Mergers & Acquisitions ·
Trio Petroleum acquires 24 oil wells from Marlin Resources for CAD$800,000 plus water disposal asset
TPETTrio Petroleum Corp
Trio Petroleum Corp announced that its Canadian subsidiary entered into a Purchase and Sale Agreement to acquire 24 oil wells from Marlin Resources Ltd. for CAD$800,000 in cash and the transfer of an underutilized water disposal asset. The portfolio includes four producing wells generating approximately 37 barrels of oil per day and twenty shut-in heavy-oil assets. Trio plans to invest CDN$1.2 million for a Cummings multilateral well and CDN$425,000 for workovers to increase production. This acquisition supports the company's strategy to expand its Canadian asset base through strategic purchases and development.