Recent Updates — TPET
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.
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.
Trio Petroleum Corp announced a one-for-nine (1:9) reverse stock split of its common stock to protect its NYSE American listing. The Board approved the split on August 12, 2026, within the range authorized by shareholders in May 2026. The effective date is August 28, 2026, at 4:30 p.m. ET, with split-adjusted trading beginning on August 31, 2026. Fractional shares will be cashed out based on the closing price on the effective date. Proportionate adjustments apply to outstanding options, warrants, and convertible securities. The company also highlighted its strategy of combining acquisitions with internal drilling development, citing $22 million in cash as of April 30, 2026, and an additional $1.7 million raised via ATM facilities. Trio Petroleum Corp is an independent oil and gas company focused on the acquisition, development, and optimization of oil and gas properties in North America.
Trio Petroleum Corp entered into an amendment to the independent contractor agreement with CFO Greg Overholtzer on July 1, 2026, increasing his monthly compensation from $15,000 to $17,000. Trio Petroleum Corp is an oil and gas exploration and production company.