Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 28

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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SO solely for the building of roads and related infrastructure in furtherance of the development of the leases.
As of July 31, 2025, 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 as of July 31, 2025.

Per
the most recent amendment to the ARLO Agreement signed in April 2025, the Company had until May 10, 2025 to pay HSO an additional $1,775,000
to exercise an option for the remaining 17.75% working interest in the initial 960 acres of the Asphalt Ridge Leases. The option expired
after the reporting period on May 10, 2025 due to the Company’s failure to exercise it before the expiration date. As a result,
the Company forfeited any further right to acquire the additional 17.75% working interest but will retain its existing 2.25% interest
in the leases.

Novacor
Acquisition 

On
April 4, 2025, the Company entered into the Novacor APA with Trio Canada and Novacor Exploration Ltd. (“Novacor”), a
Canadian corporation. Under the Novacor APA, Trio Canada agreed to acquire certain oil and gas assets from Novacor, including
contracts, leases, and permits for working interests in petroleum, natural gas, and mineral rights located in the Lloydminster,
Saskatchewan heavy oil region (the “Novacor Assets”), free and clear of liens other than specified assumed
liabilities.

The
total purchase price was (i) US$650,000 in cash, including a previously paid deposit of $65,000, and (ii) the issuance of 526,536 shares
of the Company’s common stock.

The
Novacor APA provided for two closings, both of which have been consummated on the respective dates below:

    ●
    First
    Closing – April 8, 2025: Title to a portion of the Novacor Assets was transferred to Trio Canada. The Company delivered $260,000
    in cash (net of the deposit) and issued the 526,536 Novacor Shares.

    ●
    Second
    Closing – May 22, 2025: Title to the remaining Novacor Assets was