Trio Petroleum Corp. provided updates on its petroleum assets in Monterey County, California, and Uintah County, Utah. The Company also announced the commencement of drilling activities on the Asphalt Ridge project in Uintah County, UT.

A rig is scheduled to be on site this Sunday, and to drill and complete the Company?s first well on this asset in the next two weeks. Drilling results are expected to be readily available shortly after the well is drilled to a total estimated depth of 1,200 feet. The project targets a highly promising heavy-oil tar sand field that is expected to be densely developed at scale, with as low as 2.5 acre spacing for future wells.

Through existing working interests and option agreements, the Company has the ability to take up to a 20% working interest in this project. On March 26, 2024, the Company brought the HV-3A well in the Presidents Field back into production at a previously-reported oil production rate of 30 barrels of oil per day (BOPD). This well was drilled and completed in 2018 as an exploratory well, and in 2018-2019 it was briefly production-tested, during which peak production was 154 BOPD and average production was 33 BOPD.

This well is producing from 125 feet of perforations in the Yellow Zone, which is also commonly referred to as the Yellow Chert, and from an additional 125 feet of perforations in the overlying Upper Monterey Clay. The Monterey Formation is one of California?s major oil and gas producing zones. Operations at HV-3A do not require steam due to the favorable viscosity of the mid-gravity oil.

TPET believes that production at HV-3A can be significantly increased over current and previous levels, for example by:,adding up to 650 feet of additional perforations in the currently-producing oil zone .opening deeper behind-pipe oil zones, portions of which are already perforated, acidizing the well for borehole cleanup other methods and operations under consideration TPET will produce and monitor the HV-3A well as currently completed and when appropriate will take steps to increase production. There are potentially up to 50 development-well locations at Presidents on 40 acre well spacing, as indicated in the Company?s reserve report as filed with the SEC. McCool Ranch Field: On February 22, 2024, the Company brought the HH-1 well at McCool Ranch back into production at a previously-reported oil production rate of 47 BOPD.

The HH-1, 35X and 58X wells at McCool are now all producing with the HH-1, which started production late February, accounting for the majority of the approximate 2,100 barrels of oil that are being sold and shipped this week. As it did with the HH-1 well, The Company is currently taking steps to optimize the oil production from the 35X and 58X wells, including possibly employing cyclic steam and is also taking steps to bring the additional shut-in oil wells in this field back online.