Asphalt Ridge Option Period to Acquire Remaining 17.75% Working Interest Extended to April 10, 2025 and non-binding Letter of Intent to acquire Novacor oil and gas assets extended to March 15, 2025.

Core Viewpoint - Trio Petroleum Corp is actively expanding its operations through the Asphalt Ridge Project in Utah and the acquisition of assets from Novacor Exploration Ltd in Saskatchewan, positioning itself in promising heavy oil regions [1][5]. Asphalt Ridge Project - Trio Petroleum Corp has secured an option to acquire a 20% interest in a heavy-oil and tar-sand development project at Asphalt Ridge, Utah, with successful drilling results showing over 190 feet of oil-pay in one well and over 100 feet in another [2][4]. - The company 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][4]. - The project is noted for its low wax and negligible sulfur content, making it desirable for various industries, with a typical well estimated to recover 300,000 barrels of oil and an initial production rate of approximately 40 barrels per day [4]. Novacor Exploration Ltd Oil and Gas Assets - Trio Petroleum Corp has entered a non-binding Letter of Intent to acquire a 100% working interest in certain petroleum and natural gas properties from Novacor Exploration Ltd, located in the Lloydminster heavy oil region of Saskatchewan [5]. - The Lloydminster area is characterized by shallow wells with an average depth of just under 1,830 feet, making it economically viable for small producers [5]. - The acquisition could strategically position Trio in one of North America's most promising heavy oil basins, with potential for long-term production and reserve growth [5][6]. Current Production and Future Potential - There are currently seven producing wells on the Novacor properties, producing approximately 70 barrels per day, with the potential for additional re-entry wells and locations to be reactivated [6]. - Trio Petroleum Corp plans to negotiate an extension for the execution of definitive acquisition documents if not completed by March 15, 2025 [6].