Core Viewpoint - Trio Petroleum Corp has successfully confirmed oil production from its first well HSO 2-4 at the Asphalt Ridge Project in Utah, utilizing a downhole heater to enhance bitumen flow [1][2]. Group 1: Project Overview - The Asphalt Ridge Project is recognized as one of the largest tar-sand deposits in North America outside Canada, with significant potential for oil production [2]. - The project is estimated to contain the largest measured tar-sand resource in the United States, characterized by low wax and negligible sulfur content, making it desirable for various industries [2]. - Trio's leasehold at the Asphalt Ridge Project encompasses approximately 30,000 acres, with potential for two and a half acre well spacing [2]. Group 2: Production Details - The HSO 2-4 well, approximately 1,390 feet deep, has an estimated ultimate recovery (EUR) of 300,000 barrels of oil and an initial production rate of about 40 barrels per day [2]. - Plans are underway to test a second downhole heater from a different manufacturer, which could significantly reduce operating expenses [3]. - Production from the HSO 2-4 and the upcoming 8-4 wells will utilize the same separation equipment and facilities [3]. Group 3: Product Composition and Market Potential - Initial production appears to include higher-gravity oil that can be refined on-site into low sulfur diesel, which is expected to sell at a premium [4]. - The project aims to produce both commercial-grade asphalt binder and green diesel, with the latter anticipated to yield higher margins compared to WTI [4]. Group 4: Future Plans - The company plans to design systems for all seventeen 7-well pads, with capacity for production from 21 wells from the first three pads, expanding as new pads are brought into production [6]. - A third well is expected to be drilled as early as late October, with an additional five wells planned for Q4 2024, depending on rig and service availability [3]. Group 5: Partnerships and Ownership - The majority working-interest owner of the Asphalt Ridge Project is Lafayette Energy Corp, with Heavy Sweet Oil, LLC as the operator, in partnership with Valkor Oil and Gas LLC [7].

Core Viewpoint - Trio Petroleum Corp has reported an increase of approximately $67 million in estimated discounted net cash flow, now totaling $475 million, based on updated operations at its South Salinas Project in California [1][2][3] Group 1: Updated Reserve Report - The updated Reserve Report indicates that the estimated discounted net cash flow from Probable (P2) Undeveloped Reserves for combined Phases 1-3 is approximately $475 million, reflecting an increase of about $67 million from the previous report [2][3] - The report recognizes both Probable (P2) and Possible (P3) Undeveloped Reserves across three development phases, including existing wells, a 12-well drilling program, and full field development over four years [2][3] Group 2: Operational Insights - The CEO of Trio Petroleum highlighted that the improved value validates the operational investments made in 2024, focusing on enhancing the value of California oil and gas assets and optimizing production [3] - The Reserve Report estimates that the Probable (P2) Undeveloped Reserves net to Trio are approximately 40 million stock tank barrels of oil and 42 billion cubic feet of gas, equating to about 47 million barrels of oil equivalent [3] Group 3: Company Overview - Trio Petroleum Corp is an oil and gas exploration and development company based in Bakersfield, California, with significant operations in Monterey County and Uintah County, Utah [5] - In Monterey County, the company holds an 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields and a 21.92% working interest in 800 acres in the McCool Ranch Field [5]

As filed with the Securities and Exchange Commission on August 8, 2024 Registration No. 333-280816 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Trio Petroleum Corp. (Exact name of registrant as specified in its charter) Delaware 1311 87-1968201 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) ...

As filed with the Securities and Exchange Commission on July 15, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Trio Petroleum Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 1311 87-1968201 (I.R.S. Employer Identification No.) 5401 Business Park, Suite ...

Co-Founder and Chairman Robin Ross Accepts Expanded Role "When I accepted the position of CEO of Trio, it was understood that it would be on a temporary basis, and during my tenure, the primary objective was to transition the Company from an exploration-based business to a financial stable, cash flowing enterprise with a diversified portfolio of oil and gas assets. My first action was to acquire a working interest in the McCool Ranch Field where we could immediately restart wells as well as have the ability ...

Company Collects First Revenue Check for April Oil Sales at McCool Ranch Field 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. "Our newest asset, the Asphalt Ridge Project in Utah has its first two wells drilled and co ...

"I look forward to helping to build Trio into the success we envisioned when we founded the Company," commented Mr. Ross. Bakersfield, CA, June 20, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp. (NYSE American: "TPET", "Trio" or the "Company"), a California-based oil and gas company, today announced Trio co-founder and former board member Robin Ross has returned to the Company's board of directors as Chairman as of June 17, 2024. As part of the transition, Trio's Current Chairman and co-founder Stan Eschner ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | Delaware | 87-1968201 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 5401 Business Park South, Suite 115 | | | Bakersfield, CA | 93309 | | (Address of principal executive offices) | (Zip Code) | Registrant's telephone number, including area code: (661) 324 ...

Trio Petroleum notes that this saw it complete the initial drilling of its HSO 8-4 and HSO 2-4 wells in Uintah County, Utah. Both wells have substantial oil-bearing pay zones. "Based on this new data, we believe the economic impact of our ownership interest in the Asphalt Ridge project has the potential to quickly exceed that of our substantial assets in California. The data support the expectation that the wells will be highly economic with stable long-lived production value, if our production and resource ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended January 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________. Commission file number: 001-41643 TRIO PETROLEUM CORP. (Exact name of Registrant as specified in its charter) | Delaware | 87-1968201 | | --- | --- ...