Trio Signs LOI to acquire Producing Oil and Gas Assets in Saskatchewan, Canada

December 19, 2024

DENVER, Colo., Dec 19, 2024 (247marketnews.com)- Trio Petroleum (NYSE: TPET) reported entering into a non-binding Letter of Intent to acquire 100% working interest in certain petroleum and natural gas properties held by Novacor Exploration, in the Lloydminster, Saskatchewan heavy oil region.

Trio believes that, if it consummates the mostly shares acquisition, it could strategically position itself to expand its operations into one of North America’s most promising heavy oil basins, with upside potential for long term production and reserve growth, in a heavy oil area that offers efficient development and low operational costs.

Current production is approximately 70 barrels per day with potential for 4 additional re-entry wells and two fully equipped locations to be reactivated each capable of an additional 70 barrels in total per day, as well as other wells that can be reactivated for additional production.

An August 2024 Reserve Report stated that 91.5MBBL total proved and probable oil for those wells currently being produced.

Robin Ross, Trio’s Chief Executive Officer, stated, “We are excited to acquire an initial footprint in this very lucrative oil and gas area of Canada and home to some of the largest players in the industry such as Cenovus Energy, Canadian Natural Resources, Baytex Energy, Rife Resources and many others who have made Heavy Oil a staple of their operation, and where numerous opportunities to acquire additional highly economic fields exist.

“Trio’s relationship with Novacor is very important, because Novacor has a long history of oil and gas development in the area. Trio’s plan is to aggressively grow its footprint in the area utilizing Novacor as an operator of the assets. The initial project has the capability to rapidly double production, and we are looking forward to a long and prosperous relationship with Novacor. Our focus remains on acquiring projects that generate immediate cash flow or offer transformative growth potential with strategic investment like the Asphalt ridge Project in Utah. We believe that this approach aligns with our long-term vision of creating exponential value while managing risk and resources effectively.”

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