Company: TPET
Filing Date: 2025-02-28
Form Type: S-1/A
Source: 0001493152-25-008715
Chunk: 16

Company: Trio Petroleum Corp.
Filing Date: 2025-02-28
Form: S-1/A
Chunk 16
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 TPET’s commitment to reduce carbon footprint through a Carbon Capture and Storage Project to be viewed favorably by California regulatory bodies, perhaps helping to facilitate operations at the South Salinas Project and elsewhere.

The oil and gas industry currently appears operationally favorable in Utah, where we have the Asphalt Ridge asset. TPET believes that the overall operating environment and the market for oil and gas in Utah should remain favorable for the foreseeable future.

TPET’s operations may help meet the USA’s demanding oil and gas needs that are expected to remain strong for the foreseeable future, while supporting the country’s goal of energy independence, and supporting local and state economies with tax revenue and jobs. TPET’s Carbon Capture and Storage Project may help reduce the Company’s and California’s carbon footprint.

Estimated undeveloped reserves and cash flow

The following table summarizes the Company’s estimated undeveloped reserves and cash flow at the South Salinas Project, as of April 30, 2024. The Company expects to have estimates of reserves and cash flow for the McCool Ranch Field and for the Asphalt Ridge Project, after further observations of initial operations at those properties, which is expected by the second calendar quarter of 2025.

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<div align='center'>Table 1: Estimated Undeveloped Reserves and Cash Flow</div>

| A. | Phase 1 Undeveloped Reserve Categories |     | Net                  
 Trio                 
 Undeveloped          
 Oil Reserves         
 (Stock Tank Barrels) |             |     | Net               
 Trio              
 Undeveloped       
 Gas Reserves      
 (1000 CF, or MCF) |             |     | Net                  
 Trio                 
 Undeveloped          
 Reserves(Barrels Oil 
 Equivalent)          |             |     | Trio             
 Undiscounted     
 Net CashFlow ($) |                |     | Trio                  
 Net                   
 Cash Flow             
 Discounted at 10% ($) |                |
|:---|:---------------------------------------|:----|:---------------------|------------:|:----|:------------------|------------:|:----|:---------------------|------------:|:----|:-----------------|---------------:|:----|:----------------------|---------------:|
|    | Probable (P2) Undeveloped of Phase 1   |     |                      | 2,017,620.0 |     |                   | 2,133,250.0 |     |                      | 2,373,161.7 |     | $                |