Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2357

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 10
Chunk 2357
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2024 (no revenue in 2023), the Company had only one purchaser, which accounts for 10% or more of the Company’s
total oil and natural gas revenue for this period.

NOTE
6 – OIL AND NATURAL GAS PROPERTIES

The
following tables summarize the Company’s oil and gas activities.

SCHEDULE OF OIL AND NATURAL GAS PROPERTIES

    As
    of October 31,  
    As
    of October 31, 

    2024  
    2023 
  
    Oil
    and gas properties – not subject to amortization 
    $11,119,119  
    $9,947,742 
  
    Accumulated
    impairment 
     —  
     — 
  
    Oil
    and gas properties – not subject to amortization, net 
    $11,119,119  
    $9,947,742 

During
the years ended October 31, 2024 and 2023, the Company incurred aggregated exploration costs of $177,416 and $251,743, respectively;
these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during the applicable
periods. For capitalized costs, the Company incurred approximately $1.2 million and $4.1 million, respectively, for the years ended October
31, 2024 and 2023; these expenses were related to drilling exploratory wells and acquisition costs, both of which were capitalized and
reflected in the balance of the oil and gas property as of the respective period ends.

Leases

South
Salinas Project

As
of October 31, 2024, the Company holds interests in various leases related to the unproved properties of the South Salinas Project (see
Note 8); two of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide
for an extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be
released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease
extension, the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the
balance of the oil and gas property as of