Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 285

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 285
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 and continued employment of Mr. Ross and Mr. Overholtzer. We do
not believe that Mr. Ross and Mr. Overholtzer could be quickly replaced with personnel of equal experience and capabilities, and their
successor(s) may not be as effective. If Mr. Ross and Mr. Overholtzer, or any of our other key personnel resign or become unable to continue
in their present roles and if they are not adequately replaced, our business operations could be adversely affected.

In
making a decision to invest in our common stock, you must be willing to rely to a significant extent on our management’s discretion
and judgment. A significant amount of the interests in our Company held by members of our management were previously vested. While the
Company currently has an equity incentive plan in place, there can be no assurance that our management and technical team will remain
in place. The loss of any of our management and technical team members, and specifically, Mr. Ross, our recently appointed Chief Executive
Officer, could have a material adverse effect on our results of operations and financial condition, as well as on the market price of
our common stock. See “Item 10. Directors, Executive Officers and Corporate Management.”

Seismic
studies do not guarantee that oil or gas is present or, if present, will produce in economic quantities.

Oil
exploration and production companies, like the Company, rely on seismic studies to assist in assessing prospective drilling opportunities
on oil and gas properties, as well as on properties that a company may acquire. Such seismic studies are merely an interpretive tool
and do not necessarily guarantee that oil or gas is present or, if present, will produce in economic or profitable quantities.

The
potential lack of availability of, or cost of, drilling rigs, equipment, supplies, personnel, and crude oil field services could adversely
affect our ability to execute on a timely basis exploration and development plans within any budget.

We
may encounter an increase in the cost of securing needed drilling rigs, equipment, and supplies, which is increasingly a risk in California
where the oil and gas industry is contracting, due to regulatory challenges/obstacles, and some service companies are reducing their
presence in California or leaving the state entirely. Larger producers may be more likely to secure access to such equipment by offering
more lucrative terms. If we are unable to acquire access to such resources or can obtain access only at higher prices, its ability to
convert oil reserves into cash flow could be delayed