** 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;))
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