Company: TPET
Filing Date: 2025-05-21
Form Type: 8-K
Source: 0001641172-25-011924
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Company: Trio Petroleum Corp.
Filing Date: 2025-05-21
Form: 8-K
Item: Item 2.01
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Item
2.01 Completion of Acquisition or Disposition of Assets.

As
previously reported on the Current Report on Form 8-K filed by Trio Petroleum Corp., a Delaware corporation (the “ Company”)
with the Securities and Exchange Commission on April 10, 2025, as of April 4, 2025, the Company entered into an Asset Purchase
Agreement (the “ APA”) with Trio Petroleum Canada, Corp., an Alberta, Canada corporation and a wholly owned subsidiary of
the Company (the “ Buyer” or “ Trio Canada”), and Novacor Exploration Ltd., a corporation incorporated under the
Canada Business Corporations Act (the “ Seller”), pursuant to which the Buyer agreed to acquire certain assets of Seller relating
to Seller’s oil and gas business, including certain contracts, leases and permits for working interests in petroleum and natural
gas and mineral rights located in the Lloydminster, Saskatchewan heavy oil region in Canada (the “ Transaction”) for a total
purchase price of (i) US$650,000, in cash and (ii) the issuance to the Seller of 526,536 restricted shares of common stock, par value
US$0.0001 per share, of the Company (the “ Shares”).

The
first closing of the Transaction was consummated on April 8, 2025 (the “ First Closing”). At the First Closing, title to the
TWP48 Assets (as such term is defined in the APA) was delivered to the Buyer, and the Buyer delivered to the Seller (i) US$260,000, in
cash, reflecting the US$325,000 payable for the TWP48 Assets, less a US$65,000 deposit previously paid by the Buyer to the Seller and
(ii) the Shares.

On
May 21, 2025, the second closing of the Transaction was consummated (the “ Second Closing” and collectively with the First
Closing, the “ Closings”). At the Second Closing, title to the TWP47 Assets (as such term is defined in the APA, and collectively
with the TWP48 Assets, the “ Assets”) was delivered to the Buyer, and the Buyer delivered to the Seller US$325,000, in cash,
reflecting the US$325,000 payable for the TWP47 Assets.

After
the Closings, with respect to the Assets, the Seller will act as the on-site operator of the Assets and perform all work and services