According to Trio Petroleum Corp., the prospect is fully leased and permitting for an exploration well is in an advanced stage. (Source: Shutterstock)
California-based oil and gas company Trio Petroleum Corp. announced it has secured a four-month exclusive option to acquire a natural gas prospect in the Sacramento Basin with the potential to produce an estimated 40 Bcf of gas, according to an Oct. 23 release.
The company believes this prospect, which is based on 3D seismic data, could provide significant natural gas production and cash flow due to the prospect’s proximity to prolific gas fields, easy access to a gas pipeline and targets gas sands at approximately 8,000 ft, the release stated.
“We are fulfilling our business plan to make smart acquisitions to help ensure the success of the company and to increase shareholder value,” Trio CEO Michael L. Peterson said in the release. “We will continue to search for acquisitions to help diversify and provide significant upside opportunity to our production and cash flow.”
According to Trio, the prospect is fully leased and permitting for an exploration well is in an advanced stage.
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