Trio Petroleum

Building a Portfolio of High Return Oil and Gas Assets

Lloydminster, Saskatchewan
P.R. Spring
SOUTH SALINAS PROJECT

Trio Petroleum

Trio Petroleum Corp is an oil and gas exploration, development and production company with operations in Lloydminster, Saskatchewan, Monterey County, California and Uintah County, Utah.
Billion barrels of Original Oil in Place (OOIP)1
0
Trillion cubic feet of Original Gas in Place (OGIP)1
0
Working Interest in the large South Salinas Project
0 %

Company Overview

South Salinas Project:

  • The South Salinas Project (“SSP”) in Monterey County, CA, with an estimated approximate Total Probable (P2) Undeveloped Reserves of 40 million barrels of oil (MMBO) and 42 billion cubic feet of gas (BCFG) or 47 million barrels of oil equivalent (MMBOEG), and an estimated approximate Total Possible (P3) Undeveloped Reserves of 101 MMBO and 169 BCFG or 129 MMBOEG
  • “Presidents” and “Humpback” are potential major oilfields in the SSP and each has a discovery well
  • Presidents Field and the giant Cat Canyon West Field (EUR 100 MMBO) are direct analogues with respect to size of structure, depth, oil gravity (~20° API gravity oil) and Monterey reservoir facies
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P.R. Spring Project:

  • Has option to acquire 2000 acres*

  • Contains an estimated 6.75 billion barrels of OOIP within its basin boundary

  • Ultimate recovery of 300,000 barrels of oil per well

  • 2000-acre parcel will support up to 1000 wells

  • Potential to provide upwards of 50,000 barrels a day when fully developed with approximate 20-year life

  • Initial total drilling and completion cost of less than $800,000 per well and declining with scale

Lloydminster, Saskatchewan

  • Located in prolific Lloydminster, Saskatchewan heavy oil region home to some of the largest players in the industry such as Cenovus Energy, Canadian Natural Resources, Baytex Energy and Rife Resources

  • Currently seven cash flow positive producing wells located on two properties.

  • Current production is approximately 70 barrels per day with potential for 4 additional re-entry wells and two fully equipped locations to be reactivated each capable of an additional 70 barrels in total per day.

  • Lift cost stands at a competitive CDN $10.00 per barrel

  • 91.5MBBL for total proved and probable oil of those wells currently producing

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Timeline Of Key Events

Trio Petroleum has a rich history of generating prospects, drilling wells, and economically producing discovered oil.

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1983
Stan leaves Oxy as its ‘Domestic and International VP and Chief Geologist’ after achieving involvement in the exploration & exploitation of ~50 O&G fields comprising 500 MMBO of recoverable oil & 2.5 TCF of gas

Stan leaves Oxy and co-founds Trio Petroleum LLC
Trio commercially develops the Lynch Canyon Field in the South Salinas Basin with Estimated Ultimate Recovery (EUR) of 10 MMBO
Trio makes exploration discovery at Hangman Hollow Field in South Salinas Basin with Estimated Ultimate Recovery (EUR) of 4-5 MMBO
Trio acquires 30 square miles of proprietary 3D seismic data at our South Salinas Project (core asset)

Terry Eschner utilizes 3D seismic to remap Trio’s Humpback Prospect and generate the Presidents Prospect
Trio obtains approval to drill & test 4 exploration wells on South Salinas Project

Trio makes O&G discovery at HV-3A well
Consulting geophysicist Scott Haberman confirms & improves interpretations of South Salinas Project data

Trio Petroleum Corp. formed to acquire WI in South Salinas Project & partner with Trio Petroleum LLC
Frank Ingrisselli joins Trio as CEO

Gregory Overholtzer joins Trio as CFO
Michael Peterson joins Trio as CEO

TPET acquires interests in McCool Ranch and Asphalt Ridge
Robin Ross becomes Trio CEO

Prolific Region

The South Salinas Project is surrounded by California’s prolific world class oil producing basins and fields and is close to multiple refineries.

South Salinas Projects

San Joaquin Basin
8.6+ BBO Produced2
LA Basin
1.2 + BBO Produced2
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South Salinas
Project

We believe the South Salinas Project has the potential to be significant, with an estimated 40 million barrels of oil (“MMBO”) plus 42 billion cubic feet of gas (“BCFG”), or 47 million barrels of oil equivalent (“BOE”), in Probable (P2) Undeveloped reserves and an approximate 101 MMBO plus 169 BCFG, or 129 million BOE, in Possible (P3) Undeveloped reserves. Note that the conversion rate used is 6.0 Mcf per 1 BOE.

 
Trio’s Total Probable (P2) undiscounted net cash flow is an estimated approximate $2.1 billion, and Trio’s Total Possible (P3) undiscounted net cash flow is an estimated approximate $7.9 billion.

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Sources:

1.  Reserves Attributable to Trio Petroleum Corp., South Salinas Area, Effective Date November 1, 2021, KLS Petroleum Consulting LLC, Kenneth L. Schuessler, P.E., Managing Member
2. https://www.eia.gov/dnav/pet/PET_CRD_PRES_DCU_RCAL_A.htm