Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 115

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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 Company’s common stock to a consultant of
the Company, pursuant to the Plan. The options have an exercise price of $10.46 per share and vest monthly over a period of 24 months,
beginning on the vesting commencement date. The options have a grant date fair value of $55,711, which will be recognized over the vesting
term.

The
assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:

 SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS

    Risk free interest rate 
     4.36%
  
    Expected term (years) 
     5.0 
  
    Expected volatility 
     137.1%
  
    Expected dividends rate 
     0%

NOTE
10 – SUBSEQUENT EVENTS

In
accordance with ASC 855 – Subsequent Events, which establishes general standards of accounting for and disclosure of events that
occur after the balance sheet date but before condensed consolidated financial statements are issued, the Company has evaluated all events
and transactions that occurred after April 30, 2025, through the date the condensed consolidated financial statements were issued. Except
for the following, there are no subsequent events identified that would require disclosure in the condensed consolidated financial statements.

Letter
of Intent with HSO

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.

Asphalt
Ridge Leasehold Option Not Exercised

Effective
as of May 10, 2025, the Company’s option to acquire the remaining 17.75%
working interest in the initial 960
acres of the Asphalt Ridge Leases expired, as the Company did not exercise the option before the deadline. As a