The HV-1 well is a two-mile step-out well to the HV-3A discovery that found and produced mid-gravity oil on Trio’s acreage
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 it has leased an additional 667 mineral-acres solidifying its core acreage position at its South Salinas Project. This increases Trio’s leasehold from 8,600 acres to 9,267 acres, an approximate 8% increase. This comes on the heels of Trio’s announcement last week that it contracted a drilling rig and will within two weeks commence drilling operations on the HV-1 well located on Trio’s asset called the South Salinas Project. As an update, Trio’s expects that the drilling rig will begin to move to its drilling location within a week. The HV-1 well is a two-mile step-out well to the HV-3A discovery that found and produced mid-gravity oil on Trio’s acreage.
Mr. Frank Ingriselli, Trio’s Chief Executive Officer, commented “the leasing of this additional core acreage couldn’t have come at a better time for the Company. We will very soon commence drilling on its HV-1 confirmation well and now have expanded and solidified our acreage available to carry out our aggressive development plans. This expansion should result in our ability to acquire more reserves and increase the net present value of our development project.”
Source: Company Press Release