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Trio Petroleum Corp announced that its subsidiary, Trio Petroleum Canada, entered into a farmout agreement with…
TPETTrio Petroleum Corp
Trio Petroleum Corp announced that its subsidiary, Trio Petroleum Canada, entered into a farmout agreement with Croverro Energy Ltd. to earn working interests in petroleum and natural gas rights in Alberta and Saskatchewan. The deal allows Trio to participate in up to seven earning programs involving 14 new multilateral test wells. Participation requires an initial prospect fee of CAD $450,000 and funding for drilling costs, yielding an 80% revenue interest until cost payout, which then steps down to 60%. Croverro remains the operator. Trio Petroleum Corp is an independent oil and gas company focused on acquiring, developing, and optimizing oil and gas properties in North America.