Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 255

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 255
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 to deem HV-1 either a dry development well or a net productive well. Additional operations, including
    possibly deepening or sidetracking, and additional testing, are feasible at HV-1. Thus, there has been no net productive well or
    dry development well drilled in the last three fiscal years at the South Salinas Project. Prior to the drilling of the HV-1 well,
    the newest well at the Project was the HV-3A discovery well that was drilled in 2018.

All
of the Company’s acreage and reserves in the South Salinas Project are considered undeveloped. The HV-3A and BM 2-2 wells, and
possibly other project wells, are and/or may possibly be capable of oil and/or gas production but additional investments at these wells
are necessary prior to establishing commercial oil/gas production and, therefore, reserves and acreage are considered undeveloped. Thus,
the total gross undeveloped acreage is approximately 9,300 acres and the total net undeveloped acreage (i.e., net to the Company) is
approximately 7,927 acres (i.e., 9,300 acres x 0.8575 = 7,927 acres). The total gross developed acreage is zero acres and the total net
developed acreage (i.e., net to the Company) is also zero acres.

As
noted elsewhere, on the Company’s leases there are six existing idle wells (i.e., the BM 1-2-RD1, BM 2-2, BM 2-6, HV-1, HV 3-6
and HV 1-35 wells) and one active well (i.e., HV-3A well). Of these seven wells perhaps only the HV-3A and BM 2-2 wells should be considered
to probably and/or possibly be capable of economic oil/gas production with their current mechanical completions, whereas it cannot be
ruled-out that economic oil/gas production could be established at the other five wells. Thus, on the Company’s leases there may
be considered to be two (2) gross productive wells (i.e., the HV-3A and BM 2-2 wells) and 1.715 net productive wells (i.e., 85.75% WI
times 2 gross wells = 1.715 net productive wells).

6

The
Porter Ranch is an active working property that supports