Trio enters into Letter of Intent to acquire 2000 acres in P.R. Spring Utah, one of largest tar-sand deposits in North America outside of Canada.

Core Viewpoint - Trio Petroleum Corp has entered into a Letter of Intent to acquire 2000 acres at P.R. Spring, Unita Basin, Utah, which is estimated to contain 6.75 billion barrels of oil in place (OOIP) [1][6] Acquisition Details - Trio has made a non-refundable payment of $150,000 to Heavy Sweet Oil LLC for the option to acquire the land [7] - Upon closing the transaction, Trio is expected to issue 1,492,272 restricted shares and pay$850,000 in cash for the acquisition and development of the project [8] - Trio will provide 100% of the required capital expenditures for the project and will share net profits equally with HSO [9] Project Economics - The project is projected to support up to 1000 wells, with an estimated ultimate recovery (EUR) of 300,000 barrels of oil per well and a stable production rate exceeding 40 barrels per day [2] - Once fully developed, the project could yield upwards of 50,000 barrels per day over an approximate 20-year life [2] Product Composition and Market Potential - The initial product will be commercial grade asphalt, accounting for 90% of production, with the remaining 10% being a diesel range product [3] - Both products are expected to have a low carbon footprint and could sell at a premium to West Texas Intermediate (WTI) prices [3][4] Industry Context - The P.R. Spring Project is noted to be one of the largest tar-sand deposits in North America outside of Canada, characterized by low wax and negligible sulfur content, making it highly desirable for various industries [6]