Trio Petroleum issued a press release this week with an update on the Asphalt Ridge Project in Uintah County. Trio Petroleum currently owns a 2.25% working interest in 960 acres at Asphalt Ridge, and may acquire up to an additional 17.75% working interest in the same 960 acres and also a 20% interest in an adjacent 1,920 acres. Trio Petroleum also has a right of first refusal to participate in an additional approximate 30,000 acres of the greater Asphalt Ridge Project on terms offered to other third parties. Thanks to an extension, Trio Petroleum now has until April 10th to exercise its right to acquire the remaining 17.75% interest in the initial 960 acres. The release also stated that the Asphalt Ridge Project is “known to be one of the largest heavy-oil and tar-sand deposits in North America outside of Canada, making it a potential giant oilfield, and is unique given its low wax and negligible sulfur content, which is expected to make the oil very desirable for many industries, including shipping. A typical project well has an estimated ultimate recovery of 300,000 barrels of oil with an initial production rate of approximately 40 barrels of oil per day.” Trio Petroleum Corporation is headquartered in Bakersfield, California, with operations in California and Uintah County, Utah.
