Trio Petroleum Extends LOI for Utah Oil & Gas Asset Acquisition

Trio Petroleum Corp has extended its non-binding Letter of Intent (LOI) with Heavy Sweet Oil LLC for the acquisition of 2,000 acres of oil and gas assets in Utah. The original LOI, dated May 20, 2025, was contingent on achieving a minimum sustained production rate of 40 barrels per day from two wells by May 15, 2026. As this condition was not met, the company and HSO agreed on April 20, 2026, to extend the production rate period until May 15, 2028, to allow more time to fulfill the acquisition terms.