Trio Petroleum acquires certain Saskatchewan heavy oil assets from NovaCor

6 days ago 5

TipRanks

Tue, January 6, 2026 astatine 7:37 AM CST 2 min read

Trio Petroleum (TPET) has acquired definite Saskatchewan dense lipid assets from NovaCor Exploration. The Acquired Assets are located successful west-central Saskatchewan and see producing dense lipid wells, associated instrumentality and infrastructure, and further improvement and optimization opportunities. The acquired assets dwell of 4 wells on with a h2o disposal facility. Three of the wells are presently producing astir 30 barrels per day, with the 4th good expected to nutrient astir 20 barrels per time erstwhile returned to production. The Acquired Assets people established dense lipid intervals wrong the Mannville Group, including Waseca, McLaren, Sparky, and GP. Trio believes the plus basal offers a operation of existing accumulation and actionable operational upside, with opportunities to heighten show done disciplined tract execution. The acquisition besides includes the infrastructure and instrumentality the Company’s absorption believes are indispensable to enactment ongoing accumulation and tract operations. The assets dwell of: 101/13-03-048-24W3/00 – 11 bbl/d; 121/04-05-049-24W3/03 – 8 bbl/d; 121/05-05-049-24W3/02 – 9 bbl/d; 121/06-05-049-24W3/02- non-producing expect 20 bbl/d; 131/04-29-051-26W3/00 – disposal facility. The stated acquisition terms is $1,000,000 CDN paid successful by the Company’s issuance of 912,875 shares of its communal stock, successful transportation with which we person granted definite “piggyback” registration rights and an work by the Company to registry the shares for resale, taxable to definite limitations and restrictions, if the shares are not different registered for resale successful a registration statement, pursuant to specified “piggyback” registration rights.

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