Company: TPET
Filing Date: 2025-03-05
Form Type: S-8
Source: 0001493152-25-009234
Chunk: 33

Company: Trio Petroleum Corp.
Filing Date: 2025-03-05
Form: S-8
Chunk 33
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 possible to utilize five of the existing Project wells (i.e., the BM 2-2, BM 1-2-RD1, HV 2-6, HV 3-6 and/or HV 1-35)        
 without new permits, including conditional use permits from Monterey County, and other customary permits from local and State agencies; |
| ● | it                                                                                                                                      
 will not be possible to initiate full-field development without new permits; and                                                        |
| ● | it                                                                                                                                      
 will not be possible to establish long-term production without new permits.                                                             |

Due to our contractor model for drilling operations, we will be vulnerable to any inability to engage one or more drilling rigs and associated drilling personnel.

Our operation plan currently depends on using the services of independent drilling contractors such as Ensign Energy that operate their own drilling rigs using their own personnel. Lack of rig availability from independent drilling contractors would hinder our operations. Our assets include operations in California and Ensign, for example, has indicated that it is moving its drilling rigs out of California due to decline of California’s oil and gas industry. Lack of rig availability may be a problem if there is a drilling boom and rigs are reserved by other operators into the foreseeable future, or contrarily if there is a general lack of rigs as may occur if the oil industry is in a slump and rigs are taken out of service. The capacities of standard oil field service companies in general (i.e., in addition to drilling contractors) in California have declined and continue to decline in parallel with the continuing decline of California’s oil and gas industry.

| 18 |

If we fail to raise sufficient funds prior to April 10, 2025, to exercise our option to acquire up to an additional 17.75% working interest in an initial 960 acres of the Asphalt Ridge Leases, we could lose significant opportunity to participate with a greater working interest in the expected development of a substantial number of additional wells in such 960 acres, which could result in substantially less revenues receivable by us.

On November 10, 2023, we entered into a Leasehold Acquisition and Development Option Agreement (the “Asphalt Ridge Option Agreement”) with Heavy Sweet Oil LLC (“HSO”). Pursuant to the Asphalt Ridge Option Agreement, we acquired an option to purchase up to a 20% working interest in the Asphalt Ridge Leases. To date, we have exercised this option for a 2.25% working interest in an initial 960 acres of the Asphalt Ridge Leases. Under the Asphalt