Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 48

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
Chunk 48
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 2 comprises one lease and approximately 320 acres, which is held by production.
The total leasehold comprises approximately 800 gross and net acres.

Optioned
Assets – Old Man Prospect

In
October 2023, the Company and Lantos Energy entered into an option agreement, whereby the Company has the option to pay two initial payments
of $12,500 each and a final subsequent payment of $175,000, for a total of $200,000 within 120 days of the effective date for exclusive
rights to the option to purchase 80% of the 100% Before Project Payout Working Interest (“BPPWI”) in Lantos’ oil and
gas leasehold interests in Solano County, California (referred to as the Old Man Prospect). As of January 31, 2024, the Company has paid
approximately $25,000 towards the purchase of this option. Due to technical risks identified during due diligence and due to other considerations,
the Company did not make the final $175,000 payment and as a result the 120-day option period has expired.

Optioned
Assets – Asphalt Ridge Leasehold Acquisition & Development Option Agreement

On
November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which gives the Company the exclusive
right to acquire up to a 20% interest in a 960 acre drilling and production program in the Asphalt Ridge leases for $2,000,000, which
may be invested in tranches by the Company, with an initial tranche closing for an amount no less than $500,000 and paid within seven
days subsequent to HSO providing certain required items to the Company.

On
December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $200,000 of the $500,000 payable
by the Company to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2% interest in the leases; such
funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases.
As of October 31, 2024, the Company has paid a total of $225,000 to HSO in costs related to infrastructure and has obtained a 2.25% interest
in the leases; such costs are capitalized costs and are reflected in the balance of the oil and gas property