Trio Petroleum suspends operations at McCool Ranch

Trio Petroleum (TPET) has decided to suspend operations at McCool Ranch and will terminate its efforts to acquire a working interest in the project. The company made this determination, because, under previously negotiated terms, natural gas prices and water disposal costs, particularly in California, where McCool Ranch is located, makes it cost prohibitive for the company to employ cyclic-steam operations to increase production and will not be economically feasible in the long run. The company has decided to focus its efforts on other sites which it believes will be more economically feasible, and hopefully generate greater profits for the company.