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 a potential acquisition of oil and gas properties from Novacor Exploration Ltd in Saskatchewan, aiming to enhance its position in the heavy oil sector [1][5]. Asphalt Ridge Project - The Asphalt Ridge Project is a significant heavy-oil and tar-sand development located in Uintah County, Utah, where Trio Petroleum has secured an option to acquire a 20% interest [2][3]. - 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]. - The project is noted for its low wax and negligible sulfur content, making it desirable for various industries, with an estimated ultimate recovery (EUR) of 300,000 barrels of oil per well and an initial production rate of approximately 40 barrels per day [4]. Novacor Exploration Ltd Oil and Gas Assets - Trio Petroleum has entered into a non-binding Letter of Intent to acquire a 100% working interest in certain petroleum and natural gas properties held by Novacor Exploration Ltd, located in the Lloydminster heavy oil region of Saskatchewan [5]. - The Lloydminster area is characterized by shallow wells with an average true vertical depth of just under 1,830 feet, making it economically viable for small producers [5]. - The acquisition could strategically position Trio to expand its operations in one of North America's promising heavy oil basins, with potential for long-term production and reserve growth [5]. Current Production and Future Plans - There are currently seven producing wells on the Novacor properties, producing approximately 70 barrels per day, with potential for additional production from re-entry wells [6]. - Trio and Novacor have agreed to extend the execution of definitive acquisition documents to March 15, 2025, with plans for further extensions if necessary [6].