Trio Petroleum Halts McCool Ranch Operations
Trio Petroleum Corp. (NYSE:TPET) declared that it will terminate efforts to purchase a working interest in the field and halt operations at its McCool Ranch project in California.
A close-up shot of a large pipeline pumping crude oil and pipe valves in a petroleum trust.
The decision is based on prohibitive economics under previously negotiated parameters, including high water disposal expenses, especially in California, and low natural gas prices. Trio Petroleum Corp. (NYSE:TPET) is reallocating resources to more prospective places after determining that cyclic steam operations at the facility would not be sustainable in the long run.
California-based Trio Petroleum Corp. (NYSE:TPET) explores for oil and gas in Utah, Saskatchewan, and California. The cost of the McCool Ranch project was hampered by California's high water disposal costs and expensive gas prices, which made improved oil extraction techniques like cyclic steaming less viable. The goal of the strategic change is to boost profitability by concentrating on assets in the company's current portfolio that have better production and cost circumstances.
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