Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 9

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 9
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endment to the Asphalt Ridge Option Agreement”), pursuant to which the Company and HSO amended the Asphalt Ridge Option Agreement to provide that, within three (3) business days of the effective date of the Amendment to the Asphalt Ridge Option Agreement, the Company would fund $200,000 of the $2,000,000 total purchase price in advance of HSO satisfying the closing conditions set forth in the Asphalt Ridge Option Agreement, in exchange for the Company receiving an immediate 2% interest in the Asphalt Ridge Leases, which advanced funds would be used solely for the building of roads and related infrastructure in furtherance of the development plan. In January 2024, the Company funded an additional $25,000 resulting in a 2.25% working interest in the Asphalt Ridge Leases.

The Asphalt Ridge Project, according to J. Wallace Gwynn of Energy News, is estimated to be the largest measured tar sand resource in the United States, and is unique given its low wax and negligible sulfur content, which is expected to make the oil produced very desirable for many industries, including shipping.

Asphalt Ridge is a prominent, northwest-southeast trending topographic feature (i.e., a dipping slope called a hog’s back or cuesta) that crops-out along the northeast flank of the Uintah Basin. The outcrop is comprised largely of Tertiary and Cretaceous age sandstones that are locally highly-saturated with heavy oil and/or tar. Deposits and reserves located in the Uintah Basin are described in a report published in October 1985 by the United States Department of Energy’s Laramie Energy Technology Center (the “LETC”) titled In Situ Recovery of Oil from Utah Tar Sand: A Summary of Tar Sand Research at the Laramie Energy Technology Center,by L.C. Marchant and J.D. Westhoff (the “LETC Report”), covering work done by the LETC from 1971 to 1982, which was concentrated on major U.S. tar and sand deposits found in Utah. In the LETC Report, it provides that the location of individual deposits and extent of reserves have been identified by H.R. Ritzma, who was formerly with the Utah Geological and Mineralogical Survey, to contain an estimated 20 billion barrels of bitumen (oil) in the Utah tar sands, an estimated 10.8 billion barrels of which are contained in the Uintah Basin deposits, principally Asphalt Ridge (the site of the Asphalt Ridge Development Project), Hill Creek, Sunnyside