Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 885

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 885
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 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 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