Trio Petroleum Secures Option to Acquire Natural Gas Prospect in Sacramento Basin
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Trio Petroleum Corp. has secured a four-month option with exclusivity to acquire a natural gas prospect in the Sacramento Basin with potential to produce an estimated 40 billion cubic feet of gas (BCF).
The prospect is close to prolific gas fields, has easy access to a gas pipeline with excess capacity and targets gas sands at about 8,000 feet. The prospect is based on 3D seismic data. During the option period the company will finalize due diligence including on geophysical, legal, lease, title, pipeline, market, and permit matters. The prospect is fully leased and permitting for an exploration well is in an advanced stage.
“We are pleased to have this option to acquire a potentially significant gas prospect in the Sacramento Basin. We are fulfilling our business plan to make smart acquisitions to help ensure the success of the company and to increase shareholder value. We will continue to search for acquisitions to help diversify and provide significant upside opportunity to our production and cash flow,” said Trio’s CEO, Michael Peterson.
The company believes that this prospect could potentially provide significant natural gas production and cash flow and that it is a an excellent addition to the company’s growing portfolio of high-quality development and exploration opportunities, diversifying the company’s assets and helping to ensure the success and growth of the Company.
Trio Petroleum is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California. Trio has a large, approximately 9,267-acre asset called the South Salinas Project where it owns an 85.75 percent working interest. Trio also has a 22 percent working interest in the Hangman Hollow Area of the McCool Ranch Oil Field seven miles north of the company’s South Salinas Project.
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