Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 760

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 2
Chunk 760
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 of oil and gas property costs for purposes of impairment and, if proved reserves are found,
such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for changes resulting
from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount
other than the recorded amount, a gain or loss is recognized.

Recent
Accounting Pronouncements

All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to us.

ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Pursuant
to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as
it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).

ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA

The
information required by this Item is included in this Report as set forth in the “Index to Consolidated Financial Statements”
which appears on page F-1 of this Annual Report, after the signature pages of this Annual Report, and is incorporated by reference herein.

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

On
May 3, 2024, the US Securities and Exchange Commission (“Commission”) entered an Order denying BF Borgers CPA PC (“Borgers”)
the privilege of appearing or practicing before the Commission as an accountant. As a result, Borgers may not participate in or perform
the audit or review of financial information included in Commission filings, issue audit reports included in Commission filings, provide
consents with respect to audit reports, or otherwise appear or practice before the Commission. As a result of the foregoing, on May 6,
2024, the Board of Directors terminated Borgers as the Company’s independent registered public accounting firm. Borgers had audited
the Company’s financial statements for the two fiscal years ended October 31, 2022 and 2021 since the Company’s engagement
of Borgers as its auditor on December 13, 2022.

Borger’s
report on the Company’s financial statements for the fiscal years ended October 31, 2023 and 2022 did not contain an adverse opinion
or disclaimer of opinion, nor was such