Trio Reports Notable Increases in Estimated Oil and Gas Reserves

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]