Trio Petroleum Corp (NYSE American: TPET), headquartered in California, shared exciting updates from its oil exploration efforts in Uintah County, Utah. The company announced the successful completion of drilling on two exploratory wells, HSO 8-4 and HSO 2-4, with substantial oil finds in the Rimrock and Asphalt Ridge Sandstones. These results spurred a notable increase in TPET’s stock value during today’s trading session.
Today, Trio Petroleum Corp’s shares witnessed a significant uptick, closing the day at $0.3596, which marks a 56.35% increase. The stock reached an intraday high of $0.5135 after opening at $0.3321, reflecting investor enthusiasm on the drilling updates. Despite the positive close, after-hours trading saw a slight decline of 8.12%, with shares dropping to $0.3304.
The company’s CEO, Michael Peterson, commented on the successful drilling, saying, “This is a very positive next step for our Company. The geological data prior to drilling were very positive, and the drilling results are confirming our favorable view of this project.” The optimism is backed by substantial oil-bearing pay zones discovered during drilling, with over 100 feet of oil pay in the Rimrock Sandstone for the HSO 8-4 well and over 190 feet combined in both sandstone types for the HSO 2-4 well.
The initial drilling results seem to validate Trio’s well economics, which were previously projected to be highly economical with stable, long-lived production value. The company reported that drilling and completion costs were less than $500,000 per well. Further excitement is anticipated as Trio plans to expand its operations and potentially drill up to 476 wells on the initial 960 acres.
Moreover, under the current agreement with Lafayette Energy Corp, managed by Valkor Oil and Gas, Trio’s partner carries all drilling costs up to the first $10 million of capital expenditures. This partnership and successful drilling outcomes are poised to significantly enhance Trio’s footprint in the oil sector.
About Trio Petroleum Corp
Trio Petroleum Corp specializes in the exploration and development of oil and gas, with substantial assets in both Monterey County, California, and Uintah County, Utah. In addition to the recent developments in Utah, Trio holds an 85.75% working interest in 9,245 acres in the South Salinas Project and a 21.92% working interest in 800 acres in the McCool Ranch Field. The company’s strategic initiatives in Utah, particularly at Asphalt Ridge, are set to further its growth in the competitive energy market.
