Trio Petroleum Corp. (Trio), a California-based oil and gas company, has entered into a non-binding letter of intent for the acquisition of a 100% working interest in petroleum and natural gas properties held by Novacor Exploration Ltd. (Novacor), which are located in the Lloydminster, Saskatchewan, Canada, heavy oil region. The Novacor assets include seven producing wells.
“We are excited to acquire an initial footprint in this very lucrative oil and gas area of Canada and home to some of the largest players in the industry,” said Robin Ross, chief executive officer of Trio. “Trio’s relationship with Novacor is very important because Novacor has a long history of oil and gas development in the area. Trio’s plan is to aggressively grow its footprint in the area utilizing Novacor as an operator of the assets. The initial project has the capability to rapidly double production, and we are looking forward to a long and prosperous relationship with Novacor.”
Headquartered in Bakersfield, California, Trio is an oil and gas exploration and development company with operations in Monterey County, California, and Uintah County, Utah.
