Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 30

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 30
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, in large part, to the estimated         
 costs of drilling and completing oil and gas wells and building Project infrastructure. It is anticipated that these costs will be       
 partly covered by capital raises and/or financing and, furthermore, that these costs may be partly and possibly entirely covered         
 by revenue from oil and gas sales;                                                                                                       |
| ● | The                                                                                                                                      
 Company has a reasonable expectation that additional capital raises will be successfully accomplished, as needed. This reasonable        
 expectation is based on the experience and track record of the Company’s management team which has a demonstrated ability to             
 secure funding for oil and gas exploration, development and production ventures, including that of Robin Ross, our Chief Executive       
 Officer. The Company plans to leverage the relationships and experience of Mr. Ross and other members of its management team in private  
 and public equity fundraising to raise capital for the Company, if and as needed. Furthermore, this reasonable expectation is based      
 on the confidence of Spartan Capital Securities, LLC, the Company’s investment banker, in both the Company and in the Project,           
 and the various methods available for securing capital including financing plans that may be developed in collaboration with our         
 bankers and/or future lenders based on reserves, cash flow and/or other considerations. The Company has a reasonable expectation         
 that, between cash and equity, it will be able to raise whatever capital is necessary to successfully develop the South Salinas Project. |

For all of the reasons discussed above in this section, the Company has a reasonable expectation that the Company’s South Salinas Project will prove to have reserves approximately as estimated, that the Company will have adequate funding to develop the reserves, and that there will exist the legal right to develop the Company’s reserves in the Project.

Employees

As of December 31, 2024, we had one employee, who is located in Canada.

| 15 |

Subsidiaries

The Company has no subsidiaries.

ITEM 1A. RISK FACTORS.

Our future operating results could differ materially from the results described in this Annual Report due to the risks and uncertainties described below. You should consider carefully the following information about risks in evaluating our business. If any of the following risks actually occur, our business, financial condition, results of operations and future growth prospects would likely be materially and adversely affected. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations in these circumstances, the market price of our securities would likely decline. In addition, we cannot assure investors that our assumptions and expectations will prove