DANVILLE, CA, August 8, 2023 — Trio Petroleum Corp. (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, comments today that it is pleased that the California Supreme Court affirmed the judgement of the Court of Appeal and ruled last week to strike-down Measure Z.
“Measure Z” is a ballot measure that was passed in 2016 by Monterey County voters for the purpose of giving the County increased regulatory authority on oil/gas operations in the County. Prior to being struck down last week (August 3, 2023) by the California Supreme Court, the Measure was struck down by the Superior Court of California in 2018 and by the California Appellate Court in 2020. Measure Z, if implemented, might have caused delays and/or created obstacles in the continued responsible and necessary development of the oil and gas industry in California and specifically the Company’s primary asset, the South Salinas Project.
The California Supreme Court concluded that Measure Z contradicts, and thus is preempted by, Public Resources Code Section 3106, affirming the judgment of the Court of Appeal. Section 3106 provides, among other things, that the state oil and gas supervisor shall supervise oil production so as to permit well owners and operators to utilize all methods and practices that, in the opinion of the supervisor, are suitable for the purpose of increasing the ultimate recovery of underground hydrocarbons. The Supreme Court decision is a published opinion that may be cited as case law and, therefore, State law regarding the responsible, safe and beneficial development and production of hydrocarbons.
CEO Frank Ingriselli stated: “We are pleased that the California Supreme Court has affirmed the judgment of the Court of Appeal, striking down Measure Z. This Measure, if not struck down by the Supreme Court, might have caused unnecessary difficulties in the development of our South Salinas Project, and strained what is currently a good working relationship with Monterey County. Everyone knows that California is a challenging regulatory environment for the oil and gas industry. Eliminating Measure Z is good for Monterey County and the State of California and simplifies our path forward, which we welcome”.
About Trio Petroleum Corp
Trio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California. Trio has a large, approximately 9,267-acre asset called the “South Salinas Project” where it owns an 85.75% working interest. Trio is currently production testing the HV-1 discovery/confirmation well, and plans to next drill the HV-2 and HV-4 wells. Previous operations on this asset have successfully drilled two (2) production/discovery wells (i.e., the HV-3A and BM 2-2 wells) that Trio now owns.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this press release of Trio Petroleum Corp (“Trio”) and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," “on-track”, "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Trio’s S-1 filed with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Relations Contact:
Redwood Empire Financial Communications
Michael Bayes
(404) 809 4172