三人组在P.R.获得2000英亩土地犹他州春天

2025-05-20 20:40

Trio Petroleum (NYSE:TPET) on Tuesday announce it has entered into a Letter of Intent to acquire 2000 acres at P.R. Spring, Unita Basin, Utah from Heavy Sweet Oil.
The initial product from these wells will be commercial grade asphalt directly from the site for 90% of the production with an estimated 10% balance being a diesel range product.
Upon the execution of the LOI by the parties, Trio paid HSO a non-refundable payment of $150,000 for the option to acquire 2,000 acres of Trio’s choice and develop the P.R. Spring Project.
Upon Trio entering into an agreement with HSO for the P.R. Spring Project, at the closing of the proposed pransaction it is expected that Trio shall issue to HSO 1.49M restricted shares of Trio’s common stock and pay to HSO $850,000, in cash, which shall be applied toward the acquisition and development of the P.R. Spring Project.
It is also expected that Trio will provide 100% of the required capital expenditures for the development of the P.R. Spring Project, and Trio and HSO will each be entitled to 50% of the net profits derived from the P.R. Spring Project.
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.
Source: Press Release

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