Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 278

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 278
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 state, county
and/or local agencies, which may materially affect our business.

We
are subject to a number of federal, state, county and local laws, regulations and other requirements relating to oil and natural gas
operations. The laws and regulations that affect the oil and natural gas industry are under constant review for amendment or expansion.
Some of these laws, regulations and requirements result in challenges, delays and/or obstacles in obtaining permits, and some carry substantial
penalties for failure to comply. The regulatory burden on the oil and natural gas industry increases our cost of doing business, can
affect and even obstruct our operations and, consequently, can affect our profitability.

Various
permits for exploratory drilling and production-testing are in-hand for the South Salinas Project, whereas permits for long-term production,
conditional use permits, water disposal and other matters have not yet been obtained. There are challenges and uncertainties in obtaining
permits, which may result in delays and/or obstacles to developing our oil/gas assets. California and Colorado are two States that are
considered to have challenging regulatory environments and Monterey County in California also has this reputation. We may experience
delays and/or obstacles to exploiting our assets, and also may be required to make large expenditures to comply with governmental laws
and regulations and to obtain permits.

The
Company currently has permits from Monterey County for the HV-1, HV-2, HV-3A and HV-4 wells, permitting each of these wells to be tested
by producing it for its own 18 month period with the Company selling the produced oil and/or gas, and disposing of produced water from
these wells by trucking it offsite to a licensed water-disposal facility and, if necessary, flaring on-site any natural gas that is not
used on-site in field operations. The Company is currently seeking a permit from CalGEM and State Water Boards to dispose of produced
water at the Project.

The
Company is seeking and/or expects to seek from regulatory agencies any and all additional permits as may be necessary, which may include
but not be limited to conditional use permits, drilling permits, permits for full-field development, permits for long-term production,
permits for additional water disposal wells, permits for transport of oil and gas via pipelines, and such similar permits as are customarily
required in oil and gas exploration and development projects. Delays and/or obstacles in obtaining necessary permits may materially affect
our business, for example:

    ●
    it
    will not be