Trio Petroleum Extends Deadline for Utah Asset Acquisition

Trio Petroleum Corp. ( (TPET) ) has shared an update.

On May 20, 2025, Trio Petroleum Corp. disclosed that it had entered a non-binding letter of intent with Heavy Sweet Oil LLC to acquire all of HSO’s rights in 2,000 acres at the P.R. Spring area in Utah’s Uinta Basin, contingent on sustained output from two Trio-operated wells at the nearby Asphalt Ridge site. The letter of intent required each well to produce at least 40 barrels per day for 30 consecutive days by May 15, 2026, but as that benchmark has not been met and is not expected to be achieved by the initial deadline, the parties signed an extension on April 20, 2026, pushing the production test period out to May 15, 2028, preserving the potential transaction and signaling Trio’s continuing interest in the Utah assets despite operational delays.

The extension gives Trio more time to prove consistent production performance at Asphalt Ridge, a key condition for advancing to definitive agreements for the P.R. Spring acquisition and potentially expanding its footprint in the Uinta Basin. For stakeholders, the move indicates that while near-term production targets have slipped, the strategic rationale for the deal remains intact and the company is keeping optionality on a sizeable heavy oil asset package that could bolster future output if technical and operational hurdles are resolved.

More about Trio Petroleum Corp.

Trio Petroleum Corp. is an oil and gas company focused on acquiring and developing hydrocarbon assets, including heavy oil properties in regions such as Utah’s Uinta Basin. The company pursues growth through strategic transactions that expand its acreage position and potential production base in established resource plays.

Average Trading Volume: 37,170,065

Technical Sentiment Signal: Sell

Current Market Cap: $16.55M

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