Trio Acquires Oil Assets for Production Boost

Boca Raton, Florida., Sept. 30, 2026 /CourierPR/ -- Trio Petroleum Corp, a Canadian oil and gas company focused on the acquisition, development, and optimization of oil and gas properties in North America, has announced the acquisition of 24 oil wells from Marlin Resources Ltd. in Saskatchewan's Lloydminster region. The acquisition combines approximately 37 barrels of oil per day (BOPD) of current production with identified existing-well workover upside, a significant new multilateral drilling opportunity, and strategically positioned disposal infrastructure.

The acquisition includes 4 producing wells and 20 shut-in heavy-oil assets. A central development opportunity within the Marlin acquisition is a proposed Cummings multilateral well on the N/2 of Section 9-48-23W3. The proposed well would use multiple horizontal branches from a single surface location to access approximately 4,000 meters of target Cummings reservoir. Trio estimates a CDN$1.2 million drilling and development budget, which includes drilling, completion, and equipping the well for production. Nearby, a Cummings multilateral development by Canadian Natural Resources ("CNRL") and other operators supports the broader development concept as similar wells are producing approximately 375 BOPD, thereby supporting adding a major drilling component to the production upside identified in the existing well inventory. Trio has also budgeted a CDN$425,000 workover, reactivation, and recompletion program targeting additional production.

As consideration for the 24 wells, Trio is paying CDN$800,000 in cash and transferring to Marlin an underutilized water disposal asset. The cash purchase price and anticipated development and workover expenses will be funded from Trio's cash on hand. The acquisition also includes a strategic water disposal facility that is better located to support Trio's existing wells, the acquired wells, and future development. The improved location is expected to reduce water-hauling distances and disposal costs while creating opportunities for third-party water-disposal and associated skim-oil revenue.

The acquisition of the assets from Marlin Resources Ltd. represents another achievement in Trio's strategy to build a substantially larger Canadian oil and gas business. The acquisition of the assets will allow Trio to further leverage its existing infrastructure and expertise to enhance production and capitalize on the strategic positioning of the acquired assets. The acquisition also aligns with Trio's focus on optimizing existing production and identifying opportunities to develop additional production through drilling and other development activities.