Trio Petroleum provides operational update on three oil projects

Trio Petroleum Corp (NYSE American: TPET) released operational details on its oil and gas assets across three locations on August 7.

The company reported production of 60 to 70 barrels of oil per day at its recently acquired Saskatchewan fields from Novacor. The operator identified potential for four additional re-entry wells and two locations that could add 70 barrels per day total. Novacor's president noted a multilateral drilling opportunity could produce 200 to 300 barrels per day.

At the South Salinas Project in California, Trio said the state's CalGEM division gave higher priority to reviewing its Bradley Water Disposal Project Application. The company seeks approval to use an existing well for water disposal, which it estimates would reduce disposal costs from $10 per barrel to less than $1 per barrel.

The 9,300-acre South Salinas site contains estimated reserves of 40 million barrels of oil plus 42 billion cubic feet of gas in the Probable category, and 101 million barrels of oil plus 169 billion cubic feet of gas in the Possible category, according to a report by KLS Petroleum consulting. Trio is discussing potential joint venture partnerships for the project's development.

At PR Spring in Utah, the company continues testing extraction methods at nearby Asphalt Ridge wells. Trio holds an option to acquire 2,000 acres at PR Spring, which sits in what the company describes as one of North America's largest tar-sand deposits outside Canada.

CEO Robin Ross said the company aims to increase production in Saskatchewan and Alberta by year-end. "We have three highly scalable projects today," Ross stated.

Trio also announced that Stan Eschner resigned as Vice-Chairman of the Board effective August 1, though he will remain as a consultant through December.

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