Trio Petroleum Corp Announces Selection of the Monterey Formation Brown Zone as the Second Test Interval at its HV-1 Discovery Well
23 Agosto 2023 - 9:00AM
Trio Petroleum Corp. (NYSE American: TPET)
(“
Trio ” or the
“
Company ”), a California-based oil and
gas company, today announced that the second test interval at the
HV-1 discovery well of the South Salinas Project will be the Brown
Zone (“
Brown Chert”), of the Miocene Age Monterey
Formation.
The Brown Zone (aka Brown Chert) and the
overlying Yellow Zone (aka Yellow Chert) are the primary reservoir
objectives of the HV-1 well and both are attributed oil and gas
reserves in the Company’s Reserve Report as filed with the SEC. The
first test interval, the Mid-Monterey Clay, is a deeper
stratigraphic interval (i.e., below the Brown Chert) that is not
attributed oil and/or gas reserves in the Company’s Reserve Report
but which, nevertheless, and importantly, appears to potentially be
capable of commercial oil and gas production at the HV-1 well.
Thus, the Brown-Zone test will be the first test in the HV-1 well
of the Company’s reserves as delineated in the Company’s Reserve
Report as filed with the SEC.
The current plan is to perforate and acidize
(for borehole clean-up) approximately 350 feet of the Brown Zone in
an interval from approximately 5,465 to 5,850 feet measured depth
and to then test the well via swabbing operations. Operations may
commence during the week of August 28, with initial production
results estimated one or two weeks thereafter.
The Company believes the Yellow Zone to be the
best oil and gas reservoir target in the HV-1 well. It will be
tested shortly after the test of the Brown Zone, unless the
underlying Brown Zone, and/or the Brown Zone commingled with the
Mid-Monterey Clay, is put on production, in which case the test of
the Yellow Zone will be put on-hold until an appropriate time.
Trio has scheduled a webinar media interactive
call to be held today, Wednesday, August 23 at 4:30PM EST
The following are the details on how to join the conference
call:When: Aug 23, 2023 4:30 PM EST Link to join the
webinar:https://us06web.zoom.us/webinar/register/WN_MI3Z_uPwR8OPCH_uC7aVCA
Trio’s CEO, Frank Ingriselli, stated: “We’re
delighted by the promising initial results from testing the
Mid-Monterey Clay in the HV-1 well. It consistently exhibited
impressive swabbing rates, such as 400 to 500 barrels of fluid per
day. During the swab runs, oil recovery reached remarkable rates,
as demonstrated by the earlier report citing up to 125 BOPD.
However, our enthusiasm remains even higher as we prepare to
advance to upper depths for testing the Brown Zone. Our aspirations
are aimed at achieving even greater yields of oil and gas
production, including higher gravity oil. All signs point to a very
exciting testing phase ahead."
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’s
near-term plans include testing and producing the HV-1 well, and
then drilling 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 CommunicationsMichael Bayes(404) 809
4172michael@redwoodefc.com
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