Trio Petroleum Corp. announced on May 21, 2025, the completion of its acquisition of the balance of certain petroleum and natural gas properties held by Novacor Exploration Ltd., specifically the Novacor TWP47 assets. This finalizes the acquisition of Novacor's properties in the Lloydminster, Saskatchewan heavy oil region.
The acquired assets include seven producing wells across two properties, with Novacor continuing as the operator. These wells produce heavy crude oil from the McLaren/Sparky and Lloydminster formations, and Novacor has the capability to rapidly double production.
The Novacor assets are characterized by low operational costs, with current lift costs at a competitive CDN $10.00 per barrel. This cost efficiency is expected to provide Trio Petroleum with a significant buffer against downward oil price pressures and ensure strong profitability even in a lower oil price environment. The total purchase price for the acquisition was US$650,000 in cash and 526,536 shares of Trio common stock.
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