Associated tags: Trio, NYSE, Oil
Locations: SULFUR, CANADA, UTAH, NORTH AMERICA, BAKERSFIELD, CALIFORNIA, US, CA, MCCOOL, UT, DELAWARE
Bakersfield, CA, May 06, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, announced that on May 1, 2024, New York Stock Exchange Regulation department provided formal written notice to the Company that it had regained compliance with the NYSE American continuing listing standards as set forth in Part 10 of the NYSE American Company Guide.
Key Points:
- Bakersfield, CA, May 06, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, announced that on May 1, 2024, New York Stock Exchange Regulation department provided formal written notice to the Company that it had regained compliance with the NYSE American continuing listing standards as set forth in Part 10 of the NYSE American Company Guide.
- “This is a very positive development for the Company,” commented Michael Peterson, CEO of Trio.
- “Our Company has recently executed on several important milestones in our operations since I assumed the position of Chief Executive Officer in February.
- We potentially stand to unlock significant shareholder value in the immediate term, and regaining NYSE American listing compliance should help shift investor focus back onto our positive business activities instead of listing compliance.
Retrieved on:
Wednesday, April 24, 2024
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.
Key Points:
- 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.
- In summary, the Company currently has four actively producing oil wells in California, three at McCool Ranch Field and one at Presidents Field and the Company is now selling and shipping oil from its California assets.
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”).
Key Points:
- 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.
- Oil production on this well has stabilized at an average production rate of 30 barrels of oil per day (BOPD).
- In summary, the Company currently has three actively producing oil wells, two at McCool Ranch Field and one at Presidents Field.
Bakersfield, CA, April 09, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, announced that on April 8, 2024, filed a Form 8-K with the Securities and Exchange Commission (“SEC”) detailing the terms and conditions under which the Company retired $2.6 million in outstanding convertible notes. These notes had been previously funded in two tranches in October of 2023.
Key Points:
- Bakersfield, CA, April 09, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, announced that on April 8, 2024, filed a Form 8-K with the Securities and Exchange Commission (“SEC”) detailing the terms and conditions under which the Company retired $2.6 million in outstanding convertible notes.
- “This is a positive first step in strengthening the Company’s balance sheet,” commented Michael Peterson, Chief Executive Officer of Trio Petroleum.
- The Company issued to the Investor two promissory notes in an aggregate principal amount $2,550,000 in two tranches.
- On April 2, 2024, the Company and the Investor mutually agreed to permit the acceleration of more than six monthly payments pursuant to the Second Tranche Note, so that the entire outstanding balance of the Second Tranche Note could be repaid.
Bakersfield, CA, March 19, 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 Field (“McCool Ranch”) and at the Presidents Field.
Key Points:
- McCool Ranch Field HH-1 Well Producing ~47 Barrels of Oil per Day; 58X and 35X Wells to be Restarted Shortly
Presidents Field HV-3A Well to be Restarted Shortly at S. Salinas Project
Bakersfield, CA, March 19, 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 Field (“McCool Ranch”) and at the Presidents Field.
- The 58X well at McCool Ranch was also put back on production but was temporarily idled in order to perform a heat treatment that should be accomplished shortly.
- The 35X well at McCool Ranch has been hooked-up to power and it should also be put back on production shortly.
- As a result, TPET should soon have four actively producing oil wells, three at McCool Ranch Field and one at Presidents Field.
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.
Key Points:
- 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.
- It will be possible operationally to accurately measure oil and water production rates in about one week.
- When appropriate, TPET will transition each well to cyclic-steam operations, also known as “huff and puff”, which is expected to significantly increase production.
Bakersfield, CA, March 01, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“TPET”, “Trio” or the “Company”), a California-based oil and gas company, today announced that on February 26, 2024, it received a deficiency letter (the “Notice”) from the NYSE American LLC (the “NYSE American”) indicating that the Company is not in compliance with the continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide (the “Company Guide”).
Key Points:
- Bakersfield, CA, March 01, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“TPET”, “Trio” or the “Company”), a California-based oil and gas company, today announced that on February 26, 2024, it received a deficiency letter (the “Notice”) from the NYSE American LLC (the “NYSE American”) indicating that the Company is not in compliance with the continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide (the “Company Guide”).
- Specifically, the Notice informed the Company that the NYSE American has determined that the shares of the Company's common stock have been selling for a low price per share for a substantial period of time, and pursuant to Section 1003(f)(v) of the Company Guide, the Company's continued listing is predicated on it demonstrating sustained price improvement by no later than August 26, 2024.
- The Company intends to begin the operations in the McCool field, which we expect to be in operation soon, and then monitor the price of its common stock and consider available options, including conducting a reverse stock split, if its common stock does not trade at a consistent level likely to result in the Company regaining compliance by August 26, 2024.
- The Company’s receipt of the Notice does not affect the Company’s business, operations or reporting requirements with the Securities and Exchange Commission.
Well,
Trio,
Annual report,
Steam,
3D,
BOPD,
Fracture,
Monterey Formation,
Fresh water,
Water,
Acquisition,
KLSP,
Independent,
Oil 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”).
Key Points:
- 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.
- TPET’s investment at McCool Ranch is primarily allocated to restarting production and is expected to establish important cash flow.
- Now cleared and field conditions stabilized, operations will commence to restart oil production at the 58X-23 and HH-1-ST2 wells and possibly the 35X-23 well.
Asphalt,
Carbon sequestration,
Work,
Option,
State,
EPC,
Mining,
Public expenditure,
Uinta Basin,
Cretaceous,
Engineering,
Tertiary,
CO2,
Oil Bakersfield, CA, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today announced that it has secured an option (the “Option”) to acquire a 20% interest in a sweet (i.e., low sulfur content), heavy-oil development project at Asphalt Ridge, located near the town of Vernal in Uinta County in northeastern Utah. Development of Asphalt Ridge is planned to commence in Q1 2024 by a third party operator using advanced cyclic-steam production techniques. The project is estimated by an independent reserve engineering firm to be one of the largest heavy oil deposits in North America outside of Canada, making it a potential giant oilfield, and is unique given its low wax and negligible sulfur content, which is expected to make the oil produced very desirable for many industries, including shipping.
Key Points:
- Development of Asphalt Ridge is planned to commence in Q1 2024 by a third party operator using advanced cyclic-steam production techniques.
- The project leasehold comprises over 30,000 acres and trends northwest-southeast, along the trend of Asphalt Ridge, over a distance of about 20 miles.
- 1% working interest for each $100,000 option exercised) as well as an option to acquire a 20% working interest in Phase 2.
- We now have two major assets in our portfolio, the South Salinas Project in California and the Asphalt Ridge Project in Utah.
Retrieved on:
Thursday, January 4, 2024
The restarting of McCool Ranch is currently in-progress and is proceeding favorably. The water disposal well at the field, the San Ardo WD-1 well, has been refurbished and tested and is in excellent condition, with water disposal by injection at this well able to commence as soon as needed. The testing and repairs of equipment and facilities, idle since about 2018, are well-advanced and also proceeding favorably. While there was concern that the boiler at the field -- an important piece of equipment that helps maintain the heat of produced oil at an appropriate temperature (e.g., for moving through lines and loading to trucks for delivery to market) -- might require fairly expensive repairs, the Company was able to return it to service at minimal cost and it is now up and running properly and efficiently.
Key Points:
- Bakersfield, CA, Jan. 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 the restart of the McCool Ranch Oil Field (“McCool Ranch”).
- The restarting of McCool Ranch is currently in-progress and is proceeding favorably.
- The Company’s cash investment in McCool Ranch is primarily allocated to restart production and is expected to establish important cash flow for the Company.
- Pictures of McCool Ranch can be found on the Trio website at the following link: https://trio-petroleum.com
The Company believes that current oil prices and other considerations (e.g., approved permits) make this an ideal time to restart McCool Ranch, that the restart is going well, and that the field should soon be providing important cash flow to the Company.
