Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 250

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 250
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-35, BM 2-2, BM 1-2-RD1 and HV 3-6 wells) are excellent candidates for use as CO2 injection
wells. A CCS project in the future may help reduce TPET’s carbon footprint by sequestering and permanently storing CO2 deep underground
at one or more deep wells, away from drinking water sources. Furthermore, three of the aforementioned deep wells are directly located
on three idle oil and gas pipelines that could be used to import CO2 to the Company’s CCS Project. TPET has opened discussions
with third parties who wish to reduce their own greenhouse gas emissions and who may be interested in participating in our CCS project.
TPET believes it feasible to develop the major oil and gas resources of the South Salinas Project and to concurrently establish a substantial
CCS project and potentially a CO2 storage hub and/or Direct Air Capture (DAC) hub.

Entry
into a Letter of Intent to Acquire Novacor Exploration Ltd. Oil and Gas Assets in Saskatchewan, Canada

On
December 18, 2024, TPET entered into a non-binding Letter of Intent (“LOI”) for the acquisition of a 100% working interest
in certain petroleum and natural gas assets held by Novacor Exploration Ltd. (“Novacor”), which are located in the prolific
Lloydminster, Saskatchewan heavy oil region (the “Proposed Novacor Acquisition”). The stated purchase price of the Proposed
Novacor Acquisition is CD$2 million (approximately US$1.4 million based on exchange rates on the date of the LOI) payable US$650,000
in cash and the remainder in shares of common stock of Trio, which TPET would agree to use its commercially reasonable efforts to register
for resale in a registration statement filed with the United States Securities and Exchange Commission. Upon execution of the LOI, the
Company paid Novacor a good faith deposit of $65,000, which will be applied to the cash portion of the purchase price at closing. Other
than obligations of confidentiality and exclusivity contained in the LOI, no other terms are binding until definitive acquisition documents
are signed by the parties. The definitive acquisition documents would likely contain customary representations and warranties of the
parties and certain conditions to closing, including approval of the Proposed Novacor Acquisition by the board of directors of each of
Novacor and TPET, and a condition that TPET raises sufficient financing to consummate the Proposed Novac