Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 282

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 282
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enerating operations.

The
oil/gas drilling exploration and production business are capital intensive due to the cost of experienced personnel; equipment and other
assets required to drill, produce and store oil; regulatory compliance costs; potential liability exposures and financial impact; and
risk of unpredictable volatility in oil market prices and predatory pricing by competitors. Drilling requires an upfront payment of operational
costs with no guarantee that actual oil/gas production will cover such expenses. “Dry” holes and/or non-economic results
at planned oil/gas wells could deplete available funding raised by the Company and render the Company insolvent. The actual amount and
timing of our future capital expenditures may differ materially from our estimates as a result of, among other things, market oil prices,
actual drilling results, the availability of drilling rigs and other services and equipment, and regulatory, technological, and competitive
developments.

Future
cash flow from our operations and access to capital are subject to a number of variables, including: (i) the market prices at which our
produced oil and gas are sold; (ii) our oil and/or gas reserves; (iii) our ability to acquire, locate and produce new oil/gas reserves;
and (iv) the levels of our operating expenses.

We
face substantial uncertainties in estimating the characteristics of our assets, so you should not place undue reliance on any of our
measures.

In
this Annual Report, we provide numerical and other measures of the characteristics, including with regard to size and quality, of our
assets. These measures may be incorrect, as the accuracy of these measures are functions of available data, geological, geophysical,
petrophysical and engineering interpretation and judgment. Any analogies drawn by us from other wells, discoveries or producing fields
may not prove to be accurate indicators of the success of developing reserves from our assets. Furthermore, we may have inaccurately
evaluated the accuracy of the data from analog wells or prospects produced by other parties, which we may have used.

19

There
are uncertainties in reserve forecasts and in associated estimates of future cash flows in the South Salinas Project due to uncertainties
in various matters including, for example, in the following:

    ●
    the
    areal extent of the oil and/or gas fields and/or prospects;
  
    ●
    the
    gross and net thicknesses of the geologic zones that comprise the oil and/or gas reservoirs (note: “oil and gas reservoirs”
    are geologic zones that contain oil