Trio Petroleum Corp. provided an update on its operations in Monterey County, California, including at the McCool Ranch Oilfield and at the South Salinas Project. TPET announced on Oct.

18, 2023, the acquisition of working interest in McCool Ranch, located in Monterey County seven miles north of the Company?s South Salinas Project. After a several week delay due mainly to atmospheric rivers of heavy rainfall, the Company has successfully restarted field operations including the restarting of oil production at the 58X and HH-1 wells. These two wells were restarted on February 22nd and collectively have been pumping approximately 400 barrels of fluid per day, both oil and associated water, with an apparent favorable oil cut by visual estimate.

It will be possible operationally to accurately measure oil and water production rates in about one week. Water will be disposed in the on-site water disposal well. Given the successful restart of overall field operations and of the first two wells, with good gross production rates and apparent favorable oil-cut, the Company has funded the startup of a third well, the 35X well, which is expected to produce similarly to the 58X well (the 35X and 58X wells are both vertical wells with similar oil columns in the Lombardi Oil Sand and similar completions).

It is anticipated that the 35X well will be producing in the next two to three weeks. The aforementioned initial three wells at McCool Ranch are each being restarted and produced ?cold? (i.e. without steam injection), which allows for lower operating costs, and each will be produced cold as long as profitable.

When appropriate, TPET will transition each well to cyclic-steam operations, also known as ?huff and puff?, which is expected to significantly increase production. Wells in McCool Ranch historically produced oil favorably during cyclic-steam operations. The HH-1 well was initially produced cold for about 380 days in 2012-2013, during which time peak production was about 156 barrels of oil per day (?BOPD?), average production was about 35 BOPD and cumulative production was about 13,147 barrels of oil (?BO?).

The 58X well was initially produced cold for about 230 days in 2011-2013, during which time peak production was about 41 BOPD, average production was about 13 BOPD and cumulative production was about 2,918 BO. TPET?s operational area at McCool Ranch is relatively newly-developed with four horizontal oil wells, two vertical oil wells, one water-disposal well, one freshwater well, a steam generator, boiler, three 5,000 barrel tanks, 250 barrel test tank, water softener facilities, two fresh water tanks, two soft water tanks, in-field steam pipelines, oil pipelines, and other facilities. The property is fully and properly permitted for oil and gas production, cyclic-steam injection and water disposal.