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Company Collects First Revenue Check for April Oil Sales at McCool Ranch Field
HH-1 at McCool Ranch Producing Steadily at Approximately 30 BOPD
Bakersfield, CA, July 01, 2024 (GLOBE NEWSWIRE) -- 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.