Company Provides Operational Update for Monterey County Oil Producing Assets

Combined Oil Production Stabilized at 75 Barrels Per Day

Bakersfield, CA, April 11, 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 oil producing assets in Monterey County, California, including at the Presidents Field (“Presidents”) of the South Salinas Project and at the McCool Ranch Field (“McCool Ranch”).

“We are pleased to provide this operational update on our two oil producing assets in Monterey County,” commented Michael Peterson, CEO of Trio Petroleum. “The Company currently operates two highly promising, proven petroleum assets in Monterey County in the Presidents Field and the McCool Ranch, and we are very encouraged by our recent operational results at both fields.”

“Bringing these wells back online and taking the necessary steps to permit permanent production sets the stage for an expanded drilling program in these fields. We correctly identified these assets from a geological perspective, we drilled successful multiple test wells. Now we want to take the logical next steps in extracting value from these assets.”

Presidents Field

On March 26, the Company brought the HV-3A well in the Presidents Field back into full-time production. Oil production on this well has stabilized at an average production rate of 30 barrels of oil per day (BOPD). This well was previously drilled and completed by the Company as a test well in 2018 and was initially production-tested for 37 days. During this period, peak production was 154 BOPD, with average production of 33 BOPD.

This well is producing from 125 feet of perforations in the Yellow Zone, which is also commonly referred to as the Yellow Chert, and from an additional 125 feet of perforations in the overlying Upper Monterey Clay. These are both oil producing zones commonly found within the broader Monterey Formation. The Monterey Formation is one of California’s major oil and gas producing zones.

Operations at HV-3A do not require steam due to the favorable viscosity of the mid-gravity oil. Based on the Company’s production analysis, Trio believes that production at HV-3A can be significantly increased relative to current and previous levels through several low-cost investments. Two examples of these investments are:

1) to perforate an up to 650 feet in the currently producing oil zones,

2) opening deeper behind-pipe oil zones that are already perforated, acidizing the well for borehole cleanup, and other methods and operations under consideration.