Trio Petroleum Corp. announced on May 20, 2025, that it has entered into a Letter of Intent (LOI) to acquire 2,000 acres at P.R. Spring in the Uinta Basin, Utah, from Heavy Sweet Oil LLC (HSO). The P.R. Spring area is estimated to contain 6.75 billion barrels of oil-in-place (OOIP) within its basin boundary limits.
An optimization study indicates that a typical project well at P.R. Spring has an estimated ultimate recovery (EUR) of 300,000 barrels of oil with a stable production rate exceeding 40 barrels per day. The 2,000-acre parcel could support up to 1,000 wells, potentially yielding upwards of 50,000 barrels per day over a 20-year life when fully developed.
Trio paid a non-refundable $150,000 for the option to acquire and develop the project. The company's obligation to enter a definitive agreement is contingent on achieving a minimum sustained production rate of 40 barrels per day for 30 continuous days from each of two wells at the adjacent Asphalt Ridge site. As a result of this new opportunity, Trio allowed its option for an additional 77.75% in Asphalt Ridge to expire.
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