Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 259

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 259
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 filed with this Annual Report on Form 10-K (“Annual
Report”).

KLSP
is an independent, third-party, petroleum engineering firm that meets industry-standards for qualifications, independence, objectivity
and confidentiality. The primary technical person, Kenneth L. Schuessler, responsible for preparing the Reserve Report is a registered
professional petroleum engineer with decades of experience in the petroleum industry and in analyses of reserves. Mr. Schuessler has
significant experience in the petroleum industry and has held important positions with Bergeson Associates, Malkewitz-Hueni Associates,
SI International, System Technology Associates and MHA Petroleum Consultants. Importantly, Mr. Schuessler has significant experience
in the evaluation and exploitation of Monterey Formation fractured-reservoirs at the giant Elk Hills and Coles Levee Fields in the San
Joaquin Basin in California. Mr. Schuessler’s knowledge of the Monterey Formation is highly-relevant to the evaluation of our South
Salinas Project at which the fractured Monterey Formation is of critical importance.

KLSP
states that the reserves in the “Prior Reserve Report 1” referenced as Exhibit 99.1 to the Annual Report, the “Prior
Reserve Report 2” referenced as Exhibit 99.2 to the Annual Report and the “Current Reserve Report” referenced as Exhibit
99.3 to the Annual Report and their determination are consistent with definitions found in Rule 4-10 of SEC Regulation S-X (17CFR part
210), and Subpart 1200 of Regulation SK. The net reserves, costs and revenues are those attributable to the Company. Future net revenue
and discounted present value are on a before federal income tax (BFIT) basis.

KLSP
is an independent third-party that does not own an interest in any of our properties. Mr. Schuessler is not a permanent employee of our
company but we continue to employ the services of KLSP on an as-needed basis.

Our
internal staff including our geoscience, drilling, facilities, regulatory, compliance, land, legal and accounting professionals
communicated as needed with KLSP to ensure the integrity, accuracy and timeliness of data furnished to KLSP, to review and discuss
the properties, methods and assumptions used by KLSP in KLSP’s preparation of the reserve estimates, and to review and discuss
KLSP’s conclusions. As discussed immediately above, KLSP is a highly-qualified, independent, petroleum-engineering consulting
firm. Mr. Terence B.