Trio Petroleum Corp. announced on October 10, 2024, that it has secured a two-month extension for its option to acquire an additional 17.75% working interest in 960 acres at the Asphalt Ridge Project in Uintah County, Utah. The new deadline to exercise this right is December 10, 2024.
The company initially secured an option on January 5, 2024, to acquire a 20% interest in the Asphalt Ridge project. Trio previously announced on June 11, 2024, the successful drilling and completion of two exploratory wells, HSO 2-4 and HSO 8-4, which encountered substantial oil-bearing pay zones.
First oil production from the HSO 2-4 well was announced on September 12, 2024, with initial test results showing mobile oil and fluids. The Asphalt Ridge Project is known as one of North America's largest tar-sand deposits outside of Canada, with typical wells having an estimated ultimate recovery of 300,000 barrels of oil and an initial production rate of approximately 40 barrels per day.
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