HSO 8-4 Well Discovers Over 100' of Oil-Bearing Pay Zone in Rimrock Sandstone
HSO 2-4 Discovers Over 120' of Oil-Bearing Pay Zone in Rimrock Sandstone & 69' of Oil-Bearing Pay Zone in Asphalt Ridge Sandstone
Bakersfield, CA, June 11, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: "TPET", "Trio" or the "Company"), a California-based oil and gas company, today provided updates on its recently completed drilling activities in Uintah County, Utah. The Company has successfully drilled its first two exploratory wells, the HSO 8-4 and HSO 2-4. The HSO 8-4 was drilled to a total depth of 1,020', while the HSO 2-4 was drilled to a depth of 1,390'. The wells encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge Sandstones, over 100' of oil-pay in the Rimrock Sandstone in the HSO 8-4 well and over 190' combined in the Rimrock and Asphhalt Ridge Sandstones in the HSO 2-4 well.
A downhole-heater was installed in the HSO 2-4 well the heating process began on June 3, 2024, with production expected to begin later this week. The HSO 8-4 is currently waiting for a second downhole-heater to be delivered and is expected to be installed on or before June 15, 2024.
"This is a very positive next step for our Company," commented Michael Peterson, CEO of Trio. "The geological data prior to drilling were very positive, and the drilling results are confirming our favorable view of this project. Our expectation for these two wells, and this field, were extremely high based on the data we previously studied. The new cores of the tar sand show very high oil saturation and oil drips from the core when heat is applied, and the bitumen and sand separate within minutes when the core is placed in boiling water. This is very encouraging as we will be heating the wells to temperatures much higher than the boiling point of water with downhole-heaters and/or by injecting steam. We are additionally encouraged to see that the well logs, the core samples which show very high oil saturation, and all other empirical evidence from drilling these two exploratory wells substantiated our hopes and expectations."
"Based on this new data, we believe the economic impact of our ownership interest in the Asphalt Ridge project has the potential to quickly exceed that of our substantial assets in California. The data support the expectation that the wells will be highly economic with stable long-lived production value, if our production and resource estimates prove to be accurate. At this point, we are working to complete the remaining steps required to bring these wells into production and evaluate the next steps in our development plan at Asphalt Ridge," concluded Mr. Peterson.
The production profile of a typical project well has been extensively modeled, and it currently projects an estimated 40% oil recovery and an estimated ultimate recovery ("EUR") of 300,000 barrels of oil per well with a production rate of approximately 40 barrels of oil per day per well. With an expected total drilling and completion cost of less than $500,000 per well, our initial drilling results appear to validate the well economics previously projected. With this data, the Company intends to exercise its rights to acquire the remaining 17.75% working interest in the initial 960 acres.
Under the current agreement, Trio's operating partner, Lafayette Energy Corp, carries all drilling costs through the first $10 million of capital expenditures. Lafayette Energy Corp, through its operator, Valkor Oil and Gas, is expected to drill the third well as early as late June and intends to drill five additional wells during Q3 2024, subject to rig and services availability.
During the drilling process, the Company was required to gather extensive data for submission to the Utah Division of Oil, Gas and Mining ("OGM"). As part of the drilling process, the Company also cored oil-bearing sandstones, assayed, and subsequently conducted core analysis. All of these data are being submitted to the OGM as part of the overall unitization of the project. Once that process is complete, the Company will be permitted to scale its drilling program, with the ability to drill wells on as little as 1.5 acre spacing. On the initial 960 acres, the current development plan is to drill approximately 476 wells. There is an opportunity to expand Trio's participation in the project by an additional 1,920 acres thereafter.
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, and Uintah County, Utah. In Monterey County, Trio owns 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns 2.25% working interest in 960 acres and options to acquire up to 20% working interest in the 960 acres, in an adjacent 1,920 acres, and in the greater 30,000 acres of the Asphalt Ridge Project.
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
在Rimrock Sandstone發現了超過100英尺的含油帶付區
在Rimrock Sandstone發現了超過120英尺的含油帶付區,並在Asphalt Ridge Sandstone中發現了69英尺的含油帶付區
2024年6月11日,加利福尼亞石油天然氣公司Trio Petroleum Corp(紐交所美國:"TPET"、"Trio"或"公司")在Utah州Uintah縣最近的鑽井活動中提供了更新。該公司成功地鑽出了它的前兩個勘探井,分別是HSO 8-4井和HSO 2-4井。HSO 8-4井總深度爲1,020英尺,HSO 2-4井深度爲1,390英尺。兩口井都在Rimrock Sandstones中遇到了大量的含油帶付區,在HSO 8-4井中的Rimrock Sandstone中有超過100英尺的含油帶付區,在HSO2-4井中Rimrock 和Asphhalt Ridge Sandstones合計有超過190英尺的含油帶付區。
在HSO2-4井安裝了一個井下加熱器,加熱過程於2024年6月3日開始,預計本週晚些時候開始生產。HSO8-4井目前正在等待第二個井下加熱器的交付,預計將於2024年6月15日或之前安裝。
"這對於我們公司來說是非常積極的一步," Trio的首席執行官Michael Peterson評論說。 "鑽井前的地質數據非常積極,而鑽井結果證實了我們對該項目的良好看法。我們對這兩口井和這塊油田的期望極高,這是基於我們之前研究的數據。瀝青砂新核心顯示出非常高的油飽和度,加熱時瀝青和沙子分離,這非常令人鼓舞,因爲我們將通過井下加熱器和/或注入蒸汽將井加熱到比水的沸點高得多的溫度。我們還看到了井記錄表、核心樣品(顯示非常高的油飽和度)和鑽探這兩口勘探井的所有其他經驗證據證實了我們的期望。"
"根據這些新數據,我們相信我們在Asphalt Ridge項目中的持有權的經濟影響有可能迅速超過我們在加利福尼亞的大量資產。如果我們的生產和資源估計證明準確,數據支持這些井將具有穩定的長期生產價值並且經濟上高度有益。在這個階段,我們正在努力完成將這些井投入生產所需的其餘步驟,並評估Asphalt Ridge發展計劃的下一步。" Peterson先生總結道。
典型項目井的生產概況已經廣泛建模,並且目前預測每口井可回收40%的石油,每口井的預期最終產量("EUR")爲30萬桶石油,並且生產率約爲每天每口井40桶石油。預計總鑽井和完井成本不到每口井50萬美元,我們的初始鑽井結果似乎證實了之前預計的良好經濟效益。根據這些數據,該公司打算行使其購買初始960英畝其餘17.75%工作權益的權利。
根據當前的協議,Trio的經營合作伙伴Lafayette Energy Corp將承擔前1000萬美元的資本支出中的所有鑽井成本。Lafayette Energy Corp通過其運營商Valkor Oil and Gas預計將在6月底或之前開始鑽探第三口井,並計劃在2024年第三季度鑽探五口附加井,視鑽機和服務的可用性而定。
在鑽井過程中,該公司需要收集廣泛的數據以提交給猶他州油氣和礦業部("OGM")。作爲鑽井過程的一部分,該公司還提取了含油砂岩的核心,進行了檢測,隨後進行了核心分析。所有這些數據都將隨着項目的整體合併提交給OGM。完成該流程後,公司將獲得在1.5英畝間隔甚至更小區域上鑽井的許可。在最初的960英畝上,目前的開發計劃是鑽探大約476口井。此外,有機會通過隨後的1920英畝和更大的30,000英畝擴大Trio在項目中的參與度。
關於Trio Petroleum Corp
Trio Petroleum Corp是一家總部位於加利福尼亞州Bakersfield的石油和天然氣勘探和開發公司,業務涉及加利福尼亞州蒙特雷縣和猶他州Uintah縣。在蒙特雷縣,Trio擁有South Salinas Project中Presidents和Humpback油田的9,245英畝的85.75%工作權益,和McCool Ranch Field中800英畝的21.92%工作權益。在Uintah縣,Trio擁有960英畝的2.25%工作權益,並擁有獲取相鄰960英畝、更大的1,920英畝以及Asphalt Ridge Project的30,000英畝的20%工作權益的選擇權。
關於前瞻性聲明的警示聲明
Trio Petroleum Corp及其代表和合作夥伴在本新聞稿中發表的所有聲明,如果不是基於事實的歷史,都屬於"前瞻性聲明",這些聲明符合1995年《私人證券訴訟改革法》、已修訂的1933年《證券法》第27A條和已修訂的1934年《證券交易法》第21E條("法案") 的規定。特別是,當在前面的討論中使用的"估計"、"相信"、"希望"、"期望"、"打算"、"在軌跡上"、"計劃"、"預期"或"可能"等條件性表達時,意圖是確定法案內的前瞻性聲明,並且受到法案設立的安全港的保護。 除了歷史事實以外,在本新聞稿中作出的任何有關行動、事件或發展的陳述都是前瞻性陳述。雖然管理層已將此類包含在內的前瞻性陳述基於其當前期望進行,但這些預期的基礎可能會發生變化。這些前瞻性陳述依賴於涉及未來事件的一系列假設,並且受到許多風險、不確定性和其他因素的影響,其中許多因素不受Trio控制,這可能導致實際結果與此類陳述實質性和不利的差異。此類風險、不確定性和其他因素包括但不一定侷限於,Trio的S-1提交給證券和交易委員會("SEC")的風險因素部分所載陳述的風險。這些文件的副本可在SEC的網站上找到:www.sec.gov。Trio未能在本版發佈後更新這些陳述以反映修訂或更改,除非法律要求。
投資者關係聯繫人:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172
michael@redwoodefc.com