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Trio Petroleum Corp. ( (TPET) ) has provided an announcement.
On April 4, 2025, Trio Petroleum Corp entered into an Asset Purchase Agreement with Novacor Exploration Ltd., acquiring certain oil and gas assets in the Lloydminster, Saskatchewan heavy oil region. The acquisition, which includes contracts, leases, and permits, is valued at $650,000 in cash and 526,536 shares of Trio’s common stock. The first closing occurred on April 8, 2025, with the second closing anticipated by June 30, 2025. This strategic acquisition positions Trio to expand its operations in a promising heavy oil basin, offering potential for long-term production and reserve growth. Novacor will continue as the operator of these assets, ensuring operational efficiency and low lift costs, which are crucial for maintaining profitability amid market fluctuations.
More about Trio Petroleum Corp.
Trio Petroleum Corp is an oil and gas exploration and development company operating in California, Utah, and Saskatchewan, Canada.
YTD Price Performance: 15.38%
Average Trading Volume: 1,602,450
Technical Sentiment Signal: Strong Buy
Current Market Cap: $9.39M
See more insights into TPET stock on TipRanks’ Stock Analysis page.