Trio acquires oil and gas assets in heavy oil region of Saskatchewan Canada
Acquisition Details: Trio Petroleum has completed the acquisition of petroleum and natural gas properties from Novacor Exploration, specifically the TWP48 assets, with plans to finalize the TWP47 assets soon. This positions TPET to expand in the promising Lloydminster heavy oil region.
Production Potential: The acquired properties currently have seven producing wells generating approximately 70 barrels of heavy crude oil per day, with potential for additional production through re-entry wells and reactivation of equipped locations.
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Why RH Shares Are Trading Higher By Around 18%; Here Are 20 Stocks Moving Premarket
RH Earnings Report: RH shares surged 18.2% in pre-market trading after reporting first-quarter earnings that exceeded analyst expectations, despite a slight revenue miss. The company maintained its FY25 guidance and projected second-quarter revenue growth of 8% to 10%.
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Trio to suspend operations at McCool Ranch
Operational Suspension: Trio Petroleum Corp has suspended operations at McCool Ranch and will not pursue acquiring a working interest in the project due to prohibitive natural gas prices and water disposal costs in California.
Strategic Shift: The company plans to redirect its focus towards other sites that are expected to be more economically viable and potentially yield higher profits.
