EXCLUSIVE: Trio Petroleum Says HV-1 Well Has Confirmed Major Oil & Gas Accumulation In South Salinas Project

Trio Petroleum Corp TPET announced that its HV-1 well had confirmed a significant accumulation of oil and gas in the President's Field in its South Salinas Project in Monterey County, California.

What happened: The HV-1 well is a two-mile step-out from Trio's HV-3A discovery well that found high-quality, mid-gravity oil at depths between 3,750 to 5,100 feet. 

The company is currently running well casing from surface to total depth to complete the well properly and is commencing its evaluation of the well data collected.

Earlier this week, Trio Petroleum agreed to acquire up to 100% of the working interest in the Union Avenue Field in Bakersfield, California.

Union Avenue has produced an approximate cumulative 2.3 million barrels of oil and 1.2 billion cubic feet of gas. Acquisition of Union Avenue could help Trio to become cash flow positive.

Why It Matters: Trio owns an 85.75% working interest in this new oil and gas field.

Frank Ingriselli, Trio's CEO, commented, "We are very excited and pleased with our discovery of oil and gas at the HV-1 well and with the positive impact that we expect this well will have on Trio's future and our commitment to grow shareholder value." 

"We plan to put the HV-1 well on production after we finalize completion operations and our evaluation of the new data we are acquiring from the well, after which we will have a better understanding of production rates, which we plan to announce when available," Ingriselli added.

Price Action: TPET shares closed at $2.07 on Monday.