Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 180

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 180
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ET’s current strategy and focus at
the South Salinas Project is to seek out a joint venture partner with the knowledge and capacity to operate in California. We are also
endeavoring to secure approval from CalGEM and WaterBoards of a proposed short-term water-disposal program that should significantly reduce
lease operating costs, launching a Carbon Capture and Storage Project, pursuing permits for full field development, and similar matters.
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 restarted at this well on March 22, 2024. Oil production from this well has occurred and the Company has idled operations
currently pending an assessment of the viability of increasing the well’s gross production rate, for example by adding up to 650
feet of additional perforations in the oil zone and/or acidizing the well for borehole cleanup. First oil sales from the HV-3A well occurred
in the third calendar quarter of 2024.

TPET’s current strategy and focus at the PR Spring project is to
monitor the results of the new 2-4 and 8-4 wells at the Company’s Asphalt Ridge project. Once production attains 40 barrels per day for
thirty days from both wells, TPET will be in a position to exercise its option on the 2000-acre project and enter into a definitive development
agreement.

Emerging
Growth Company Status

We
are an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by 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 periodic reports and proxy statements,
and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any
golden parachute payments not