Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 116

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 116
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 result, the Company
has forfeited any further rights to acquire this interest but will retain its existing 2.25%
interest in the leases.

Second
Closing of Novacor Acquisition

On
May 21, 2025, the Second Closing of the Novacor Acquisition was consummated; title to certain of the assets was delivered to the Buyer,
and the Buyer delivered to the Seller $325,000, in cash, reflecting the $325,000 payable such assets.

Abandonment
of McCool Ranch Properties

As
of May 27, 2025, the Company and Trio LLC executed a Termination Agreement, pursuant to which the Company terminated all operations and
abandoned all leases at this location. Because the conditions leading to this decision existed as of April 30, 2025, this event qualifies
as a recognized subsequent event under ASC 855-10-25-1 and has been reflected in the financial statements for the period ended April
30, 2025. Accordingly, all capitalized costs related to the acquisition, refurbishment, and production restart—including costs
for support equipment and facilities—totaling $500,614
have been written off and expensed in the statement
of operations for the period ended April 30, 2025.

23

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You
should read the following discussion and analysis of financial condition and operating results together with our condensed consolidated
financial statements and the related notes and other financial information included elsewhere in this quarterly report on Form 10-Q,
as well as our audited financial statements and related notes as disclosed in our Form 10-K/A for the year ended October 31, 2024, filed with the SEC on April 15, 2025 (“our
Form 10-K/A”). This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors,
such as those in this Quarterly Report on Form 10-Q, as well as the risk factors set forth in the section titled “Risk Factors”
included in our Form 10-K/A, our actual results may differ materially from those anticipated in these forward-looking statements. For
convenience of presentation some of the numbers have been rounded in the text below.

Throughout
this report, the terms “our,” “we,” “us,” and the “Company” refer to Trio Petroleum Corp.

CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS

This