Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 194

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 194
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 risk

For the year ended October 31, 2024 ( norevenue in 2023), the Company had only one purchaser, which accounts for 10% or more of the Company’s total oil and natural gas revenue for this period.

NOTE 6 – OIL AND NATURAL GAS PROPERTIES

The following tables summarize the Company’s oil and gas activities.

SCHEDULE OF OIL AND NATURAL GAS PROPERTIES

|                                                       |     | 2024 |             As 
 of October 31, |     | 2023 |             As 
 of October 31, |
|:------------------------------------------------------|:----|:-----|---------------:|:----|:-----|---------------:|
| Oil                                                   
 and gas properties – not subject to amortization      |     | $    |     11,119,119 |     | $    |      9,947,742 |
| Accumulated                                           
 impairment                                            |     |      |              — |     |      |              — |
| Oil                                                   
 and gas properties – not subject to amortization, net |     | $    |     11,119,119 |     | $    |      9,947,742 |

During the years ended October 31, 2024 and 2023, the Company incurred aggregated exploration costs of $ 177,416and $ 251,743, respectively; these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during the applicable periods. For capitalized costs, the Company incurred approximately $ 1.2million and $ 4.1million, respectively, for the years ended October 31, 2024 and 2023; these expenses were related to drilling exploratory wells and acquisition costs, both of which were capitalized and reflected in the balance of the oil and gas property as of the respective period ends.

Leases

South Salinas Project

As of October 31, 2024, the Company holds interests in various leases related to the unproved properties of the South Salinas Project (see Note 8); two of the leases are held with the same lessor. The first lease, which covers 8,417acres, was amended on May 27, 2022 to provide for an extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be released from having to evidence to the lessor the existence of force majeure conditions. As