Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 292

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 292
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 those of our
block partners, third-party contractors or other operators. To the extent we do not address these costs and liabilities or if we do not
otherwise satisfy our obligations, our operations could be suspended or terminated. We have contracted with and intend to continue to
hire third parties to perform services related to our operations. There is a risk that we may contract with third parties with unsatisfactory
environmental, health and safety records or that our contractors may be unwilling or unable to cover any losses associated with their
acts and omissions. Accordingly, we could be held liable for all costs and liabilities arising out of the acts or omissions of our contractors,
which could have a material adverse effect on our results of operations and financial condition.

24

We
maintain insurance at levels that we believe are consistent with industry practices, but we are not fully insured against all risks.
Our insurance may not cover any or all environmental claims that might arise from our future operations or at any of our asset areas.
If a significant accident or other event occurs and is not covered by insurance, such accident or event could have a material adverse
effect on our results of operations and financial condition.

Our
operations may be dependent on sources of electricity and/or natural gas that may be unreliable or costly.

Oil
and gas operations, including our operations, commonly require significant electricity and/or natural gas as power sources to operate
facilities. Some oil and gas operations are power self-sourced, for example producing natural gas to run facilities including to generate
electricity. Some oil operations historically were permitted to burn crude oil to power operations but this is commonly not permitted
today due to associated greenhouse gas emissions. Our South Salinas Project may produce sufficient natural gas to be power self-sourced
and even to deliver gas to market. The McCool Ranch Oil Field produces black oil without associated natural gas, and historically has
received natural gas through an existing pipeline that has had excess capacity. The excess capacity available might not be adequate to
meet our demand. If establishing and/or maintaining reliable sources of affordable electricity and/or natural gas are problematic or
delayed, this could have a material adverse effect on our results of operations and financial condition.

We
expect continued and increasing attention to climate change and energy transition issues and associated regulations to constrain and
impede the oil/gas industry.

We
expect continued and increasing attention to climate change and to the energy transition away from fossil fuels. Various countries and
regions have agreed to regulate emissions of greenhouse gases, including methane