Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 251

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 251
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or Acquisition. Unless extended
by the mutual agreement of the parties, the LOI will terminate on the earlier of (i) the mutual agreement of Novacor and TPET, (ii) the
execution of definitive acquisition documents or (iii) on February 15, 2025.

4

South
Salinas Project

Oil
Rights and Ownership

TPET
has an approximate 85.775% working interest in the South Salinas Project. We have a mineral-leasehold of approximately 9,300 gross mineral
acres and 7,946 net mineral -acres in one largely contiguous land package from primarily one Lessor, Bradley Minerals. The surface lands
at the approximate 9,300 mineral acres are primarily part of the private Porter Ranch. There are six existing idle wells and one active
well in the South Salinas Project, and permits are approved by Monterey County for the drilling and testing of two additional wells (i.e.,
the HV-2 and HV-4 wells).

Description
of South Salinas Property and Current Operations

We
initiated operations as TPET with the acquisition from Trio LLC of an 82.75% working interest in the South Salinas Project under the
terms of a Purchase and Sale Agreement (the “South Salinas Purchase Agreement”) dated September 14, 2021. Our working interest
was later increased by 3.026471% and we currently hold an approximate 85.775% working interest and an approximate 68.62% net revenue
interest (after all royalties) in the South Salinas Project. The working interest we own includes leases, wells, inventory and 3D seismic
data.

We
believe the South Salinas Project has the potential to be significant, with an estimated 40.2 million barrels of oil (“MMBO”)
plus 42.4 billion cubic feet of gas (“BCFG”), or 47.3 million barrels of oil equivalent (“BOE”), in Probable
(P2) Undeveloped reserves and an approximate 100.7 MMBO and 168.5 BCFG, or 128.8 million BOE, in Possible (P3) Undeveloped reserves.
Note that the conversion rate used is 6.0 Mcf per 1 BOE. Note that the conversion rate used is 6.0 Mcf per 1 BOE.

Trio
LLC and its management team are part owners of the Company and will continue as