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A California-based energy company is gaining some serious steam so far during Tuesday’s session after the company provided updates on its recently completed drilling activities in Uintah County, Utah. According to the release, the company has successfully drilled its first two exploratory wells and the wells “encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge Sandstones.”

Traders were quick to snatch up shares of %TrioPetroleum Corp. (NYSE $TPET ), with some traders buying up shares all the way up to $0.52/share (+126.09%) at the early session high. This move could be an indication of things to come as it appears this stock has found support recently following a rebound from its 52-week low.

Trio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns 2.25% working interest in 960 acres and options to acquire up to 20% working interest in the 960 acres, in an adjacent 1,920 acres, and in the greater 30,000 acres of the Asphalt Ridge Project.

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