Business
Trio completes acquisition of cash flow positive oil and gas assets in prolific heavy oil region of Saskatchewan Canada
Bakersfield, CA, May 22, 2025 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today is pleased to announce that it has closed on the balance of certain petroleum and natural gas properties held by Novacor Exploration Ltd. (“Novacor”). More specifically, TPET closed on the remaining Novacor TWP47 assets, located at the South-West quarter of Section 19, Township 47, Range 26W3M. These assets are in the prolific Lloydm
About this update from Trio Petroleum Corp.
[{"type":"image","alt":"Trio Petroleum Corp.","displaySize":"","headline":null,"caption":"Trio Petroleum Corp.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":59,"url":"https://media.zenfs.com/en/globenewswire.com/cd7dc8fa3d6c19ab0b258572e32387ac"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/RaQ686k6XSrjC_MXmpWD9A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTgzO2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/cd7dc8fa3d6c19ab0b258572e32387ac","width":300,"height":59}},"lazy":false},{"type":"text","content":"Bakersfield, CA, May 22, 2025 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today is pleased to announce that it has closed on the balance of certain petroleum and natural gas properties held by Novacor Exploration Ltd. (“Novacor”). More specifically, TPET closed on the remaining Novacor TWP47 assets, located at the South-West quarter of Section 19, Township 47, Range 26W3M. These assets are in the prolific Lloydminster, Saskatchewan heavy oil region (the “Acquisition”). This acquisition strategically positions the Company 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. Since the Novacor assets are in the heavy oil area, Trio believes they offer economic development and low operational costs. Trio also believes that the market accessibility combined with a favorable regulatory process makes this area very attractive for continued and future development within these lands.","length":1072,"tagName":"p"},{"type":"text","content":"As reported in the Company’s press release on April 10, 2025, the Novacor assets are located at the South-West quarter of Section 19, Township 47, Range 26W3M and the Northeast Section 3, Township 48, Range 24W3M, both in the Lloydminster, Saskatchewan area. There are currently seven producing wells located on the two properties. Production from the wells in Section 19 is subject to Freehold Royalties of 13.5% and a GORR of 2%, and production from the wells in Section 3 is subject to Freehold Royalties of 15%. The wells produce heavy crude oil from the McLaren/Sparky and Lloydminster formation(s). Novacor is the operator of these cash flow positive wells and has the capability to rapidly double product...