P.R. Spring Tar-Sand Oil Development Project

Planned

Trio Petroleum Corp has entered into a Letter of Intent to acquire 2000 acres at P.R. Spring, Unita Basin, Utah, one of the largest tar-sand deposits in North America outside of Canada. The project involves developing up to 1000 wells in seven well pods, with an estimated production of 50,000 barrels of oil per day and a 20-year life. The initial products will be commercial grade asphalt and diesel range product, both low sulfur and low carbon footprint. Trio will provide 100% of the capital expenditures and plans to construct a minimum of seven production wells within two years after closing the acquisition.