Business
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.
California, May 20, 2025 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, is pleased to announce it has entered into a Letter of Intent to acquire 2000 acres at P.R. Spring, Unita Basin, Utah from Heavy Sweet Oil LLC. (HSO). According to a report provided by Dr. Douglas S. Hamilton, who holds Bachelor's (HONs) and Ph.D. degrees in Geology from the University of Sydney, Australia, P.R. Spring area contains an estimate
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":"California, May 20, 2025 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, is pleased to announce it has entered into a Letter of Intent to acquire 2000 acres at P.R. Spring, Unita Basin, Utah from Heavy Sweet Oil LLC. (HSO). According to a report provided by Dr. Douglas S. Hamilton, who holds Bachelor's (HONs) and Ph.D. degrees in Geology from the University of Sydney, Australia, P.R. Spring area contains an estimated 6.75 billion barrels of OOIP within its basin boundary limits. This information was ascertained through detailed mapping of bitumen outcrops by various authors*, analysis of historical core hole and petroleum exploration wells, and examination of laboratory-derived measurements of porosity and oil saturation from 100’s of cores.","length":836,"tagName":"p"},{"type":"text","content":"An Optimization Study conducted by Dr Amanda Bustin, President of Bustin Earth Science Consultants, indicated a typical project well has an estimated ultimate recovery (“EUR”) of 300,000 barrels of oil with stable production rate exceeding approximately 40 barrels of oil per day. The 2000-acre parcel will support up to 1000 wells in seven well pods. Once complete Trio believes that the project, fully developed, could provide upwards of 50,000 barrels a day with an approximate 20-year life. With an expected initial total drilling and completion cost of less than $800,000 per well and declining with scale, we believe the economics and size of the opportunity are superlative and transformative for a company like Trio.","length":724,"tagName":"p"},{"type":"text","content":"The initial product from these wells will be commercial grade asphalt directly from the site for 90% of the production with an estimated 10% balance being a diesel rang...