Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 7

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 7
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net revenue interest”) in the South Salinas Project. Trio LLC holds an approximate 3.8% working interest in the South Salinas Project. TPET and Trio LLC are separate and distinct companies.

California is a significant part of TPET’s geographic focus and we recently acquired a 22% working interest in the McCool Ranch Oil Field (the “ McCool Ranch Oil Field”, “McCool Ranch Field” or “McCool Ranch”) in Monterey County, California. TPET’s interests extend beyond California, however, and we recently acquired an interest in the Asphalt Ridge Project in Uintah County, Utah. We may acquire additional assets both inside and outside of California and Utah.

Trio LLC
is a licensed Operator in California and currently operates the South Salinas Project and the McCool Ranch Oil Field on behalf of TPET
and other working interest owners. Trio LLC operates these assets pursuant to joint operating agreements (“JOAs”) between
and among Trio LLC and the non-operating, third-party, working interest owners. The non-operating parties have agreed under the JOAs
to have the Operator explore and develop these assets for the production of oil and gas as provided thereunder. Trio LLC, as Operator,
generally conducts and has significant control of operations, subject to the limitations and constraints of the JOAs, and acts in the
capacity of an independent contractor. Operator is obligated to conduct its activities under the JOAs as a reasonable prudent operator,
in good workmanlike manner, with due diligence and dispatch, in accordance with good oilfield practices, and in compliance with applicable
laws and regulations.

For the fiscal year ended October 31, 2024, we generated $213,204 of revenues, reported a net loss of $9,626,797 and net cash used in operating activities of $3,840,744. For the year ended October 31, 2023, we generated no revenues, reported a net loss of $6,544,426 and net cash used in operating activities of $4,036,834. As of October 31, 2023 and 2024, we had an accumulated deficit of $10,446,882 and $20,073,679 respectively. There is substantial doubt regarding our ability to continue as a going concern as a result of our accumulated deficit and no source of revenue sufficient to cover our cost of operation as well as our dependence on private equity and financings. See “ Risk Factors-Risks Relating to Our Business-We have a