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Why Is Trio Petroleum (TPET) Stock Up 68% Today?

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Trio Petroleum (NYSEMKT:TPET) stock is taking off on Tuesday after the oil and gas exploration and development company completed its first two exploratory wells in Utah.

Trio Petroleum notes that this saw it complete the initial drilling of its HSO 8-4 and HSO 2-4 wells in Uintah County, Utah. Both wells have substantial oil-bearing pay zones.

Trio Petroleum is also moving forward with the development of these wells. That includes the installation of a downhole heater at the HSO 2-4 well. The company is waiting for a second heater for the HSO 8-4 well. It should be installed before the end of the week.

Trio Petroleum CEO Michael Peterson said the following about the well news:

“Based on this new data, we believe the economic impact of our ownership interest in the Asphalt Ridge project has the potential to quickly exceed that of our substantial assets in California. The data support the expectation that the wells will be highly economic with stable long-lived production value, if our production and resource estimates prove to be accurate.”

How This Affects TPET Stock

With this news comes an increased interest in TPET stock. That also brings with it heavy trading of the shares. This has more than 162 million units changing hands as of this writing. For the record, the company’s daily average trading volume is about 20.8 million shares.

TPET stock is up 67.7% as of Tuesday morning.

Investors will find even more of the most recent stock market stories below!

We offering insight into all of the biggest stock market happenings on Tuesday! Among that is why stocks are down today, the latest news from Apple (NASDAQ:AAPL) and more. All of this info is ready to go at the following links!

More Stock Market News for Tuesday

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the  Publishing Guidelines.

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