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Trio Petroleum Corp Announces Selection of
the Monterey Formation Brown Zone as the Second Test Interval at
its HV-1 Discovery Well
The Brown
Zone is the Core Reserve Zone to now be
tested after exciting production results from
its first test in the Mid-Monterey
Formation.
Investor Conference Call
today at 4:30PM EST to Discuss Exciting Test Results and Trio’s
Future Plans
DANVILLE, CA -- August 23, 2023 -- InvestorsHub NewsWire -- 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 Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com
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