What Trio Petroleum does

Trio Petroleum Corp (NYSE American: TPET) is a micro-cap upstream oil and gas exploration, development, and production company formed in 2021 as a Delaware C Corporation, with operational roots tracing to Trio Petroleum LLC founded in 1983. The company operates three core assets: (1) the South Salinas Project in Monterey County, California (85.75% working interest) with estimated 47 MMBOE of Probable (P2) and 129 MMBOE of Possible (P3) undeveloped reserves, supported by 30 square miles of proprietary 3D seismic data; (2) the P.R. Spring Project in Uintah County, Utah, an option on 2,000 acres containing an estimated 6.75 billion barrels of Original Oil in Place and theoretical peak output of 50,000 barrels per day; and (3) producing operations in Lloydminster, Saskatchewan (seven wells producing ~70 BOPD at CDN $10/barrel lift cost, 91.5 MBBL proved+probable reserves). In November 2025 the Canadian subsidiary extended into Alberta via a mineral lease acquisition, and in June 2026 the company acquired NovaCore Exploration. Current production stands at approximately 78.7 BOPD with stated optimization potential to 132.7 BOPD.

The business model is straightforward upstream commodity production: Trio sells crude oil directly to refineries (Santa Maria Refinery named for California volumes) at posted prices (Chevron daily posting for Midway Sunset crude) and natural gas to utilities/industrial buyers. Crude from Lloydminster is sold into the Canadian heavy oil market. The company does not disclose product pricing publicly because realized prices are commodity-driven. Distribution is via truck transport (Gazelle Transportation) for California volumes. Capital is raised through at-the-market (ATM) equity programs on NYSE American, with Ladenburg Thalmann & Co. as sales agent on a 3.0% commission; ~$24 million had been raised cumulatively by May 2026 across an expanded $65 million facility. Customer base is B2B and limited to regional refineries and gas buyers. TTM financials show negative free cash flow of $3.1 million and EPS of -$0.64, with ~$22 million in cash and no long-term debt as of April 2026 and a market capitalization of ~$17.4 million.

Name

Trio Petroleum

Legal name

Trio Petroleum Corp.

Website

https://trio-petroleum.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Trio Petroleum Corp (NYSE American: TPET) is a micro-cap upstream oil and gas producer operating three core assets — South Salinas (California), P.R. Spring (Utah), and Lloydminster (Saskatchewan) — selling crude oil directly to refineries and pursuing an active acquisition-led expansion strategy in Canada and the U.S.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Crude Petroleum Extraction (211120), Oil and Gas Extraction (211), Oil and Gas Extraction (2111), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Crude Oil Field Gathering Systems (TLAGAJAA)

akta.pro secondary industry

Produced Water Gathering & Disposal Pipelines (TLAGAJAD)

Keywords

• Upstream oil and gas
• Oil exploration and production
• Crude oil development
• Heavy oil recovery
• Oilfield acquisitions

Headquarters

HQ city

Boca Raton

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Oil and Gas Production Sales: Trio Petroleum generates revenue through the sale of crude oil and natural gas produced from its properties in California, Saskatchewan, and Utah. Oil is trucked to refineries with pricing based on Chevron daily posting for Midway Sunset crude. The company operates producing wells in Lloydminster, Saskatchewan (currently ~70 BOPD), with optimization potential to increase production.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Trio Petroleum Corp is an upstream oil and gas exploration, development, and production company. The company acquires producing oil and gas properties and develops heavy oil and conventional reserves across three core projects: the South Salinas Project in Monterey County, California; the P.R. Spring Project in Uintah County, Utah; and producing operations in Lloydminster, Saskatchewan, Canada. The company sells crude oil directly to refineries and natural gas to utilities and industrial buyers.

Product overview

Trio Petroleum Corp is an oil and gas exploration, development and production company operating three core projects: the South Salinas Project in Monterey County, California (85.75% WI) with major P2/P3 undeveloped reserves; the P.R. Spring Project in Uintah County, Utah with significant heavy oil potential; and producing operations in Lloydminster, Saskatchewan, Canada. The company was formed in 2021 as a Delaware C Corporation and operates through its parent company Trio Petroleum LLC (founded 1983) with a focus on building a portfolio of high-return oil and gas assets.

Differentiator

Problem solved

Functional benefit

Products and services

• South Salinas Project Trio Petroleum's primary development asset in Monterey County, California, with estimated Probable (P2) Undeveloped Reserves of 40 MMBO and 42 BCFG (47 MMBOE) and Possible (P3) Undeveloped Reserves of 101 MMBO and 169 BCFG (129 MMBOE). Includes the Presidents and Humpback potential major oilfields.
• P.R. Spring Project Heavy oil and tar sand development project in Uintah County, Utah, with estimated 6.75 billion barrels of OOIP, ultimate recovery of 300,000 barrels of oil per well, and potential to support up to 1,000 wells yielding 50,000 barrels per day when fully developed.
• Lloydminster Saskatchewan Operations Cash-flow positive producing heavy oil operations in the prolific Lloydminster region of Saskatchewan with seven producing wells currently yielding approximately 70 barrels per day, lift cost of CDN $10.00 per barrel, and 91.5 MBBL of total proved and probable oil. Potential for 4 additional re-entry wells and two fully equipped locations.

Quantifiable outcome

• Potential to increase production from 78.7 BOPD to 132.7 BOPD through optimization initiatives
• +4 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators11 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• Tonogold Resources: Small public resources company where Trio director William Hunter serves as Executive Chairman and Interim CEO. While primarily mining-focused, the operational scale and public-market structure make it a relevant comparable for Trio's micro-cap resource development profile.

Broad incumbents

• Occidental Petroleum: Major California-headquartered oil and gas company where Trio's Stan Eschner was formerly VP/Chief Geologist and where multiple Trio team members worked (including CEO Robin Ross via P.R. Spring/Asphalt Ridge operations). Oxy's California operations define the regulatory and competitive environment for South Salinas.
• Canadian Natural Resources: One of the largest independent crude oil producers in Canada, also cited by Trio as a Lloydminster region major. Provides a benchmark for what scaled Canadian heavy oil operations look like at maturity.
• Chevron: Major oil company where Trio director John Randall served as Geology Operations Manager, where Terry Eschner worked for 10 years, and whose daily price posting (Midway Sunset) sets Trio's crude pricing benchmark. Operates in the same California basins that contextualize South Salinas.
• Cenovus Energy: Large Canadian heavy oil and refining company named by Trio as one of the major operators in the Lloydminster region. Serves as the dominant regional incumbent whose operational footprint defines the competitive landscape for Trio's Saskatchewan assets.
• Baytex Energy: Mid-cap Canadian heavy oil producer specifically named by Trio as a peer operating in the prolific Lloydminster heavy oil region. Baytex's Lloydminster assets share the same reservoir and operating economics, providing a benchmark for Trio's Saskatchewan operations.

Direct peers

• PEDEVCO Corp: Small-cap U.S. oil and gas E&P listed on NYSE American (PED), with overlapping management including Frank Ingriselli (founder/former CEO) and Michael Peterson (former executive officer). PEDEVCO operates a similar micro-cap onshore oil & gas model making it the closest direct comparable.
• Mexco Energy Corporation: NYSE American-listed (MXC) small-cap oil and gas company with operations in Texas, New Mexico, and Kansas. Comparable in micro-cap scale, public-company structure, and U.S. onshore upstream business model.
• Indonesia Energy Corporation: NYSE American-listed (INDO) small-cap upstream oil and gas producer with overlapping executives including Robin Ross (CFO) and Gregory Overholtzer (part-time CFO). Operates a comparable single-country, low-production upstream model focused on near-term production growth.
• Barnwell Industries: NYSE American-listed small-cap diversified energy and real estate company with oil and gas operations in the U.S. and Canada. Closely comparable in market cap tier, public micro-cap structure, and North American onshore oil & gas focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/trio-petroleum-corp-nyse-tpet

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trio Petroleum