Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 94

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 94
---
Optioned
Assets – Asphalt Ridge Leasehold Acquisition & Development Option Agreement

On
November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which gives the Company the exclusive
right to acquire up to a 20% interest in a 960 acre drilling and production program in the Asphalt Ridge leases for $2,000,000, which
may be invested in tranches by the Company, with an initial tranche closing for an amount no less than $500,000 and paid within seven
days subsequent to HSO providing certain required items to the Company.

On
December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $200,000 of the $500,000 payable
by the Company to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2% interest in the leases; such
funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases.
As of April 30, 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 April 30, 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. See Note 10 for additional
information.

Novacor
Acquisition 

As
of April 4, 2025, the Company entered into an Asset Purchase Agreement (the “APA”) with Trio Petroleum Canada, Corp., an
Alberta, Canada corporation and a wholly owned subsidiary of the Company (“Trio Canada”), and Novacor Exploration Ltd., a
corporation