Trio Petroleum Strikes Oil-Rich Deal in Canada’s Heartland, Shares Double

Trio Petroleum Corp (NYSE American: TPET) announced a non-binding Letter of Intent to acquire 100% working interest in producing oil and gas properties from Novacor Exploration Ltd. in the Lloydminster region of Saskatchewan, Canada. The move positions Trio to tap into one of North America’s most attractive heavy oil basins, with seven currently producing wells and opportunities for further development. The deal, if completed, is expected to add immediate cash flow and offers potential for production growth through additional re-entry wells and new drilling targets.

Robin Ross, Trio’s Chief Executive Officer commented, “Trio’s plan is to aggressively grow its footprint in the area utilizing Novacor as an operator of the assets. The initial project has the capability to rapidly double production, and we are looking forward to a long and prosperous relationship with Novacor. Our focus remains on acquiring projects that generate immediate cash flow or offer transformative growth potential with strategic investment like the Asphalt ridge Project in Utah. We believe that this approach aligns with our long-term vision of creating exponential value while managing risk and resources effectively.”

Following the news, shares of Trio Petroleum surged 100%.