Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 4

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 4
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 2024 Form 10-K is being amended and this Amendment does not reflect any events occurring after the initial filing of the 2024 Form 10-K on January 17, 2025.

<div align='center'>SPECIAL NOTE</div>

On November 5, 2024, we received notice from NYSE American that the NYSE American had suspended trading of our shares of common stock, until the effectiveness of a reverse stock split or our shares of common stock, par value $0.0001 per share (the “common stock”) at a ratio of one share of common stock for every 20 shares of common stock outstanding (the “Reverse Stock Split”), because our common stock was consistently selling at a low selling price per share in violation of Section 1003(f)(v) of the NYSE American Company Guide. Upon effecting the Reverse Stock Split on November 14, 2024, our common stock began trading again on the NYSE American on November 15, 2024. If, in the future, the price of our common stock falls out of compliance, again, with the continued listing requirements of the NYSE American, this could result in a de-listing of our common stock from trading on the NYSE American.

Unless otherwise specifically provided in this prospectus, all share and per share information reflect the Reverse Stock Split, at a ratio of one share of common stock for every 20 shares of common stock outstanding, which was effective on November 14, 2024. Our common stock began trading on the NYSE American, on a post-reverse split basis, at the beginning of trading on November 15, 2024.

ITEM 1. BUSINESS.

Overview

TPET is a California-based oil and gas exploration and development company headquartered in Bakersfield, California, with its principal executive offices located at 5401 Business Park South, Suite 115, Bakersfield, California 93309, and with operations in Monterey County, California, and Uintah County, Utah. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund, and operate oil and gas exploration, development and production projects, initially focusing on one major asset in California, the South Salinas Project (“South Salinas Project”).

We have had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and as of the quarter ended April 30, 2024, we recorded approximately