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.
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