Trio Petroleum (NYSE-A:TPET) CEO Frank Ingriselli tells Proactive's Stephen Gunnion that the oil and gas exploration and development company aims to be cash flow positive in the fourth quarter of the year as it progresses its flagship South Salinas Project in Monterey County, California.
He said the 10,000-acre asset has a net present value discounted at 10% of US$2 billion, offering incredible upside for the company and its investors.
Fresh from its IPO on the New York Stock Exchange in April, Trio Petroleum (NYSE-A:TPET) also recently signed an acquisition agreement to potentially acquire up to 100% of the working interest in the Union Avenue Field in Bakersfield, California.
While California is the second-biggest consumer of oil in the US, and the sixth-largest producer, he said the state imports 70% of its oil needs from outside the US.