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.
Visit the company’s homepage at Trio’s website (www.trio-petroleum.com) to view videos and still shots of the HV-1 drilling operations along with the Trio management team at the wellsite.
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.”