{"id":973555,"date":"2026-06-18T08:06:19","date_gmt":"2026-06-18T12:06:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/trio-petroleum-corp-provides-update-on-acquisition-strategy-and-ongoing-operations\/"},"modified":"2026-06-18T08:06:19","modified_gmt":"2026-06-18T12:06:19","slug":"trio-petroleum-corp-provides-update-on-acquisition-strategy-and-ongoing-operations","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/trio-petroleum-corp-provides-update-on-acquisition-strategy-and-ongoing-operations\/","title":{"rendered":"Trio Petroleum Corp Provides Update on Acquisition Strategy and Ongoing Operations"},"content":{"rendered":"
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\n Malibu, California, June 18, 2026 (GLOBE NEWSWIRE) — <\/strong>Trio Petroleum Corp (“Trio” or the “Company”) (NYSE American: TPET) is pleased to provide shareholders with an update regarding its acquisition strategy and ongoing efforts to build a diversified portfolio of cash-flowing oil and gas assets.<\/p>\n

\n Acquisition Strategy Update<\/b>\n <\/p>\n

Trio continues to actively evaluate acquisition opportunities in both Canada and the United States, with its primary focus currently centered on producing oil and gas properties located in Alberta and Saskatchewan, both of which properties are located in Canada.<\/p>\n

As of its balance sheet dated April 30, 2026, the Company had approximately $22 million in cash and cash equivalents and has raised net proceeds of approximately $1.7 million pursuant to its At-The-Market facility, since that date. As of April 30, 2026, Trio also did not have any long-term debt. Management believes that this financial position provides the Company with significant financial flexibility as it evaluates opportunities that it believes can create long-term shareholder value.<\/p>\n

To support its acquisition efforts, Trio has assembled a team of experienced industry consultants with expertise in operations, reservoir engineering, land management, production optimization and asset evaluation. The team’s mandate is to identify producing oil and gas properties that not only generate immediate cash flow but also offer meaningful upside through development drilling, workovers, recompletions, reserve growth and operational improvements.<\/p>\n

To date, the Company has submitted approximately twelve non-binding acquisition proposals and indications of interest to various owners of producing oil and gas assets, primarily in Alberta and Saskatchewan. The targeted opportunities have averaged approximately 550 barrels of oil equivalent per day (BOE\/d) of current production and include both operated and non-operated working interest opportunities involving light oil and heavy oil assets.<\/p>\n

The Company’s initial acquisition proposals have generally been three times (3X) Cash Flow based on valuation metrics averaging $25,000 Canadian per flowing BOE\/D. While management believes these valuations represent attractive entry points, there can be no assurance that any of the Company’s proposals will be accepted, that negotiations will advance, or that any transaction will ultimately result in a definitive agreement or completed acquisition.<\/p>\n

Management remains committed to a disciplined acquisition strategy and is focused on acquiring assets that satisfy strict technical, operational and economic criteria rather than pursuing growth for growth’s sake.<\/p>\n

\n Robin Ross, Chairman and Chief Executive Officer of Trio Petroleum, commented:<\/b>\n <\/p>\n

\u201cWe recognize that shareholders are eager to see the Company deploy its capital into producing assets. However, our cash position does not create pressure to complete a transaction simply for the sake of putting money to work. We believe patience and discipline are critical to maximizing long-term shareholder value.<\/p>\n

We are conducting thorough technical, operational and economic reviews before moving forward with any transaction. Our objective is to acquire assets that can generate meaningful cash flow while also providing substantial upside potential. If an opportunity does not meet our acquisition criteria, we are prepared to walk away.<\/p>\n

We also believe the current market valuation of Trio does not adequately reflect the strength of our balance sheet. Management believes that such market valuation does not take into account the Company\u2019s cash position and its planned use of cash for acquisitions, which, management believes, will support a significantly greater market valuation, as a result of a fundamental growth in operations, although there is no assurance that this will be achieved. We also don\u2019t believe that the current market value fully takes into account our existing oil and gas assets, production, revenues, infrastructure, technical team, or the acquisition opportunities currently being evaluated.<\/p>\n

\n Key Operational Highlights<\/b>\n <\/p>\n

Following spring breakup and ongoing field optimization activities, current runtime production from the Company’s producing assets is approximately 78.7<\/b> barrels of oil per day (BOPD).<\/p>\n