Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 54

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 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 Novacor
Acquisition was consummated in two closings, which was completed on May 22, 2025. All five of our currently active wells are in the newly
acquired Novacor property

P.R. Spring Letter of Intent and Option

On May 15, 2025, the Company entered into a non-binding
Letter of Intent (LOI) with Heavy Sweet Oil LLC (“HSO”) for the potential acquisition of 2,000 acres of oil and gas properties
at P.R. Spring, Uintah Basin, Utah (“P.R. Spring”), which is adjacent to Asphalt Ridge. The LOI contemplates our issuance
of 1,492,272 restricted shares of common stock and the payment of $850,000 at closing, subject to execution of definitive agreements.
Upon signing the LOI, we made a non-refundable $150,000 payment to HSO in consideration for the option. The LOI requires evidence of a
minimum sustained production rate of 40 barrels per day for a continuous 30-day period from two wells at Asphalt Ridge by May 15, 2026,
or the LOI will expire unless extended by us. We are not under any obligation to enter into definitive agreements in connection with an
acquisition.

Carbon
Capture and