RE: This timing of funding also fits in well with this.18 Feb 2024 06:24
Trio’s CEO, Michael L Peterson, stated: “We are extremely excited to be participants in the effort to develop the giant, world-famous and world-class Asphalt Ridge heavy-oil and tar accumulation into a highly profitable oilfield. It is excellent to be able to diversify our exciting portfolio of California opportunities with such a high-potential asset in Utah, especially one that will not require a lot of additional capital expenditures according to the operator’s development plan. Development is commencing now and, with success, the Utah asset may be cash flowing in mid-2024. We now have two major assets in our portfolio, the South Salinas Project in California and the Asphalt Ridge Project in Utah. We are diligently seeking to execute on our business plan to build cash-flow, ensure the success of the Company, and to increase shareholder value.”