Trio Petroleum provides update on Monterey County operations

Trio Petroleum Corp provided an update on its operations in Monterey County, California, including at the McCool Ranch Oilfield and at the South Salinas Project. TPET announced on Oct. 18, 2023, the acquisition of working interest in McCool Ranch, located in Monterey County seven miles north of the Company’s South Salinas Project. After a several week delay due mainly to atmospheric rivers of heavy rainfall, the Company has successfully restarted field operations including the restarting of oil production at the 58X and HH-1 wells. These two wells were restarted on February 22nd and collectively have been pumping approximately 400 barrels of fluid per day, both oil and associated water, with an apparent favorable oil cut by visual estimate. It will be possible operationally to accurately measure oil and water production rates in about one week. Water will be disposed in the on-site water disposal well. Given the successful restart of overall field operations and of the first two wells, with good gross production rates and apparent favorable oil-cut, the Company has funded the startup of a third well, the 35X well, which is expected to produce similarly to the 58X well. It is anticipated that the 35X well will be producing in the next two to three weeks.