Trio Petroleum Corp., a California-based oil and gas company, has announced its entry into a Letter of Intent to acquire 2,000 acres at P.R. Spring in the Unita Basin, Utah. This area is recognized as one of the largest tar-sand deposits in North America outside of Canada. The acquisition is from Heavy Sweet Oil LLC (HSO). As part of the proposed transaction, Trio has made a non-refundable payment of $150,000 for the option and plans to issue 1,492,272 restricted shares of its common stock to HSO, along with a cash payment of $850,000. The agreement anticipates Trio's commitment to constructing a minimum of seven production wells for the development of the P.R. Spring Project, with both Trio and HSO entitled to 50% of the net profits. The project promises high potential profitability, owing to the area's large oil deposits and low sulfur content, making it attractive to various industries.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Trio Petroleum Corp. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001641172-25-011613), on May 20, 2025, and is solely responsible for the information contained therein.
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