Member Info for soulac

Company Successfully Completes First Two Exploratory Wells in Utah

Source: GlobeNewswire Inc.

Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, today provided updates on its recently completed drilling activities in Uintah County, Utah. The Company has successfully drilled its first two exploratory wells, the HSO 8-4 and HSO 2-4. The HSO 8-4 was drilled to a total depth of 1,020’, while the HSO 2-4 was drilled to a depth of 1,390’. The wells encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge Sandstones, over 100’ of oil-pay in the Rimrock Sandstone in the HSO 8-4 well and over 190’ combined in the Rimrock and Asphhalt Ridge Sandstones in the HSO 2-4 well.

A downhole-heater was installed in the HSO 2-4 well the heating process began on June 3, 2024, with production expected to begin later this week. The HSO 8-4 is currently waiting for a second downhole-heater to be delivered and is expected to be installed on or before June 15, 2024.

“This is a very positive next step for our Company,” commented Michael Peterson, CEO of Trio. “The geological data prior to drilling were very positive, and the drilling results are confirming our favorable view of this project. Our expectation for these two wells, and this field, were extremely high based on the data we previously studied. The new cores of the tar sand show very high oil saturation and oil drips from the core when heat is applied, and the bitumen and sand separate within minutes when the core is placed in boiling water. This is very encouraging as we will be heating the wells to temperatures much higher than the boiling point of water with downhole-heaters and/or by injecting steam. We are additionally encouraged to see that the well logs, the core samples which show very high oil saturation, and all other empirical evidence from drilling these two exploratory wells substantiated our hopes and expectations.”

“Based on this new data, we believe the economic impact of our ownership interest in the Asphalt Ridge project has the potential to quickly exceed that of our substantial assets in California. The data support the expectation that the wells will be highly economic with stable long-lived production value, if our production and resource estimates prove to be accurate. At this point, we are working to complete the remaining steps required to bring these wells into production and evaluate the next steps in our development plan at Asphalt Ridge,” concluded Mr. Peterson.

The production profile of a typical project well has been extensively modeled, and it currently projects an estimated 40% oil recovery and an estimated ultimate recovery (“EUR”) of 300,000 barrels of oil per well with a production rate of approximately 40 barrels of oil per day per well. With an expected total drilling and completion cost of less than $500,000 per well, our initial drilling results

Company Successfully Completes First Two Exploratory Wells in Utah

Source: GlobeNewswire Inc.

Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, today provided updates on its recently completed drilling activities in Uintah County, Utah. The Company has successfully drilled its first two exploratory wells, the HSO 8-4 and HSO 2-4. The HSO 8-4 was drilled to a total depth of 1,020’, while the HSO 2-4 was drilled to a depth of 1,390’. The wells encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge Sandstones, over 100’ of oil-pay in the Rimrock Sandstone in the HSO 8-4 well and over 190’ combined in the Rimrock and Asphhalt Ridge Sandstones in the HSO 2-4 well.

A downhole-heater was installed in the HSO 2-4 well the heating process began on June 3, 2024, with production expected to begin later this week. The HSO 8-4 is currently waiting for a second downhole-heater to be delivered and is expected to be installed on or before June 15, 2024.

“This is a very positive next step for our Company,” commented Michael Peterson, CEO of Trio. “The geological data prior to drilling were very positive, and the drilling results are confirming our favorable view of this project. Our expectation for these two wells, and this field, were extremely high based on the data we previously studied. The new cores of the tar sand show very high oil saturation and oil drips from the core when heat is applied, and the bitumen and sand separate within minutes when the core is placed in boiling water. This is very encouraging as we will be heating the wells to temperatures much higher than the boiling point of water with downhole-heaters and/or by injecting steam. We are additionally encouraged to see that the well logs, the core samples which show very high oil saturation, and all other empirical evidence from drilling these two exploratory wells substantiated our hopes and expectations.”

“Based on this new data, we believe the economic impact of our ownership interest in the Asphalt Ridge project has the potential to quickly exceed that of our substantial assets in California. The data support the expectation that the wells will be highly economic with stable long-lived production value, if our production and resource estimates prove to be accurate. At this point, we are working to complete the remaining steps required to bring these wells into production and evaluate the next steps in our development plan at Asphalt Ridge,” concluded Mr. Peterson.

The production profile of a typical project well has been extensively modeled, and it currently projects an estimated 40% oil recovery and an estimated ultimate recovery (“EUR”) of 300,000 barrels of oil per well with a production rate of approximately 40 barrels of oil per day per well. With an expected total drilling and completion cost of less than $500,000 per well, our initial drilling results

Only 54 , Rip

Https://www.linkedin.com/posts/brian-mcgregor-p-eng-11914515_the-uintah-basin-at-night-recovering-the-activity-7199433771614441473-upFr

Come across this but think it’s another company, shame

https://www.arabnews.com/node/2512976/business-economy

The fact that the Valkor core samples clearly show the bituminous oil that was expected at the right depth, that adds massive weight to the business case for all of the projects in that area to get funding secured, including Tomco, Greenfield, or any other Valkor related entity (they are all in bed with each other anyway). The results of oil sample testing by the DOGM lab should add even more weight.

Core images showing bituminous oil that's not flowing, as expected:

Https://ibb.co/86YYXxv

https://ibb.co/L5rVM5c

Source: QED Telegram Channel

Nice find, looks very dense tar samples,

Cheers, seems like any sell matched with a buy,

2nd well to spud, how many are they drilling

https://www.linkedin.com/feed/update/urn:li:activity:7198120646285959170/

Https://www.linkedin.com/posts/brian-mcgregor-p-eng-11914515_nighttime-video-of-our-first-well-in-the-activity-7197972700047237120-EiTm

Where the previous estimate for the tarsands calculations on 50feet of pay,?????

Looks like Qed will finely get there oil from valkor,

Valkor has completed drilling the Rimrock formation on well 8-4 in the Uinta basin showing more than 100 ft of Tar Sands pay with a depth of approximately 1000 ft. Valkor will move to producing the well in June

Valkor has completed drilling the Rimrock formation on well 8-4 in the Uinta basin showing more than 100 ft of Tar Sands pay with a depth of approximately 1000 ft. Valkor will move to producing the well in June

Could this release funding,

Valkor has dedicated the past year to the development of a significantly superior technology, surpassing anything currently available in the market. The new design is poised to bring about a substantial reduction in overall energy consumption, diminish environmental impacts through emissions reductions, and foster cleaner production practices, all while yielding higher-quality products

Https://www.exodusenergyevolution.com/

Could it finally happen,

From their web page

Project Details:

Exodus intends establish a tar sands facility on an parcel of State-leased land northwest of Vernal, Utah, utilizing its cutting-edge technology. The verified reserve within the parcel is estimated to contain approximately 100 million barrels of Bitumen oil, with a current market value exceeding $7.5 billion USD. When factoring in the value of the sand, the overall project value exceeds $10 billion USD. Opportunities for additional acreage and plant development are available for the right investment partner. Despite employing the most conservative revenue projections, this facility is anticipated to recover its capital expenditure (CAPEX) costs within three years from the start of construction. These projections outlined here are based on the construction of a single plant with a daily oil processing capacity of 3,400 barrels per day (BOPD). At the initial processing rate, it would take a century to fully process the entire oil reserve. To accelerate the processing timeline to 15 to 25 years, we envision constructing four to six plants of similar or larger size on the site to meet this ambitious goal

The Company is also announcing the commencement of drilling activities on the Asphalt Ridge project in Uintah County, UT. A rig is scheduled to be on site this Sunday, and to drill and complete the Company’s first well on this asset in the next two weeks. Drilling results are expected to be readily available shortly after the well is drilled to a total estimated depth of 1,200 feet. The project targets a highly promising heavy-oil tar sand field that is expected to be densely developed at scale, with as low as 2.5 acre spacing for future wells. Through existing working interests and option agreements, the Company has the ability to take up to a 20% working interest in this project.

“These are positive next milestones for our Company,” commented Michael Peterson, CEO of Trio Petroleum Corp. “It is very encouraging to see these next steps happen in the transition from the exploration and de-risking of these promising oil and gas assets into potentially scalable cash-flowing resources. We look forward to providing further updates as we drill our first well on the Asphalt Ridge Asset and restart production on additional wells and selling of oil produced from both the McCool Ranch and Presidents Fields in the months ahead.”

The Company is also announcing the commencement of drilling activities on the Asphalt Ridge project in Uintah County, UT. A rig is scheduled to be on site this Sunday, and to drill and complete the Company’s first well on this asset in the next two weeks. Drilling results are expected to be readily available shortly after the well is drilled to a total estimated depth of 1,200 feet. The project targets a highly promising heavy-oil tar sand field that is expected to be densely developed at scale, with as low as 2.5 acre spacing for future wells. Through existing working interests and option agreements, the Company has the ability to take up to a 20% working interest in this project.

That first trade showing as a sell,..????

That first trade showing as a sell,..????