P.R. Spring Tar-Sand Oil Development Project

Planned

Trio Petroleum has entered into a Letter of Intent to acquire 2,000 acres at P.R. Spring, Unita Basin, Utah, one of North America's largest tar-sand deposits outside Canada. The project aims to develop up to 1,000 wells with potential production of 50,000 barrels per day over a 20-year life. Each well is expected to produce 300,000 barrels with stable production of 40 barrels per day, at a drilling cost under $800,000 per well. The project will produce commercial grade asphalt (90%) and diesel range product (10%), both expected to sell at premium prices to WTI. Trio will provide 100% of development capital and share 50% of net profits with Heavy Sweet Oil LLC.