Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1757

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 8
Chunk 1757
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 are required to obtain an understanding of internal
control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit
of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts
or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
We determined that there are no critical audit matters.

/s/ Bush and Associates CPA LLC

We
have served as Trio Petroleum Corp.’s auditor since 2024

Henderson, Nevada

January
17, 2025

F-2

TRIO
PETROLEUM CORP.

BALANCE
SHEETS

    October
    31, 2024  
    October
    31, 2023 

    ASSETS 

    Current
    assets: 

    Cash 
    $285,945  
    $1,561,924 
  
    Prepaid
    expenses and other receivables 
     279,274  
     133,417 
  
    Total
    current assets 
     565,219  
     1,695,341 

    Oil
    and gas properties - not subject to amortization 
     11,119,119  
     9,947,742 
  
    Total
    assets 
    $11,684,338  
    $11,643,083 

    LIABILITIES
    AND STOCKHOLDERS’ EQUITY 

    Current
    liabilities: 

    Accounts
    payable and accrued liabilities 
    $1,036,291  
    $609,360 
  
    Asset
    retirement obligations – current 
     2,778  
     2,778