Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 56

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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, California, Uintah County, Utah and Lloydminster, Saskatchewan.

We have had revenue-generating operations since the McCool Ranch Oil Field
was restarted on February 22, 2024, and recognized our first revenues in our fiscal quarter ended April 30, 2024, and received the proceeds
from these operations in June 2024. We have recently generated revenues during the period ended April 30, 2025 from our newly acquired
properties in Saskatchewan, Canada.

Our Canadian project has the potential through workovers to double production
which we immediately began planning following closing. Novacor, whom we acquired the project from, is one of the lowest cost operators
with lift costs of $10 per barrel. Our focus remains on acquiring projects that generate immediate cash flow or offer transformative growth
potential with strategic investment.

We were formed to initially acquire an approximate 82.75% working interest
(which was subsequently increased to an approximate 85.775% working interest) from Trio LLC (“Trio LLC”) 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. We hold an approximate 68.62% interest after the application of royalties
(“net revenue interest”) in the South Salinas Project. Trio LLC holds an approximate 3.8% working interest in the South Salinas
Project. We and Trio LLC are separate and distinct companies.

Initially, California was a significant part of our geographic focus; however,
due to rising drilling costs and the negative impact on potential profitability, we have strategically shifted our efforts beyond California
to pursue more economically viable opportunities. This transition is reflected in our acquisition of an interest in the Asphalt Ridge
Project in Uintah County, Utah, as well as our recent acquisition of additional oil and gas assets in the prolific Lloydminster, Saskatchewan
heavy oil region.

26

South
Salinas Project

Efforts to obtain from Monterey County conditional use permits and a full
field development permit for the South Salinas Project are progressing. Efforts to obtain from the California Geologic Energy Management
Division (“CalGEM”) and from the California Water Boards a permit for a water disposal project at the South Salinas Project
are also progressing. In the meantime, the Company recently determined that existing permits allow production testing to continue at the
HV-3A discovery well at Presidents Field and, consequently, testing operations were