Trio Petroleum Expands Canadian Heavy-Oil Operations with Croverro

Trio Petroleum Corp. has expanded its Canadian heavy-oil operations through two agreements with Croverro Energy Ltd.

The first deal, signed on September 17, 2026, grants Trio the right to earn working interests in heavy-oil and natural gas properties across Alberta and Saskatchewan by funding up to seven two-well earning programs.

Croverro will remain operator but allows Trio to assume operatorship under certain change-of-control or key personnel conditions. In return for its investment, Trio will initially hold an 80% share of Croverro's pre-earning interests, stepping down to 60% after cost payout.

A broader farm-in and multilateral development program was announced on September 21, 2026. This covers a 14-well multilateral inventory plus a re-entry and producing-property acquisition in Alberta and Saskatchewan, with the transaction aiming to provide Trio with a low-cost pathway to build its Canadian heavy-oil business.

The Lloydminster region is targeted for significant production growth, leveraging Croverro's long-standing expertise in multilateral development. The deal is expected to enhance reservoir contact, recovery efficiency, and capital returns while recycling cash flow from earlier wells into future drilling.