Building a Portfolio of High Return Oil and Gas Assets
Trio's HV-3A DISCOVERY WELL AT THE pRESIDENTS prospect in our core-asset South Salinas Project
Trio Petroleum
Trio Petroleum Corp. is a California-focused oil and gas exploration, development and production company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah.
We are continuing development of the large South Salinas and Asphalt Ridge projects and of the McCool Ranch Oilfield.
Company Overview
Trio Petroleum Corp:
Trio Petroleum Corp. (“Trio”) is a California-based company that had its IPO on the New York Stock Exchange on April 18, 2023 (NYSE-American, ticker symbol “TPET”)
- Our South Salinas Project, McCool Ranch Field, and key members of our management team come through Trio Petroleum LLC, located in Bakersfield, CA, which since its formation in 1983 has been a well-respected Operator and exploration and production company
- Our Vice Chairman, Stan Eschner, was Domestic & International VP at Oxy where he participated in the exploration and exploitation of ~ 50 oil and gas fields
- We plan to acquire additional assets and to grow a profitable exploration and production company
South Salinas Project:
- One of our core assets is 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
- First oil sales from the HV-3A discovery well at Presidents Field are expected in the third calendar quarter of 2024
- 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
Asphalt Ridge Project:
- One of our core assets is the Asphalt Ridge Project in Uintah County, Utah
- Asphalt Ridge is one of largest heavy-oil and tar sand accumulations in North America and is a multi-billion-dollar opportunity
- We currently own 2.25% working interest with an option to expand to 20%
- The 20% WI comprises estimated approximate $800 million (NPV10) to Trio, for the development of an initial 960 acres
- An initial two wells, HSO 2-4 and 8-4, were drilled May-June 2024 and confirmed major heavy-oil and tar sands
- The initial two wells are expected to commence oil production in the 2nd calendar quarter of 2024 utilizing downhole heaters
McCool Ranch Oilfield:
- Acquired 22% in November 2023
- Currently receiving 80% of net revenue, partly due to non-consent provisions
- Have restarted 3 of 5 wells: HH-1 well restarted February 2024 at 47 BOPD
- 2 additional wells – HH-3 & HH-4 – planned restart
- Ability to drill 20 new wells
- Oil field discovered in 2011 and produced up to 400 BOPD
- Shut-in when oil prices fell below $40
- Field contains 6 oil wells & 1 water disposal well with all facilities & utilities: steam generator, boiler, three 5,000-barrel tanks, 250-barrel test tank, infield steam & oil pipelines
- Located near the Company’s South Salinas Project in Monterey County, CA
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
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
