Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 87

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 2
Chunk 87
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 in petroleum and natural gas and mineral rights located in the
Lloydminster, Saskatchewan heavy oil region in Canada (collectively, the “Novacor Assets”), free and clear of any liens
other than certain specified liabilities of Novacor that are being assumed (collectively, the “Liabilities” and such
acquisition of the Novacor Assets and assumption of the Liabilities together, the “Novacor Acquisition”) for a total
purchase price of (i) US$650,000, in cash, US$65,000 of which was previously provided as a deposit to Novacor, and (ii) the issuance
to Novacor of 526,536 shares of common stock of common stock (the “Novacor Shares”). The Novacor Acquisition was
consummated in two closings, with the first closing being consummated on April 8, 2025 and the second closing consummated on May 22,
2025. All five of our currently active wells are in the newly acquired Novacor property

P.R.
Spring Letter of Intent and Option

On May 15, 2025, the Company entered into a non-binding Letter of Intent
(LOI) with Heavy Sweet Oil LLC (“HSO”) for the potential acquisition of 2,000 acres of oil and gas properties at P.R. Spring,
Uintah Basin, Utah (“P.R. Spring”), which is adjacent to Asphalt Ridge. The LOI contemplates our issuance of 1,492,272 restricted
shares of common stock and the payment of $850,000 at closing, subject to execution of definitive agreements. Upon signing the LOI, we
made a non-refundable $150,000 payment to HSO in consideration for the option. The LOI requires evidence of a minimum sustained production
rate of 40 barrels per day for a continuous 30-day period from two wells at Asphalt Ridge by May 15, 2026, or the LOI will expire unless
extended by us. We are not under any obligation to enter into definitive agreements in connection with an acquisition.

Carbon
Capture and Storage Project as part of Company’s South Salinas Project

We are committed to attempting to reduce our own carbon footprint and,
where possible, that of others. For this reason, we are taking initial steps to launch a Carbon Capture and Storage (“CCS”)
project as part of the South Salinas Project, which appears ideal for such a task.