California based oil and gas company Trio Petroleum Corp, announced last week updates on recently completed drilling activities in Uintah County. In their press release from June 11th, the company stated that they have successfully drilled their first two exploratory wells, one with a total depth of 1,020 feet and the other to a depth of 1,390 feet and that the wells encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge Sandstones. “Based on this new data,” shares Trio Petroleum CEO Michael Peterson, “we believe the economic impact of our ownership interest in the Asphalt Ridge project has the potential to quickly exceed that of our substantial assets in California. The data support the expectation that the wells will be highly economic with stable long-lived production value, if our production and resource estimates prove to be accurate.” The stock for Trio Petroleum jumped with this news and heavy trading of the shares followed. The company’s daily average trading volume is about 20.8 million shares and their stock was up 67.7% within the days following the announcement.
