Asphalt Ridge Option Period to Acquire Remaining 17.75% Working Interest Extended to February 10, 2025

Core Viewpoint - Trio Petroleum Corp is advancing its Asphalt Ridge Project in Utah, which is recognized as one of the largest heavy-oil and tar-sand deposits in North America outside of Canada, with significant potential for profitability and production growth [4]. Group 1: Project Updates - On January 5, 2024, Trio secured an option to acquire a 20% interest in a heavy-oil and tar-sand development project at Asphalt Ridge [2]. - The company successfully drilled and completed two exploratory wells, HSO 2-4 and HSO 8-4, which encountered substantial oil-bearing pay zones, with over 190 feet of oil-pay in HSO 2-4 and over 100 feet in HSO 8-4 [2]. - First oil production from the HSO 2-4 well was announced on September 12, 2024, and production continues to date, while HSO 8-4 is expected to commence production shortly after receiving a new downhole heater [2]. Group 2: Ownership and Options - Trio currently holds a 2.25% working interest in 960 acres at Asphalt Ridge and has the option to acquire an additional 17.75% interest in the same area, along with a 20% interest in an adjacent 1,920 acres [3]. - The company has secured an extension for the option and now has until February 10, 2025, to exercise its right to acquire the remaining 17.75% interest [3]. - Trio also has a right of first refusal to participate in approximately 30,000 acres of the greater Asphalt Ridge Project [3]. Group 3: Project Potential - The Asphalt Ridge Project is characterized by its low wax and negligible sulfur content, making the oil produced highly desirable for various industries, including shipping [4]. - A typical project well is estimated to have an ultimate recovery (EUR) of 300,000 barrels of oil, with an initial production rate of approximately 40 barrels per day [4].