Latest news with #RobinRoss
Yahoo
12-04-2025
- Business
- Yahoo
Trio Petroleum acquires cash flow-positive oil assets in Saskatchewan, Canada
Trio Petroleum, a California-based oil and gas company, has completed the acquisition of certain petroleum and natural gas properties from Novacor Exploration in the Lloydminster, Saskatchewan, heavy oil region. The assets include the TWP48 properties, with an imminent closing on the TWP47 assets. The acquired assets are located in the south-west quarter of Section 19, Township 47, Range 26W3M, and the north-east Section 3, Township 48, Range 24W3M. Currently, there are seven producing wells on these properties, yielding approximately 70 barrels per day (bpd). The wells produce heavy crude oil from the McLaren/Sparky and Lloydminster formations. Production from the wells in Section 19 is subject to Freehold Royalties of 13.5% and a gross overriding royalty of 2%, while Section 3 wells have Freehold Royalties of 15%. Novacor operates these wells, which are economically viable due to low operational costs and favourable market accessibility. Trio CEO Robin Ross said: "Our focus remains on acquiring projects that generate immediate cash flow or offer transformative growth potential with strategic investment. We believe that this approach aligns with our long-term vision of creating exponential value while managing risk and resources effectively.' A reserve report by Petrotech and Associates in August 2024 indicates total proved and probable oil reserves of 91.5 million barrels. The report also highlights potential upside through multilateral drilling opportunities in the Sparky GP formation, enhancing future production prospects. Novacor's current lift cost is C$10.00 ($7.12) per barrel, ensuring Trio's profitability even in a lower oil price environment. Trio's focus on cost management and efficient production techniques positions it to withstand market fluctuations better than competitors with higher operating costs. The acquisition's purchase price is $650,000 in cash, paid in two tranches, and 526,536 shares of Trio's common stock. Trio has committed to registering these shares for resale with the US Securities and Exchange Commission. A $65,000 good faith deposit was paid to Novacor, applied to the cash portion of the purchase price at the initial closing. "Trio Petroleum acquires cash flow-positive oil assets in Saskatchewan, Canada" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
03-04-2025
- Yahoo
Surf school loses bookings after paddleboard theft
A surf school in Cornwall has been left high and dry in the run-up to Easter after a trailer full of paddleboards was stolen. Robin Ross, from Freewave Surf Academy in Bude, said the box trailer was loaded with 14 boards, paddles and wetsuits when it was stolen on Sunday. It was seen being towed from the Crescent car park by a dark-coloured Discovery-type 4x4 at about 04:10 BST. Devon and Cornwall Police urged anyone with information about the left to contact them. Mr Ross said the value of the stolen equipment was about £5,000 but the cost to replace it would be closer to £16,000. He said the academy had lost a large group booking and had to cancel the start of this season's Stand Up Paddling club event. "Unless we can solve the problem pretty quickly, it's going to eat into the busy season," he said. "[It will have] a big impact on our livelihoods." After sharing the predicament on social media, he said he had received "a fantastic response" - including a company in Gosport, Hampshire, which offered to loan 40 paddleboards. Mr Ross said: "It bridges the gap, but we have to ask ourselves whether we can afford to replace it all." Describing the stolen trailer, Mr Ross said it was an Ifor Williams BV126 trailer, measuring 5ft (4.5m) long by 8ft high (2.4m). It has a wood-clad interior, new stainless steel bolts and an air vent at the front, he said. Follow BBC Cornwall on X, Facebook and Instagram. Send your story ideas to spotlight@ Devon to host Stand Up Paddling World Cup in 2026 'Amazing' Elsie completes paddle-to-school mission RNLI seeing an increase in paddleboard rescues Trailer full of surfboards stolen from Bude beach Freewave Surf Academy Devon and Cornwall Police
