Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1358

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 6
Chunk 1358
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party transactions because of these relationships. As a result of the related party transactions described above, a special committee
of our board of directors, comprised of Mr. Pernice, Mr. Randall and Mr. Hunter to evaluate and negotiate the terms of any such future
transactions. In addition, in accordance with our Related Person Transaction Policy, we will have any such future transactions reviewed
and approved by our Board’s Audit Committee.

South
Salinas Project Purchase

Initial
Purchase and Sale Agreement

On
September 14, 2021, we entered into a purchase and sale agreement where we acquired Trio LLC’s approximate 82.75% WI in the South
Salinas Project for consideration of $4 million and 245,000 shares of our common stock.

Fourth
Amendment to the Purchase and Sale Agreement

On
December 22, 2022, we entered into the Fourth Amendment where we acquired a subsequent additional approximate 3% WI in the South Salinas
Project from Trio LLC for $60,529.40. In addition, the Fourth Amendment granted us a 120-day option to acquire the Optioned Assets. The
Option Fee is $150,000, which was paid by the Company to Trio LLC. The Optioned Assets are as follows:

    ●
    The
    Hangman Hollow Field asset with an option to acquire Trio LLC’s 44% working interest and their Operatorship;
  
    ●
    The
    Kern Front Field asset with an option to acquire Trio LLC’s 22% working interest and their Operatorship; and
  
    ●
    The
    Union Avenue Field with an option to acquire Trio LLC’s 20% working interest and their Operatorship;

On
May 12, 2023, subsequent to the 120-day option window referenced above, TPET announced the signing of an Acquisition Agreement to potentially
acquire up to 100% of the working interest in the Union Avenue Field. The Agreement was between TPET and Trio LLC, with Trio LLC acting
on behalf of itself as Operator and holding a 20% working interest in Union Avenue Field as well as agreeing to act to help facilitate
the acquisition by TPET of the remaining 80% working interest. As Trio LLC is partly owned and controlled by members of Trio’s
management, this would have been a related party transaction, and a special committee of Trio’s board of directors (the “Trio
Special Committee”) was formed to evaluate and negotiate the terms of this acquisition