** Oil and gas producer Trio Petroleum's TPET.A shares rise as much as 350% to $3.46; highest since Oct. 4

** Company enters non-binding agreement to acquire certain petroleum and natural gas assets in Saskatchewan, Canada from Novacor Exploration

** Deal for purchase price of C$2 mln ($1.39 mln), of which $650,000 will be paid by cash and remaining with TPET common stock

** "Since the Novacor assets are in the heavy oil area, they offer economical development and low operational costs," TPET adds

** Including session's moves, company's shares down 39% YTD

($1 = 1.4352 Canadian dollars)

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))