Trio Petroleum Updates Acquisition Strategy, Targets $22M Cash for Deals

Key Highlights

• Trio Petroleum Corp had approximately $22 million in cash and cash equivalents as of April 30, 2026.
• The company raised approximately $1.7 million in net proceeds from its At-The-Market facility since April 30, 2026.
• Trio has submitted approximately twelve non-binding acquisition proposals, primarily in Alberta and Saskatchewan.
• Targeted acquisition opportunities average approximately 550 barrels of oil equivalent per day (BOE/d) of current production.
• Initial acquisition proposals are generally 3X Cash Flow, averaging $25,000 Canadian per flowing BOE/D.
• Current runtime production from existing assets is approximately 78.7 barrels of oil per day (BOPD).
• Management believes production has the potential to increase to approximately 132.7 BOPD from optimization and restart initiatives.
• The new water disposal facility is operational and capable of processing up to 1,000 cubic metres of water per day, potentially generating $90,000 per month gross revenue at full utilization.
• Combined production and recovery potential could increase to approximately 170.7 BOPD with full facility utilization and anticipated recovery rates.