Trio Petroleum receives first revenue payment in June for McCool April oil sales

Trio Petroleum received its first revenue payment in June for its proportionate share of revenue from April oil sales at McCool Ranch Field in Monterey County, California. “We are now generating revenue and this is a positive milestone for our Company,” commented Michael Peterson, CEO of Trio. “My top priority when I assumed the role of CEO was to quickly begin generating revenue from our existing oil assets. We believe cash flow stability is a critical component of our initial growth strategy. We are now pleased that both the McCool Ranch and Presidents fields in California are generating revenue. Our newest asset, the Asphalt Ridge Project in Utah has its first two wells drilled and completed. Heat treatment will begin this week on one well and heat treatment is expected to begin on the second well the first week of August. We expect that within 30 days, we will begin producing meaningful production on the Asphalt Ridge Project, adding yet another source of predictable cash flows to our business. We expect to increase oil production and cash flow at all of our current assets. McCool Ranch is primarily producing currently from one well and we intend to have five producing wells there in the near term. In addition, oil that has been produced from our HV3-A well in the President’s Field is being picked up this week to be sold and we are taking steps to increase our production from that field. Lastly, we are working closely with our operating partners on the Asphalt Ridge Project to aggressively add new wells throughout the remainder of 2024,”