Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 112

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 112
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 of warrants                                                             |     | $                           |    409,191 |   |     | $    |    332,630 |   |
| Issuance                                                                
 of RSUs                                                                 |     | $                           |    911,650 |   |     | $    |        213 |   |
| Issuance                                                                
 of commitment shares                                                    |     | $                           |    667,500 |   |     | $    |          - |   |
| Issuance                                                                
 of common stock for warrants that can be exercised per the Resale S-1/A |     | $                           |          - |   |     | $    |        120 |   |
| Issuance                                                                
 of pre-funded warrants                                                  |     | $                           |          - |   |     | $    |      4,000 |   |

<div align='center'>The accompanying notes are an integral part of these financial statements.</div>

| F-6 |

<div align='center'>TRIO PETROLEUM CORP.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEARS ENDED OCTOBER 31, 2024 AND 2023</div>

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 (“T