Company: TPET
Filing Date: 2025-04-28
Form Type: S-3
Source: 0001641172-25-006503
Chunk: 15

Company: Trio Petroleum Corp.
Filing Date: 2025-04-28
Form: S-3
Chunk 15
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 oil and gas resources of the South Salinas Project and to concurrently establish a substantial CCS project and potentially a CO2 storage hub and/or Direct Air Capture (DAC) hub.

Market Opportunity

We believe that we can establish oil and gas operations that have the potential to achieve profitability in California and Utah, where we currently have projects, and elsewhere.

The oil and gas industry is operationally challenging in California, where we have the South Salinas and McCool Ranch assets, due primarily to regulatory issues and to efforts to facilitate an energy transition away from fossil fuels, but California nevertheless is a major consumer of petroleum products, and TPET believes that it has the capacity to continue to operate in California and that the market for oil and gas in California will remain strong for the foreseeable future. Furthermore, TPET is attempting to launch a Carbon Capture and Storage Project as part of the South Salinas Project, consistent with efforts in California to reduce carbon footprint. The Company hopes and expects TPET’s commitment to reduce carbon footprint through a Carbon Capture and Storage Project to be viewed favorably by California regulatory bodies, perhaps helping to facilitate operations at the South Salinas Project and elsewhere.

The oil and gas industry currently appears operationally favorable in Utah, where we have the Asphalt Ridge asset. TPET believes that the overall operating environment and the market for oil and gas in Utah should remain favorable for the foreseeable future.

TPET’s operations may help meet the USA’s demanding oil and gas needs that are expected to remain strong for the foreseeable future, while supporting the country’s goal of energy independence, and supporting local and state economies with tax revenue and jobs. TPET’s Carbon Capture and Storage Project may help reduce the Company’s and California’s carbon footprint.

Estimated undeveloped reserves and cash flow

The following table summarizes the Company’s estimated undeveloped reserves and cash flow at the South Salinas Project, as of April 30, 2024. The Company expects to have estimates of reserves and cash flow for the McCool Ranch Field and for the Asphalt Ridge Project, after further observations of initial operations at those properties, which is expected by the second calendar quarter of 2025.

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<div align='center'>Table 1: Estimated Undeveloped Reserves and Cash Flow</div>

| A. |     | Phase                            
 1 Undeveloped Reserve Categories |     | Net                  
 Trio Undeveloped Oil 
 Reserves (Stock      
 Tank Barrels)        |             |     | Net                  
 Trio Undeveloped Gas