Trio Petroleum Corporation
Investment Highlights
Has option to acquire 2000 acres*
Contains an estimated 6.75 billion barrels of OOIP within its basin boundary
Ultimate recovery of 300,000 barrels of oil per well
2000-acre parcel will support up to 1000 wells
Potential to provide upwards of 50,000 barrels a day when fully developed with approximate 20-year life
Initial total drilling and completion cost of less than $800,000 per well and declining with scale
We own 85.75% WI
South Salinas has major potential with an estimated approximate Total Probable (P2) Undeveloped Reserves of 40 million barrels of oil (MMBO) and 42 billion cubic feet of gas (BCFG) or 47
million barrels of oil equivalent (MMBOEG), and an estimated approximate Total Possible (P3) Undeveloped Reserves of 101 MMBO and 169 BCFG or 129 MMBOEG
“Presidents” and “Humpback” are potential major oilfields and each has a discovery well
Presidents Field and the giant Cat Canyon West Field (EUR 100 MMBO) are similar with respect to size of structure, depth, oil gravity (~20° API gravity oil) and Monterey reservoir facies
Located in prolific Lloydminster, Saskatchewan heavy oil region home to some of the largest players in the industry such as Cenovus Energy, Canadian Natural Resources, Baytex Energy and Rife Resources
Currently seven cash flow positive producing wells located on two properties.
Current production is approximately 70 barrels per day with potential for 4 additional re-entry wells and two fully equipped locations to be reactivated each capable of an additional 70 barrels in total per day.
Lift cost stands at a competitive CDN $10.00 per barrel
91.5MBBL for total proved and probable oil of those wells currently producing
Proven history of raising capital, building companies, generating prospects, drilling wells, and economically producing discovered oil
California imports 70% of the oil it needs, with foreign sources supplying almost 60%, up from 15% just 20 years ago¹
Surrounded by California’s prolific world class oil producing basins and fields & close to multiple refineries
30 square miles of modern 3D seismic show the South Salinas Project’s oil and gas reserves are in structural traps in the Monterey Formation and in the Vaqueros Sand – this is not a resource play
P10 (High) estimates of Original Oil In Place (OOIP) and Original Gas In Place (OGIP) under Trio's current leasehold are 2.12 billion barrels of oil (BBO) and 1.18 trillion cubic feet of gas (Tcf), respectively²
6 existing wells & 6 existing well pads 2 additional pads to be constructed in 2023 3 additional permitted oil & gas wells Water disposal project under review at CalGEM
Avoids the regulatory restrictions, environmental problems and high costs of fracking, steamflood or secondary recovery techniques
Initial infrastructure work completed and Q1 2023 drilling development well HV-1
Giant oil & gas reserves, not yet tested but partly behind-pipe, may occur beneath the Monterey Formation in the Vaqueros Sand
SOURCES:
1. https://www.shalexp.com/california
2. RESERVES ATTRIBUTABLE TO TRIO PETROLEUM CORP., SOUTH SALINAS AREA, EFFECTIVE DATE NOVEMBER 1, 2021, KLS PETROLEUM CONSULTING LLC, KENNETH L. SCHUESSLER, P.E., MANAGING MEMBER
Trio Petroleum Corp.
5401 Business Park South, Suite 115
Bakersfield, CA 93309
