Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 58

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 2023, the Company and HSO entered into an Amendment to
the Asphalt Ridge Option Agreement, under which the Company funded $200,000 in exchange for an immediate 2% working interest in the initial
960 acres. An additional $25,000 was funded in January 2024, increasing the Company’s working interest to 2.25%. While the Company
had the option to acquire an additional 17.75% working interest, it has decided not to exercise this option and will instead retain its
existing 2.25% working interest in the initial 960 acres.

27

Novacor
Asset Purchase Agreement 

As of April 4, 2025, we entered into
an Asset Purchase Agreement (the “Novacor APA”) with Trio Canada and Novacor Exploration Ltd., a corporation
incorporated under the Canada Business Corporations Act (“Novacor”), pursuant to which, subject to the terms and
conditions set forth in the Novacor APA, Trio Canada agreed to acquire certain assets of Novacor relating its 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 (collectively, the “Novacor Assets”), free and clear of any liens
other than certain specified liabilities of Novacor that are being assumed (collectively, the “Liabilities” and such
acquisition of the Novacor Assets and assumption of the Liabilities together, the “Novacor Acquisition”) for a total
purchase price of (i) US$650,000, in cash, US$65,000 of which was previously provided as a deposit to Novacor, and (ii) the issuance
to Novacor of 526,536 shares of common stock of common stock (the “Novacor Shares”). The Novacor Acquisition was
consummated in two closings, with the first closing being consummated on April 8, 2025 and the second closing consummated on May 22,
2025. All five of our currently active wells are in the newly acquired Novacor property

P.R.
Spring Letter of Intent and Option

On May 15, 2025, the Company entered into a non-binding Letter of Intent
(LOI) with Heavy Sweet Oil LLC (“HSO”) for the potential acquisition of 2,000 acres of oil and gas properties at