Trio Secures Up to 14 New Multilateral Wells in Canadian Oil Patch

Trio Petroleum has secured up to 14 new multilateral wells in Canada through a farm-in and development agreement with Croverro Energy. The deal gives Trio an 80% revenue interest until payout, then 60% thereafter, on applicable projects.

The agreement includes a re-entry and producing-property acquisition, as well as five new multilateral wells in Alberta and nine in Saskatchewan. Trio will pay a CAD $450,000 prospect fee and fund approximately CAD $1.8 million of development capital for the initial two-well earning program.

Croverro Energy will remain the operator, bringing its expertise in multilateral horizontal drilling to the project. The staged program is designed to recycle cash flow from early production into subsequent drilling over an 18-month period.