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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.
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
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
Timeline Of Key Events
Trio Petroleum has a rich history of generating prospects, drilling wells, and economically producing discovered oil.
Stan leaves Oxy and co-founds Trio Petroleum LLC
Terry Eschner utilizes 3D seismic to remap Trio’s Humpback Prospect and generate the Presidents Prospect
Trio makes O&G discovery at HV-3A well
Trio Petroleum Corp. formed to acquire WI in South Salinas Project & partner with Trio Petroleum LLC
Gregory Overholtzer joins Trio as CFO
TPET acquires interests in McCool Ranch and Asphalt Ridge
Prolific Region
South Salinas Projects
8.6+ BBO Produced2
1.2 + BBO Produced2
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.
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