Trio Petroleum Corp. 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. 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, the company's 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 Third Quarter 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.