Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 119

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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 a California-based oil and gas exploration and development company headquartered in Malibu, California, with our principal executive
offices located at 23823 Malibu Road, Suite 304, Malibu, California 90265, with operations in Monterey County, California,
Uintah County, Utah and Lloydminster, Saskatchewan.

We
have had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and recognized our first
revenues in our fiscal quarter ended April 30, 2024, and received the proceeds from these operations in June 2024. We have recently generated
revenues during the period ended April 30, 2025 from our newly acquired properties in Saskatchewan, Canada.

Our Canadian project has the potential through workovers
to double production which we immediately began planning following closing. Novacor, whom we acquired the project from, is one of the
lowest cost operators with lift costs of $10 per barrel. Our focus remains on acquiring projects that generate immediate cash flow or
offer transformative growth potential with strategic investment.

We
were formed to initially acquire an approximate 82.75% working interest (which was subsequently increased to an approximate 85.775% working
interest) from Trio LLC (“Trio LLC”) in the large, approximately 9,300-acre South Salinas Project that is located
in Monterey County, California, and subsequently partner with certain members of Trio LLC’s management team to develop and operate
those assets. We hold an approximate 68.62% interest after the application of royalties (“net revenue interest”) in the South
Salinas Project. Trio LLC holds an approximate 3.8% working interest in the South Salinas Project. We and Trio LLC are separate and distinct
companies.

Initially, California was a significant part of our
geographic focus; however, due to rising drilling costs and the negative impact on potential profitability, we have strategically shifted
our efforts beyond California to pursue more economically viable opportunities. This transition is reflected in our acquisition of an
interest in the Asphalt Ridge Project in Uintah County, Utah, as well as our recent acquisition of additional oil and gas assets in the
prolific Lloydminster, Saskatchewan heavy oil region.

25

South
Salinas Project

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