Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 202

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 202
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 Field; these leases occur in two parcels, “Parcel 1” and “Parcel 2”. Parcel 1 comprises ten leases and approximately 480acres, which are held by delay rental payments that are paid-up and current. Parcel 2 comprises one lease and approximately 320acres, which is held by production. The total leasehold comprises approximately 800gross and net acres.

Optioned Assets – Old Man Prospect

In October 2023, the Company and Lantos Energy entered into an option agreement, whereby the Company has the option to pay two initial payments of $ 12,500each and a final subsequent payment of $ 175,000, for a total of $ 200,000within 120 days of the effective date for exclusive rights to the option to purchase 80% of the 100% Before Project Payout Working Interest(“BPPWI”) in Lantos’ oil and gas leasehold interests in Solano County, California (referred to as the Old Man Prospect). As of January 31, 2024, the Company has paid approximately $ 25,000towards the purchase of this option. Due to technical risks identified during due diligence and due to other considerations, the Company did not make the final $ 175,000payment and as a result the 120-day option period has expired.

Optioned Assets – Asphalt Ridge Leasehold Acquisition & Development Option Agreement

On November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which gives the Company the exclusive right to acquire up to a 20% interest in a 960acre drilling and production program in the Asphalt Ridge leases for $ 2,000,000, which may be invested in tranches by the Company, with an initial tranche closing for an amount no less than $ 500,000and paid within seven days subsequent to HSO providing certain required items to the Company.

On December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $ 200,000of the $ 500,000payable by the Company to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2% interest in the leases; such funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases. As of October 31, 2024, the Company has paid a