Trio Petroleum Executes Farm-In And Development Agreement With Croverro Energy

14-well multilateral development inventory across Alberta and Saskatchewan Canada combines existing production, re-entry potential and staged development designed to recycle production cash flow into future drillingBoca Raton, Florida., Sept. 21, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE:TPET) ("Trio" or the "Company"), today announced the execution of farm-in and development agreement with Croverro Energy Ltd. ("Croverro"), a Calgary-based heavy-oil operator specializing in multilateral horizontal development in the Lloydminster region of Alberta and Saskatchewan.The transaction provides Trio with a relatively low-cost option to participate in a multi-year development earning program comprising up to 14 new multilateral drilling opportunities - five in Alberta and nine in Saskatchewan - together with a re-entry and producing-property acquisition.Trio believes the Croverro program is an important step in its previously announced strategy to build a substantially larger Canadian oil and gas business through a combination of acquisitions, development drilling and strategic operating partnerships. In parallel with development of the Croverro assets, and in furtherance of its stated growth strategy, Trio intends to continue evaluating and pursuing additional oil producing-property acquisitions and development opportunities that complement its growing Canadian portfolio.Farm-In and Participation StructureUpon its election to participate in the initial 2-well earning program, Trio would pay Croverro a prospect fee in the amount of CAD $450,000.Under the current development agreement, applicable projects are structured whereby Trio funds 100% of applicable development capital of approximately $1.8 million Canadian in exchange for an 80% revenue interest through payout of Trio’s costs, stepping down to a 60% interest after payout, subject to the specific ownership and participation terms applicable to each project.Certain opportunities within the overall program carry different participation interests and will be governed by their applicable agreements.Croverro will remain operator, maintaining continuity across geological evaluation, well design, drilling, completion, production operations and subsequent development planning.Trio can elect not to participate in any subsequent 2-well earning program proposed by Croverro resulting in the termination of future earning program participation except in the non-participation in the Rivercourse Area. In such a case, Croverro shall refund to Trio a pro-rata share of the prospect fee for each of the remaining earning programs including the Rivercourse Area.