Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 11

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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approximate 3.8% working interest in the South Salinas Project; the Company and Trio LLC are separate and distinct companies.

There
are two contiguous areas of notable oil/gas accumulations in the South Salinas Project; the first is the Humpback Area that occurs in
the northern part of the project and the second is the Presidents Area (“Presidents Oil Field”) that occurs in the southern
part of the project. As of April 30, 2025 and October 31, 2024, there were no proved reserves attributable to the approximate 9,300 acres
of the property. Since it was returned to production in March 2024, the HV-3A well or discovery well at the South Salinas Project has
been producing oil with a generally favorable oil-water ratio but is currently idled pending an assessment of the viability of increasing
the well’s gross production rate.

Additional
Acquisitions - Novacor Acquisition

As
of April 4, 2025, the Company entered into an Asset Purchase Agreement (the “APA”) with Trio Petroleum Canada, Corp., an
Alberta, Canada corporation and a wholly owned subsidiary of the Company (“Trio Canada”), and Novacor Exploration Ltd., a
corporation incorporated under the Canada Business Corporations Act (“Novacor”), pursuant to which, subject to the terms
and conditions set forth in the APA, Trio Canada agreed to acquire certain assets of Novacor relating its oil and gas business, including
certain contracts, leases and permits for working interests in petroleum and natural gas and mineral rights located in the Lloydminster,
Saskatchewan heavy oil region in Canada (see Note 5 and Note 10 for further information).

Emerging
Growth Company

The
Company is an “emerging growth company,” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not
being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and approval of any