Thomas J. Pernice, a director at Trio Petroleum Corp. (NYSE:TPET), recently sold 1,250 shares of the company's common stock. The company, currently trading at $1.98 and showing a 48.76% gain year-to-date despite significant volatility, has a market capitalization of $4.55 million. According to InvestingPro analysis, the company's overall financial health score is rated as WEAK. The shares were sold at a weighted average price of $1.73, amounting to a total transaction value of $2,162. Following this sale, Pernice holds 17,750 shares of Trio Petroleum. The transaction was executed under a Rule 10b5-1 trading plan, which Pernice adopted on January 30, 2024. InvestingPro data reveals the stock is trading well below its 52-week high of $14.39, with a concerning current ratio of 0.17, indicating potential liquidity challenges. InvestingPro subscribers have access to 12 additional investment tips for TPET.
In other recent news, Trio Petroleum Corp has announced a non-binding Letter of Intent (LOI) to acquire a 100% working interest in certain petroleum and natural gas properties from Novacor Exploration Ltd. The acquisition, which is still subject to approval by the boards of both companies and sufficient financing, could potentially grant Trio Petroleum access to the heavy oil region of Lloydminster, Saskatchewan. The properties currently have seven producing wells, with a combined output of approximately 70 barrels per day and prospects for expansion. The Novacor assets come with a Reserve Report prepared by Petrotech and Associates, detailing 91.5 million barrels of total proved and probable oil for the wells in production. The proposed acquisition terms include a purchase price of approximately US$1.4 million, with a combination of cash and common stock of Trio Petroleum. The company has already made a good faith deposit of $65,000 towards the cash portion of the purchase price. These are recent developments that could potentially position Trio Petroleum strategically in one of North America's most promising heavy oil basins.
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