Trio Petroleum signs LOI to acquire 2,000 acres in Utah with 6.75B bbl OOIP

Trio Petroleum Corp

Non-binding LOI for 2,000 acres at P.R. Spring, Utah; estimated 6.75B barrels OOIP; up to 1,000 wells possible.
Consideration: $150k non-refundable option paid; at closing $850k cash + 1,492,272 restricted shares to HSO.
Trio to provide 100% of capex; 50/50 net profit split with HSO on project development.
Closing contingent on proof of 40 bbl/day sustained for 30 days from each of two Asphalt Ridge wells.
Trio allowed its option for additional 77.75% in Asphalt Ridge to expire.

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