Trio Petroleum Corp Lauds California Supreme Court’s Affirmation of Measure Z’s Defeat, a Decision Favorable to California’s Energy Independence
08 Agosto 2023 - 9:00AM
Trio Petroleum Corp. (NYSE American: TPET) (“
Trio”
or the “
Company”), a California-based oil and gas
company, comments today that it is pleased that the California
Supreme Court affirmed the judgement of the Court of Appeal and
ruled last week to strike-down Measure Z.
“Measure Z” is a ballot measure that was passed
in 2016 by Monterey County voters for the purpose of giving the
County increased regulatory authority on oil/gas operations in the
County. Prior to being struck down last week (August 3, 2023) by
the California Supreme Court, the Measure was struck down by the
Superior Court of California in 2018 and by the California
Appellate Court in 2020. Measure Z, if implemented, might have
caused delays and/or created obstacles in the continued responsible
and necessary development of the oil and gas industry in California
and specifically the Company’s primary asset, the South Salinas
Project.
The California Supreme Court concluded that
Measure Z contradicts, and thus is preempted by, Public Resources
Code Section 3106, affirming the judgment of the Court of Appeal.
Section 3106 provides, among other things, that the state oil and
gas supervisor shall supervise oil production so as to permit well
owners and operators to utilize all methods and practices that, in
the opinion of the supervisor, are suitable for the purpose of
increasing the ultimate recovery of underground hydrocarbons. The
Supreme Court decision is a published opinion that may be cited as
case law and, therefore, State law regarding the responsible, safe
and beneficial development and production of hydrocarbons.
CEO Frank Ingriselli stated: “We are pleased
that the California Supreme Court has affirmed the judgment of the
Court of Appeal, striking down Measure Z. This Measure, if not
struck down by the Supreme Court, might have caused unnecessary
difficulties in the development of our South Salinas Project, and
strained what is currently a good working relationship with
Monterey County. Everyone knows that California is a challenging
regulatory environment for the oil and gas industry. Eliminating
Measure Z is good for Monterey County and the State of California
and simplifies our path forward, which we welcome”.
About Trio
Petroleum Corp
Trio Petroleum Corp is an oil and gas
exploration and development company headquartered in Bakersfield,
California, with operations in Monterey County, California. Trio
has a large, approximately 9,267-acre asset called the “South
Salinas Project” where it owns an 85.75% working interest. Trio is
currently production testing the HV-1 discovery/confirmation well,
and plans to next drill the HV-2 and HV-4 wells. Previous
operations on this asset have successfully drilled two (2)
production/discovery wells (i.e., the HV-3A and BM 2-2 wells) that
Trio now owns.
Cautionary Statement Regarding
Forward-Looking Statements
All statements in this press release of Trio
Petroleum Corp (“Trio”) and its representatives and partners that
are not based on historical fact are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and the provisions of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended (the “Acts”). In particular, when used in the
preceding discussion, the words "estimates," "believes," "hopes,"
"expects," "intends," “on-track”, "plans," "anticipates," or "may,"
and similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Acts and are
subject to the safe harbor created by the Acts. Any statements made
in this news release other than those of historical fact, about an
action, event or development, are forward-looking statements. While
management has based any forward-looking statements contained
herein on its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties, and other
factors, many of which are outside of the Trio's control, that
could cause actual results to materially and adversely differ from
such statements. Such risks, uncertainties, and other factors
include, but are not necessarily limited to, those set forth in the
Risk Factors section of the Trio’s S-1 filed with the Securities
and Exchange Commission (SEC). Copies are of such documents are
available on the SEC's website, www.sec.gov. Trio undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Investor Relations
Contact:Redwood Empire Financial Communications Michael
Bayes(404) 809 4172 michael@redwoodefc.com
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