Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 109

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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 well,
a steam generator, boiler, three 5,000 barrel tanks, a 250-barrel test tank, a water softener, two freshwater tanks, two soft water tanks,
in-field steam pipelines, oil pipelines and other facilities. The property is fully and properly permitted for oil and gas production,
cyclic-steam injection and water disposal. We are acquiring the working interest at McCool Ranch primarily through work commitment expenditures,
which are being allocated to restart production at the field and establish cash flow for us, with upside potential given the numerous
undrilled infill and development well locations. Oil production was restarted on February 22, 2024.

McCool Ranch operations have been successfully restarted, including the
restarting of oil production at the HH-1, 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 cold (ie., without steam) about 47 barrels of oil per
day before settling down to 10 to 15 bopd combined with the 35X well. Both the HH-1 and 35X wells are currently idled along with the 58X
well. The Company is assessing whether to restart cyclic steam operations.

24

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 is assessing whether 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 is assessing the viability of restarting the last two wells in the restart program, the HH-3 and HH-4 wells. 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