Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 6

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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    $- 
  
    Cash
    paid for income taxes 
    $-  
    $- 

    SUPPLEMENTAL CASH FLOW INFORMATION: 

    Non-cash investing and
    financing activities: 

    Issuance of warrants 
    $-  
    $151,490 

The
accompanying notes are an integral part of these unaudited condensed financial statements.

6

TRIO
PETROLEUM CORP.

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR
THE THREE MONTHS ENDED JANUARY 31, 2025

NOTE
1 – NATURE OF THE ORGANIZATION AND BUSINESS

Company
Organization

Trio
Petroleum Corp. (“Trio Petroleum”, the “Company” or “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”).
The Company has since acquired interests in the McCool Ranch Oil Field in Monterey County, California, and in the Asphalt Ridge Project
in Uintah County, Utah. The Company has had revenue-generating operations since the McCool Ranch Oil Field was restarted on February
22, 2024, and recognized its first revenues in the fiscal quarter ended April 30, 2024, and received the proceeds from these operations
in June 2024.

Acquisition
of South Salinas Project

The
Company was initially formed to acquire from Trio Petroleum LLC (“Trio LLC”) an approximate 82.75% working interest (which
was subsequently increased to an approximate 85.775% working interest in April 2023), in the large, approximately 9,300-acre South Salinas
Project that is located in Monterey County, California, and subsequently partner with certain members of Trio LLC’s management
team to develop and operate those assets. In September 2021, the Company entered into a Purchase and Sale Agreement (“Trio LLC
PSA”) with Trio