Trio Reports Notable Increases in Estimated Oil And Gas Reserves; Updated Reserve Report Shows An Estimated Increase Of ~$67M In Discounted Net Cash Flow To $475M From The Company's Probable Undeveloped Reserves In The South Salinas Project's Combined Phases 1-3

Discounted Net Cash Flow (at 10%) increase of $67 Million to $475 Million

Based on Updated Operations

Bakersfield, CA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE:TPET) ("Trio" or the "Company"), a California-based oil and gas company, today provided an update on estimates of oil and gas reserves and future net cash flows at its South Salinas Project in Monterey County, California. The Company recently filed with the Securities and Exchange Commission ("SEC") a Registration Statement on Form S-1 ("S-1") that included an updated reserve report, effective April 30, 2024 ("Reserve Report"), for the Company's assets at the South Salinas Project. The Reserve Report was prepared by an independent third-party engineering firm, KLS Petroleum Consulting LLC.

The updated Reserve Report calculated approximately $475 million in estimated discounted (at 10%) net cash flow to the Company from its Probable (P2) Undeveloped Reserves of combined Phases 1-3 in the South Salinas Project, which is an increase of approximately $67 million from the Company's earlier reserve report as filed with the SEC. The Reserve Report recognizes Probable (P2) Undeveloped Reserves and Possible (P3) Undeveloped Reserves for three project development phases, namely existing wells and permitted drilling locations, an additional 12-well drilling program, and the full development of the field over a four year period.