Trio Petroleum Enters LOI To Acquire 2,000 Acres At Utah's P.R. Spring From Heavy Sweet Oil For $150,000 Non-Refundable Option Fee, With Definitive Terms Including $850K Cash, 1.49M Restricted Shares, Full Funding Of CapEx, 50/50 Net Profit Split, And Commitment To Drill Seven Production Wells Within Two Years Post-Closing

Author: Benzinga Newsdesk | May 20, 2025 07:34am

Pursuant to the terms and conditions of the Definitive Agreement, it is intended that Trio will construct a minimum of seven production wells in connection with the P.R. Spring Project, during the two-year period after the Closing.

It is also expected that the Definitive Agreement will contain such other terms and conditions as are customary in an acquisition of this nature including, without limitation, representations and warranties, conditions for Closing and applicable indemnifications.

Trio's obligation to enter into the Definitive Agreement shall be subject to delivery of evidence of a minimum sustained production rate of 40 barrels per day for a continuous 30-day period from each of the two wells at the Asphalt Ridge site.

Posted In: TPET