Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1449

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 7
Chunk 1449
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35X and 58X wells. The HH-1
well has a short horizontal completion in the Lombardi Oil Sand, whereas the 35X and 58X wells are both vertical wells with similar oil
columns in the Lombardi Oil Sand and with similar subsurface borehole completions. The HH-1 well at McCool Ranch upon restart was initially
producing about 47 barrels of oil per day. The HH-1 and 35X wells collectively are currently producing about 10 to 15 bopd. The 58X well
is temporarily idle. Oil production at the HH-1 and 35X wells is currently “cold” (i.e., without steam). The Company expects
to restart cyclic steam operations in December 2024 or the first calendar quarter of 2025.

The
aforementioned initial three wells at McCool Ranch were each restarted and produced “cold” (i.e. without steam injection),
which allows for lower operating costs, with expectation that each would be produced cold as long as profitable. The Company expects
to transition each well from cold to cyclic-steam production, also known as “huff and puff,” which is expected to significantly
increase production. The wells at McCool Ranch historically have responded favorably when cyclic-steam operations have been applied.

The
Company expects to restart the last two wells in the restart program, the HH-3 and HH-4 wells, in December 2024 or the first calendar
quarter of 2025. The HH-3 and HH-4 wells will have horizontal completions similar to but longer than that of the HH-1 well. All water
produced from these wells will be disposed in the on-site water disposal well.

The
HH-1 well was initially produced cold for about 380 days in 2012-2013, during which time peak production was about 156 barrels of oil
per day (“BOPD”), average production was about 35 BOPD and cumulative production was about 13,147 barrels of oil (“BO”).
The 58X well was initially produced cold for about 230 days in 2011-2013, during which time peak production was about 41 BOPD, average
production was about 13 BOPD and cumulative production was about 2,918 BO.

KLS
Petroleum Consulting LLC (“KLSP”), a third-party, independent engineering firm, recommends that McCool Ranch be developed
with horizontal wells, each