Trio acquires producing cash flow positive oil and gas assets in prolific heavy oil region of Saskatchewan Canada

Core Viewpoint - Trio Petroleum Corp has successfully acquired certain petroleum and natural gas properties from Novacor Exploration Ltd, positioning itself strategically in the Lloydminster heavy oil region of Saskatchewan, which is expected to enhance long-term production and reserve growth potential [1][4][7]. Acquisition Details - The acquisition includes Novacor's TWP48 and TWP47 assets, with the purchase price set at US$650,000 in cash and 526,536 shares of common stock [8][9]. - The properties are located in the Lloydminster area, featuring seven producing wells with current production of approximately 70 barrels per day [2][3]. Production and Operational Efficiency - The wells produce heavy crude oil from the McLaren/Sparky and Lloydminster formations, with Freehold Royalties of 13.5$10.00 per barrel, which is competitive and supports profitability even in lower oil price environments [5][6]. Strategic Positioning - The acquisition allows Trio to leverage Novacor's operational efficiencies and experience in the area, which is home to major industry players [7]. - The company aims to grow its footprint in the region and is focused on acquiring projects that generate immediate cash flow or offer transformative growth potential [7]. Future Potential - A Reserve Report indicates a total proved and probable oil of 91.5 million barrels from the wells currently being produced, with further upside potential identified [3]. - The strategic focus on operational efficiency and low lift costs provides a buffer against market volatility, enhancing the company's resilience [4][5].