Trio Petroleum enters Lloydminster heavy-oil farm-in deal with Croverro Energy
TPET•Program and funding terms
The program targets up to 14 new multilateral wells over about 18 months, alongside a Rivercourse re-entry and a producing-property acquisition.
The initial two-well earning election requires a prospect fee of CAD 450,000.
Under the deal structure, Trio will fund about CAD 1.8 million of development capital for an 80% revenue interest until payout, then 60%.
Operating role and strategic fit
Croverro will remain operator, giving Trio a staged, cash-flow-funded development option to scale its Canadian heavy-oil business.
Farm-in and development agreement
Trio Petroleum entered a farm-in and development agreement with Croverro Energy for Lloydminster heavy-oil multilateral drilling in Alberta and Saskatchewan.
