Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 85

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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quire Novacor Exploration Ltd. Oil and Gas Assets in Saskatchewan, Canada

On
December 18, 2024, the Company entered into a non-binding Letter of Intent (“LOI”) for the acquisition of a 100% working
interest in certain petroleum and natural gas assets held by Novacor Exploration Ltd. (“Novacor”), which are located in the
prolific Lloydminster, Saskatchewan heavy oil region (the “Proposed Novacor Acquisition”). The stated purchase price of the
Proposed Novacor Acquisition is CD$2 million (approximately US$1.4 million based on exchange rates on the date of the LOI), payable US$650,000
in cash and the remainder in shares of common stock of the Company. Upon execution of the LOI, the Company paid Novacor a good faith
deposit of $65,000, which will be applied to the cash portion of the purchase price at closing. Other than obligations of confidentiality
and exclusivity contained in the LOI, no other terms are binding until definitive acquisition documents are signed by the parties. The
definitive acquisition documents would likely contain customary representations and warranties of the parties and certain conditions
to closing, including approval of the Proposed Novacor Acquisition by the board of directors of each of Novacor and the Company, and
a condition that the Company raises sufficient financing to consummate the Proposed Novacor Acquisition. Unless extended by the mutual
agreement of the parties, the LOI will terminate on the earlier of (i) the mutual agreement of Novacor and the Company, (ii) the execution
of definitive acquisition documents or (iii) on February 15, 2025, which date was extended to March 15, 2025 by an amendment to the LOI
dated January 29, 2025.

    14

NOTE
7 – RELATED PARTY TRANSACTIONS

South
Salinas Project – Related Party

Upon
its formation, the Company acquired from Trio LLC a majority working interest in the South Salinas Project and engaged the services of
certain members of Trio LLC to manage the Company’s assets (see Note 1 and Note 6). Trio LLC operates the South Salinas Project
on behalf of the Company, and as operator, conducts and has full control of the operations within the constraints of the Joint Operating
Agreement, and acts in the capacity of an independent contractor. Trio LLC currently holds a 3.8% working interest