Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 246

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 246
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 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 has been producing about 10 to 15 bopd. The 58X well is
temporarily idle. Oil production at the HH-1 and 35X wells has been “cold” (i.e., without steam). Both wells have been temporarily
idled pending further assessment to place on steam during 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 is assessing the viability of restarting the last two wells in the restart program, the HH-3 and HH-4 wells, in 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.

2

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 landed in the Lombardi Oil Sand with a 1,000-foot lateral. Management estimates that TPET’s property
can probably accommodate approximately 22 additional such horizontal wells. TPET expects to add the reserve value of the McCool Ranch
Field to the Company’s reserve report