Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2243

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9C
Chunk 2243
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 it has paid approximately $284,000
to date for restarting production operations on the assets and has recorded a liability of approximately $116,000
for the remainder as of the end of the period. These additional costs are capitalized costs and are reflected in the balance of the
oil and gas property as of October 31, 2024.

The
Company holds interests in various leases related to the unproved properties of the McCool Ranch Oil Field; these leases occur in two
parcels, “Parcel 1” and “Parcel 2”. Parcel 1 comprises ten leases and approximately 480 acres, which are held
by delay rental payments that are paid-up and current. Parcel 2 comprises one lease and approximately 320 acres, which is held by production.
The total leasehold comprises approximately 800 gross and net acres.

Optioned
Assets – Old Man Prospect

In
October 2023, the Company and Lantos Energy entered into an option agreement, whereby the Company has the option to pay two initial payments
of $12,500 each and a final subsequent payment of $175,000, for a total of $200,000 within 120 days of the effective date for exclusive
rights to the option to purchase 80% of the 100% Before Project Payout Working Interest (“BPPWI”) in Lantos’ oil and
gas leasehold interests in Solano County, California (referred to as the Old Man Prospect). As of January 31, 2024, the Company has paid
approximately $25,000 towards the purchase of this option. Due to technical risks identified during due diligence and due to other considerations,
the Company did not make the final $175,000 payment and as a result the 120-day option period has expired.

Optioned
Assets – Asphalt Ridge Leasehold Acquisition & Development Option Agreement

On
November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which gives the Company the exclusive
right to acquire up to a 20% interest in a 960 acre drilling and production program in the Asphalt Ridge leases for $2,000,000, which
may be invested in tranches by the Company, with an initial tranche closing for an amount no less than $500,000 and paid within seven
days subsequent to HSO providing certain required items to the Company.

On
December 29, 2023, the Company entered into an amendment to the