California E&P Trio Petroleum Corp. announced that it has leased an additional 667 mineral-acres solidifying its core acreage position at its South Salinas Project.
The additional leasehold increases Trio’s footprint by approximately 8%, from 8,600 acres to 9,267 acres, the company said in a May 1 press release. Trio reported in April that it owns an approximate 82.75% working interest in the South Salinas Project, according to a Securities and Exchange Commission filing.
The acquisition follows an April announcement by Trio that it has contracted a drilling rig and will within two weeks commence drilling operations on the HV-1 well located in the company’s South Salinas Project.
Trio said in a press release it expects the rig will begin moving to the drilling location within a week. The HV-1 well is a two-mile step-out well to the HV-3A discovery that found and produced mid-gravity oil on Trio’s acreage.
Trio CEO Frank Ingriselli said the leasing of this additional “core acreage couldn’t have come at a better time for the company.”
“We will very soon commence drilling on its HV-1 confirmation well and now have expanded and solidified our acreage available to carry out our aggressive development plans,” he said. “This expansion should result in our ability to acquire more reserves and increase the net present value of our development project.”
Trio operates the South Salinas Project on behalf of the company and other working interest partners pursuant to a joint operating agreement. Presidents Oilfield is a contiguous area of the South Salinas Project, which contains the HV-1 confirmation well.
Recommended Reading
Baytex Prices Upsized Private Placement of Senior Notes
2024-03-15 - Baytex intends to use the proceeds to pay a portion of outstanding debt on its credit facilities and general corporate purposes.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.