Company Commences Oil Sales from California Assets

Company to Ship First Commercially Marketed Oil Sales
Since Resumption of Operations in February

Rig Scheduled for First Exploratory Well on Utah Asset

Bakersfield, CA, April 24, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, today provided updates on its petroleum assets in Monterey County, California, and Uintah County, Utah.

The Company this week will make its first sale and shipment of oil produced at the McCool Ranch Field in Monterey County, California. The Company will ship approximately 2,100 barrels of oil, which were produced primarily from the HH-1 well that was brought back online in late February of 2024. Net of 16.67% royalties and oil trucking costs, the 80% net revenues to TPET from this sale are expected to be approximately $105,000.

The Company is also announcing the commencement of drilling activities on the Asphalt Ridge project in Uintah County, UT. A rig is scheduled to be on site this Sunday, and to drill and complete the Company’s first well on this asset in the next two weeks. Drilling results are expected to be readily available shortly after the well is drilled to a total estimated depth of 1,200 feet. The project targets a highly promising heavy-oil tar sand field that is expected to be densely developed at scale, with as low as 2.5 acre spacing for future wells. Through existing working interests and option agreements, the Company has the ability to take up to a 20% working interest in this project.

“These are positive next milestones for our Company,” commented Michael Peterson, CEO of Trio Petroleum Corp. “It is very encouraging to see these next steps happen in the transition from the exploration and de-risking of these promising oil and gas assets into potentially scalable cash-flowing resources. We look forward to providing further updates as we drill our first well on the Asphalt Ridge Asset and restart production on additional wells and selling of oil produced from both the McCool Ranch and Presidents Fields in the months ahead.”

Presidents Field

On March 26, 2024, the Company brought the HV-3A well in the Presidents Field back into production at a previously-reported oil production rate of 30 barrels of oil per day (BOPD). This well was drilled and completed in 2018 as an exploratory well, and in 2018-2019 it was briefly production-tested, during which peak production was 154 BOPD and average production was 33 BOPD.