Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 136

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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 of the oil and gas property as of April 30, 2025.

Per
the most recent amendment to the ARLO Agreement signed in April 2025, we had until May 10, 2025 to pay HSO an additional $1,775,000 to
exercise an option for the remaining 17.75% working interest in the initial 960 acres of the Asphalt Ridge Leases. The option expired after the reporting period on May 10, 2025 due to our
failure to exercise it before the expiration date. As a result, we forfeited any further right to acquire the
additional 17.75% working interest but will retain our existing 2.25% interest in the leases.

Proved
Property Leases

In
April 2025, the Company acquired oil and gas lease rights for four leases related to the proved properties located in Saskatchewan, Canada
(see Note 5); the sum total of all four leases is 320 net acres and all are held by production.

Board
of Directors Compensation

On
July 11, 2022, our Board of Directors approved compensation for each of the non-employee directors of the Company, which would be effective
upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $50,000 cash plus an additional $10,000
for each Board committee upon which the Director serves, each paid quarterly in arrears. Payment for this approved compensation commenced
upon successful completion of the Company’s IPO in April 2023, and for the three and six months ended April 30, 2025, we recognized
$102,508 and $161,675, respectively, in directors’ fees. For the three and six months ended April 30, 2024, we recognized $54,000
and $110,685, respectively, in directors’ fees.

Agreements
with Advisors

On
October 4, 2023 and December 29, 2023, we entered into placement agent agreements with Spartan Capital Securities, LLC (“Spartan”),
whereby Spartan has served as the exclusive placement agent in connection with the closing of private placements. The agreements provide
the agent with i) a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares
equal to 5% of the number of common shares initially issuable upon conversion of each note tranche