Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 148

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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-site operator and perform all work and services under
the Novacor APA and Trio Canada may terminate Novacor’s operational role with 30 days’ prior written notice.

Optioned
Assets – P.R. Spring, Uintah Basin, Utah

On
May 15, 2025, the Company entered into a non-binding Letter of Intent (LOI) with HSO for the potential acquisition of 2,000 acres at
P.R. Spring, Uintah Basin, Utah. Under the LOI, the Company would issue 1,492,272 restricted shares and pay $850,000 at closing, subject
to execution of definitive agreements. Upon signing the LOI, the Company made a non-refundable $150,000 Option Payment to HSO. The LOI
requires evidence of a minimum sustained production rate of 40 barrels per day for a continuous 30-day period from two wells at Asphalt
Ridge by May 15, 2026, or the LOI will expire unless extended.

    14

NOTE
6 – RELATED PARTY TRANSACTIONS

South
Salinas Project – Related Party

Upon
its formation, the Company acquired from Trio LLC a majority working interest in the South Salinas Project and engaged the services of
certain members of Trio LLC to manage the Company’s assets (see Note 1 and Note 5). Trio LLC operates the South Salinas Project
on behalf of the Company, and as operator, conducts and has full control of the operations within the constraints of the Joint Operating
Agreement, and acts in the capacity of an independent contractor. Trio LLC currently holds a 3.8% working interest in the South Salinas
Project and the Company holds an 85.775% working interest. The Company provides funds to Trio LLC to develop and operate the assets in
the South Salinas Project; such funds are classified in the short-term asset/liability section of the balance sheet as Advance to Operators/Due
to Operators, respectively. As of July 31, 2025 and October 31, 2024, the balance of the Due to Operators account is $29,740 and $103,146,
respectively.

McCool
Ranch Oil Field Asset Purchase – Related Party

On
October 16, 2023, the Company entered into the McCool Ranch Purchase Agreement with Trio LLC for purchase of a 21.918315% working interest
in the McCool Ranch Oil Field located in Monterey County near