Trio Petroleum Corp announced on September 30, 2026, that its Canadian subsidiary, Trio Petroleum Canada, Corp., has entered into a definitive agreement to acquire 24 oil wells from Marlin Resources Ltd. The transaction, signed on September 25, 2026, involves the purchase of Marlin’s interests in the assets, which consist of four producing wells and twenty shut-in heavy-oil assets located in Saskatchewan’s Lloydminster region.
Under the terms of the Purchase and Sale Agreement, Trio Canada will pay a cash fee of C$800,000 to Marlin. In addition to the cash payment, Trio Canada will transfer an underutilized water disposal asset to Marlin. The company stated that the cash purchase price and anticipated development expenses will be funded from its existing cash on hand.
Trio Petroleum highlighted that the acquisition combines approximately 37 barrels of oil per day (BOPD) of current production with identified upside. The company plans to execute a C$425,000 workover, reactivation, and recompletion program targeting additional production. Furthermore, Trio intends to drill a new Cummings multilateral well on the N/2 of Section 9-48-23W3, estimating a budget of C$1.2 million for drilling, completion, and equipping the well. The company noted that similar wells drilled by Canadian Natural Resources are producing approximately 375 BOPD.
The transaction also includes the acquisition of a water disposal facility that is strategically positioned to support Trio’s existing wells, the acquired wells, and future development. This improved location is expected to reduce water-hauling distances and disposal costs while creating opportunities for third-party water-disposal and skim-oil revenue.
