Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 178

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 178
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 Storage (“CCS”)
project as part of the South Salinas Project, which appears ideal for such a task. The South Salinas Project covers a vast area and is
uniquely situated at a deep depocenter where there are thick geologic zones (e.g., Vaqueros Sand, up to approximately 500’ thick)
about two miles deep, which could accommodate and permanently store vast volumes of CO2. Four existing deep wells in the South Salinas
Project (i.e., the HV 1-35, BM 2-2, BM 1-2-RD1 and HV 3-6 wells) are excellent candidates for use as CO2 injection wells. A CCS project
in the future may help reduce our carbon footprint by sequestering and permanently storing CO2 deep underground at one or more deep wells,
away from drinking water sources. Furthermore, three of the aforementioned deep wells are directly located on three idle oil and gas pipelines
that could be used to import CO2 to our CCS Project. We have opened discussions with third parties who wish to reduce their own greenhouse
gas emissions and who may be interested in participating in our CCS project. We believe it is feasible to develop the major oil and gas
resources of the South Salinas Project and to concurrently establish a substantial CCS project and potentially a CO2 storage hub and/or
Direct Air Capture (DAC) hub.

Going
Concern Considerations

We
began generating revenues in the prior fiscal year but have incurred significant losses since inception. As of July 31, 2025, we had
an accumulated deficit of $24,639,679 and a working capital deficit of $679,729. For the three and nine months ended July 31, 2025, we
reported net losses of $1,386,723 and $4,566,000, respectively, and used $2,015,896 in cash for operating activities.

To
date, we have funded our operations primarily through equity and debt financings, including:

    ●
    Proceeds from the issuance of common stock and financing from certain investors

    ●
    Net proceeds from our initial public offering (“IPO”) in April 2023

    ●
    Convertible note financings totaling $2,371,500 in October and December 2023

    ●
    An unsecured promissory note of $125,000 from our former CEO in 2024

    ●
    Gross proceeds of $543