Trio Petroleum acquires certain Saskatchewan heavy oil assets from NovaCor

Trio Petroleum (TPET) has acquired certain Saskatchewan heavy oil assets from NovaCor Exploration. The Acquired Assets are located in west-central Saskatchewan and include producing heavy oil wells, associated equipment and infrastructure, and additional development and optimization opportunities. The acquired assets consist of four wells along with a water disposal facility. Three of the wells are currently producing approximately 30 barrels per day, with the fourth well expected to produce approximately 20 barrels per day when returned to production. The Acquired Assets target established heavy oil intervals within the Mannville Group, including Waseca, McLaren, Sparky, and GP. Trio believes the asset base offers a combination of existing production and actionable operational upside, with opportunities to enhance performance through disciplined field execution. The acquisition also includes the infrastructure and equipment the Company’s management believes are necessary to support ongoing production and field operations. The assets consist of: 101/13-03-048-24W3/00 – 11 bbl/d; 121/04-05-049-24W3/03 – 8 bbl/d; 121/05-05-049-24W3/02 – 9 bbl/d; 121/06-05-049-24W3/02- non-producing expect 20 bbl/d; 131/04-29-051-26W3/00 – disposal facility. The stated purchase price is $1,000,000 CDN paid in by the Company’s issuance of 912,875 shares of its common stock, in connection with which we have granted certain “piggyback” registration rights and an obligation by the Company to register the shares for resale, subject to certain limitations and restrictions, if the shares are not otherwise registered for resale in a registration statement, pursuant to such “piggyback” registration rights.