Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 27

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 leases.
As of April 30, 2025, the Company has paid a total of $225,000 to HSO in costs related to infrastructure and has obtained a 2.25% interest
in the leases; such costs are capitalized costs and are reflected in the balance of the oil and gas property as of April 30, 2025.

Per
the most recent amendment to the ARLO Agreement signed in April 2025, the Company had until May 10, 2025 to pay HSO an additional $1,775,000
to exercise an option for the remaining 17.75% working interest in the initial 960 acres of the Asphalt Ridge Leases. The option expired after the reporting period on May 10, 2025 due to the
Company’s failure to exercise it before the expiration date. As a result, the Company forfeited any further right
to acquire the additional 17.75% working interest but will retain its existing 2.25% interest in the leases. See Note 10 for additional
information.

Novacor
Acquisition 

As
of April 4, 2025, the Company entered into an Asset Purchase Agreement (the “APA”) with Trio Petroleum Canada, Corp., an
Alberta, Canada corporation and a wholly owned subsidiary of the Company (“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 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
APA provides for the Nov