Trio Provides Operational Update on McCool Ranch

Core Viewpoint - Trio Petroleum Corp is actively working to increase oil production and cash flow at the McCool Ranch Oilfield in Monterey County, California, by resuming cyclic-steam operations and restarting production from additional wells [2][3][5]. Group 1: Production and Operations - Current oil production from the HH-1 and 35X wells is stable at approximately 10 to 20 barrels of oil per day (BOPD) [3]. - The company plans to resume cyclic-steam operations at the HH-1 and 35X wells, which have historically shown significant production increases when using this method [5][6]. - Previous cyclic-steam operations at McCool Ranch led to production increases from 30 BOPD to a peak of about 400 BOPD over nine months, with the HH-1 and 35X wells achieving rates of 175 and 290 BOPD, respectively, shortly after steaming [6]. Group 2: Future Development Plans - KLS Petroleum Consulting LLC recommends developing McCool Ranch with horizontal wells, estimating that approximately 22 additional horizontal wells could be accommodated [7]. - Trio Petroleum Corp may commence a drilling program in 2025 to further develop the McCool Ranch Field [7]. - The company intends to add the reserve value of the McCool Ranch Field to its reserve report after further observation and review of the restarted oil production [7]. Group 3: Strategic Focus - The company is evaluating various options to optimize production and minimize costs beyond cyclic-steam operations [8]. - Trio Petroleum Corp aims to acquire projects that generate immediate cash flow or offer transformative growth potential, aligning with its long-term vision of creating exponential value [8]. - The company holds a significant working interest in various oilfields, including an 85.75% interest in 9,245 acres at the Presidents and Humpback oilfields and a 21.92% interest in 800 acres in the McCool Ranch Field [9].