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Tag: Trio Petroleum Stock

  • Trio Petroleum (TPET) Sees Major Stock Boost After Acquisition Deal

    Trio Petroleum (TPET) Sees Major Stock Boost After Acquisition Deal

    As of the most recent check, shares of Trio Petroleum Corp. (NYSE: TPET) were skyrocketing on the US stock charts by an astounding 237.01%, trading at $2.77. The company’s announcement of a significant purchase in the energy sector preceded the spike.

    Trio Made A Calculated Acquisition Move

    A non-binding Letter of Intent (LOI) has been signed by Trio Petroleum (TPET) to purchase a 100% working interest in Novacor Exploration Ltd.’s natural gas and petroleum assets. The sites are located in Saskatchewan, Canada’s rich Lloydminster heavy oil basin.

    Strategic Entry into Heavy Oil Basin

    Trio Petroleum has a huge chance to get into one of the most attractive heavy oil basins in North America with the planned acquisition. The area is well known for its cheap operating expenses, strong market accessibility, and favorable regulatory frameworks, as well as its potential for socioeconomic development.

    Because of these advantages, Lloydminster is a desirable location for long-term production and reserve expansion. The transaction, if completed, will increase Trio Petroleum’s activities and fortify its portfolio.

    Overview of Novacor’s Assets

    The Novacor properties include seven producing wells located across two parcels in the Lloydminster area. These wells currently yield heavy crude oil from the McLaren/Sparky and Lloydminster formations, producing approximately 70 barrels per day (bpd).

    With four additional re-entry wells and two fully equipped but inactive locations, Novacor estimates production could increase by an additional 70 bpd. Furthermore, two shut-in wells await reactivation and commingling, with an estimated cost of C$30,000 per well and potential output of 10 bpd each.

    An August 2024 Reserve Report by Petrotech and Associates highlighted a total of 91.5 MBBL of proved and probable reserves. Novacor has also identified further growth potential in the Sparky GP through multi-lateral drilling opportunities.

    TPET Positioning for Growth

    Trio Petroleum’s expansion into the Lloydminster region aligns with its strategy to focus on projects delivering immediate cash flow and transformative growth. The area is home to industry leaders such as Cenovus Energy and Canadian Natural Resources.

    Trio Petroleum (TPET) aims to leverage Novacor’s expertise to aggressively grow its footprint while pursuing additional high-value opportunities. This acquisition complements the company’s ongoing investment in projects like the Asphalt Ridge Project in Utah, underscoring its commitment to strategic growth in the energy sector.

  • Trio Petroleum (TPET) Recovered In Extended Session

    Trio Petroleum (TPET) Recovered In Extended Session

    Trio Petroleum Corp (NYSE: TPET) stock has exhibited a notable surge of 22.06% during the post-market trading session, settling at $0.3602. The closing price of Trio Petroleum shares during the standard trading hours concluded at $0.2951, marking a decline of 28.02%. This after-hours resurgence in TPET stock has effectively ameliorated the earlier losses incurred during the conventional trading session, attributing this rebound to a shrewd strategic maneuver executed by the company.

    This week, Trio Petroleum (TPET) successfully acquired a substantial 22% working interest in the McCool Ranch Oil Field, strategically located in Monterey County, just seven miles north of TPET’s flagship South Salinas Project. The acquisition was accomplished through dedicated financial resources allocated for work commitment expenditures.

    McCool Ranch is divided into three developed sections, with Trio’s focus squarely on the Hangman Hollow Area. This segment is equipped with a range of essential infrastructure, including horizontal and vertical oil wells, water-disposal and freshwater wells, steam generation and distribution facilities, tankage, and pipelines. The property is fully permitted for oil and gas production, cyclic-steam injection, and water disposal, although it currently lies dormant.

    Trio Petroleum’s investment is poised to reignite production at the field, with the expectation of generating significant cash flow for the company. Furthermore, the property’s untapped potential holds promise, with numerous unexplored well locations identified.

    Initially, oil wells will be restarted without steam injection, transitioning over time to cyclic-steam stimulation (CSS) operations, also known as ‘huff and puff.’ This transition is expected to yield a disproportionate share of cash flow until the work commitment funds are fully paid out, projected to occur within the first year of production restart.

    The commencement of “cold oil” production is slated to span approximately two months, following the completion of necessary well remediation and facility inspections. The CSS process will then be implemented, involving steam injection and soak periods for each well, anticipated to extend over several years.

    Trio Petroleum (TPET) views this acquisition as a pivotal move in building a portfolio of premium development and exploration opportunities, thus diversifying the company’s assets and igniting future growth prospects.