Company Website - Company Presentation
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And as mentioned above, TPET has several potential breakout catalysts to focus on right now. Check them out:
No. 1 TPET Potential Breakout Catalyst - Strong Volatility Potential Could Be Significant Based On TPET's Low Float
According to the Yahoo Finance website, TPET has a fairly low float.
The website reports this profile to have approximately 7.21Mn shares in its float.
Why is that important? It's important on one crucial level. Volatility.
Could more positive company news in 2023 provide a near term spark?
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No. 2 TPET Potential Breakout Catalyst - Major News Announcement: Company Confirms Oil And Gas Accumulation
Trio Petroleum Corp Announces that the HV-1 Well has Confirmed a Major Oil and Gas Accumulation in the Presidents Field of its South Salinas Project
Oil and Gas Production Rates at the HV-1 Discovery Well to be Determined and Announced after Final Completion Operations
DANVILLE, CA, May 16, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp. (NYSE American: TPET) (“Trio”), an oil and gas exploration and development company focused on strategic, high-growth energy projects in California, today announced that its HV-1 well has confirmed that there is a major accumulation of oil and gas in the Presidents Field in its South Salinas Project located in Monterey County, California.
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 HV-1 well drilled through approximately 1,800 feet of the Monterey Formation with major indications of oil and gas prior to reaching total depth at 6,631 feet. The company is currently running well casing from surface to total depth to properly complete the well, and is commencing its evaluation of the well data collected.
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The HV-1 well was drilled on a new oil and natural gas field that the company refers to as the Presidents Field, as described in the company’s public filings with the SEC and on the company’s website. The Presidents Field is a large oil and gas development project located in the company’s South Salinas Project in Monterey County, California. The HV-1 well location was chosen based on interpretation of three-dimensional seismic data with the goal of confirming and defining the magnitude of this new oil and gas field, in which Trio owns an 85.75% working interest.
Mr. Frank Ingriselli, Trio’s Chief Executive Officer, 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.”
Read the full article here.
6/20/23 Activity Update: Trio Petroleum Corp Announces Update on Activity Related to its HV-1 Discovery Well
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No. 3 TPET Potential Breakout Catalyst - Signing Key Acquisition Agreement Could Lead To TPET Becoming Cash Flow Positive
Trio Petroleum Corp. Signs Acquisition Agreement to Acquire up to 100% of Producing Asset
Union Avenue Field is Located in Bakersfield, California
DANVILLE, CA, May 12, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp. (NYSE American: TPET) (“Trio”), an oil and gas exploration and development company focused on strategic, high growth energy projects in California, today announced the signing of an Acquisition Agreement dated May 11, 2023 (the “Agreement”) to potentially acquire up to 100% of the working interest in the Union Avenue Field (“Union Avenue”) located in Bakersfield, California.
The Agreement is between Trio Petroleum Corp. and Trio Petroleum LLC, on behalf of itself as Operator and holding a 20% working interest in Union Avenue as well as to facilitate the remaining 80% working interest holders (“Sellers”). As Trio Petroleum LLC is partly owned and controlled by members of Trio’s management, this would be a related party transaction, and a special committee of Trio’s board of directors (the “Trio Special Committee”) has been formed to evaluate and negotiate the terms of this acquisition.
Trio has engaged KLS Petroleum Consulting LLC, an independent engineering firm, to conduct a comprehensive analysis and valuation of the asset, which analysis has been delivered to the Company and is being evaluated by the Trio Special Committee.
Union Avenue is a mature field that has produced an approximate cumulative 2.3 million barrels of oil and 1.2 billion cubic feet of gas, with significant remaining long-term, oil-production potential, including from a recent, partly-developed, new-pool discovery. Acquisition of Union Avenue could help Trio to become cash flow positive.
If final terms are agreed between Trio and the Sellers, the transaction is expected to close within 60 days. Consideration for the acquisition is expected to be paid by Trio through a combination of cash and Trio’s common st.ock.
Mr. Frank Ingriselli, Trio’s Chief Executive Officer, commented, “Trio is in an optimal position to capitalize on the acquisition of this producing oil asset, thereby capturing what we believe to be economically valuable for our shareholders. As we continue to develop our South Salinas Project and expand our portfolio, we are confident that our strategic growth initiatives will drive sustainable success and deliver economic returns. We remain committed to leveraging our expertise, resources, and market insights to maximize synergies and unlock the full potential of our acquisitions, solidifying our position as a leader in the industry.”
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Read the full article here.
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No. 4 TPET Potential Breakout Catalyst - Added Company Exposure In 2023 From Listing To NYSE American Exchange
Trio Petroleum Corp Announces Pricing of Initial Public Offering and Listing on NYSE American
DANVILLE, CA, April 17, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (“Trio”), an oil and gas exploration and development company focused on strategic, high growth energy projects in California, today announced the pricing of its initial public offering of 2Mn shares of its common st.ock at a price to the public of $3.00 per share. Gross proceeds before deducting underwriting discounts and commissions and other offering expenses are expected to be $6Mn. In addition, the underwriters have been granted a 45-day option to purchase up to 300k additional shares of Common St.ock to cover over-allotments.
The common st.ock is expected to begin trading on The New York St.ock Exchange American (“NYSE American”) under the symbol “TPET” on April 18, 2023, and the offering is expected to close on April 20, 2023, subject to the satisfaction of customary closing conditions.
Spartan Capital Securities, LLC is acting as the sole book-running manager for the offering.
McDermott Will & Emery is acting as counsel to Trio Petroleum Corp and Anthony L.G., PLLC is acting as counsel to Spartan Capital Securities, LLC.
Trio intends to use the net proceeds from this offering to fund the drilling of wells, repayment of debt, and for working capital and general corporate purposes.
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Read the full article here.
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TPET Recap - The Top Potential Breakout Catalysts To Know This Moment
No. 1 - Strong Volatility Potential Could Be Significant Based On TPET's Low Float
No. 2 - Major News Announcement: Company Confirms Oil And Gas Accumulation
No. 3 - Signing Key Acquisition Agreement Could Lead To TPET Becoming Cash Flow Positive
No. 4 - Added Company Exposure In 2023 From Listing To NYSE American Exchange
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Coverage is officially initiated on TPET. When time allows, do this:
