its operations in Monterey County, California, including at the McCool Ranch Oilfield (“McCool Ranch”) and at the South Salinas Project.

TPET announced on Oct. 18, 2023, the acquisition of working interest in McCool Ranch, located in Monterey County seven miles north of the Company’s South Salinas Project. After a several week delay due mainly to atmospheric rivers of heavy rainfall, the Company has successfully restarted field operations including the restarting of oil production at the 58X and HH-1 wells. These two wells were restarted on February 22^nd and collectively have been pumping approximately 400 barrels of fluid per day, both oil and associated water, with an apparent favorable oil cut by visual estimate. It will be possible operationally to accurately measure oil and water production rates in about one week. Water will be disposed in the on-site water disposal well.

Given the successful restart of overall field operations and of the first two wells, with good gross production rates and apparent favorable oil-cut, the Company has funded the startup of a third well, the 35X well, which is expected to produce similarly to the 58X well (the 35X and 58X wells are both vertical wells with similar oil columns in the Lombardi Oil Sand and similar completions). It is anticipated that the 35X well will be producing in the next two to three weeks.

The aforementioned initial three wells at McCool Ranch are each being restarted and produced “cold” (i.e. without steam injection), which allows for lower operating costs, and each will be produced cold as long as profitable. When appropriate, TPET will transition each well to cyclic-steam operations, also known as “huff and puff”, which is expected to significantly increase production. Wells in McCool Ranch historically produced oil favorably during cyclic-steam operations.