Trio Petroleum Corp
Provides Update on Testing of the HV-1 Discovery Well
Pumping Unit and Storage
Tanks and other Temporary Facilities Being Installed
Testing Rates Up To 145
Barrels of Oil Per Day
DANVILLE, CA -- September 21, 2023 --
InvestorsHub NewsWire -- Trio
Petroleum Corp (NYSE
American: TPET) ("Trio" or the "Company"), a California-based
oil and gas company, today provided an update on the testing of the
HV-1 discovery well at the Company's South Salinas
Project.
The Brown Zone (aka Brown Chert) in the
HV-1 well was perforated on September 7 with 350 feet of
perforations across a gross interval from 5,465 to 5,850 feet
measured depth and then acidized for borehole clean-up. The well
was then tested by swabbing for seven days during the September
8-18 timeframe. A pumping unit is now being installed at the HV-1
well for further testing of the Brown Zone and temporary tanks and
other facilities are also being installed at the well site. Results
of pumping will be announced when available.
The Brown Zone in the HV-1 well is
mechanically isolated from the deeper Mid-Monterey Clay zone that
we previously tested with results previously announced. Swab
testing to-date suggests that the Brown Zone and the Mid-Monterey
Clay collectively, if commingled, might deliver approximately 145
barrels of oil per day (BOPD), with potentially significantly
higher oil production rates when the well is on pump.
Trio's CEO, Frank Ingriselli,
stated: "We continue to be
encouraged by the preliminary test results at the HV-1 well. We
should get a much better understanding of the potential rates of
oil and gas production at the well by having it on pump. Though our
original primary objective was the Yellow Zone, also known as the
Yellow Chert, which we still believe will be the most prolific
producing zone of the structure, we have been very encouraged by
the results in the Brown Zone and the Mid-Monterey clay. Given the
greater than expected positive results, we may decide to initially
produce from the Brown Zone, or to produce from the Brown Zone and
the Mid-Monterey clay commingled for the foreseeable future and
wait moving up-hole to the top of the anticline to test and produce
from our primary objective - the Yellow Zone. We will continue to
announce results as additional information becomes
available."
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
