Company: TPET
Filing Date: 2025-04-15
Form Type: CORRESP
Source: 0001641172-25-004913
Chunk: 2

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: CORRESP
Chunk 2
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 and Reserve Values as of the End of April 30, 2024, page 9

| 4. | We                                                                                                                                   
 note the statement “SEC criteria stipulate that reserves cannot be classified as P1 Proved if said reserves are not fully permitted  
 for long-term production” appears inconsistent with the definition of reserves of all categories in Rule 4-10(a)(26) of Regulation   
 S-K. Please explain to us in reasonable detail your rationale for assigning probable and possible reserves without associated proved 
 reserves.                                                                                                                            |

Response: In response to the Staff’s comment, we note the following:

While Probable and Possible reserves usually have associated Proved reserves, it is permissible to assign Probable and Possible reserves without having a Proved reserves component. SEC regulations and definitions are silent in this respect, but it subsequently addressed this issue in its CD&I Question 117.02, “Can an issuer assign probable or possible reserves in an area in which it does not, or cannot, assign proved reserves?”, which is answered with, “Yes. However, disclosure of unproved reserves without associated proved reserves should be done only in exceptional cases, such as for (1) development projects where engineering, geological, marketing, financing and technical tasks have been completed, but final regulatory approval is lacking. [Oct. 26, 2009]”. The KLSP Reserve Report describes in detail the engineering and geologic evidence for the reserves assigned to the South Salinas Project, the Company has confirmed ready access to sales points which will facilitate the marketing of hydrocarbon products, and the Company’s planned execution of the development Project with a phased approach consistent with anticipated financing. And it specifically addresses the economic producibility of certain volumes that would otherwise meet the requirements of Proved reserves in its cover letter: “While Proved reserves have not been assigned in this report, there is “reasonable certainty” that the P90 forecasts of oil and gas production may be realized in four (4) of the 19 well locations of Phase 1 and Phase 2. These four locations are at or adjacent to previously drilled wells that have demonstrated the capability to produce at commercial rates of oil and gas. Furthermore, the P90 forecasts generate positive cumulative undiscounted cash flow with the costs and prices used in this report. However, since this report is intended for use by the Company in a filing with the SEC, the definition of Proved reserves is subject to Part 210.4-10 in SEC Regulation S-X, which requires