Company: TPET
Filing Date: 2025-11-04
Form Type: 8-K
Source: 0001493152-25-020729
Chunk: 0

Company: Trio Petroleum Corp.
Filing Date: 2025-11-04
Form: 8-K
Item: Item 2.01
Chunk 0
---
Item
2.01. Completion of Acquisition or Disposition of Assets

As
reported in a Current Report on Form 8-K filed by Trio Petroleum Corp, a Delaware corporation (the “ Company”), filed with
the Securities and Exchange Commission on October 27, 2025 (the October 27 th th

On
November 3, 2025, a closing of the transactions contemplated under the APA was completed (the “ Closing”). At the Closing,
the Buyer acquired the Assets from the Seller, with certain wells associated therewith being acquired by the Buyer out of a receivership.
The Company/Buyer, as a result of certain regulatory matters and in order to reduce the amount of security deposits required to license
the applicable oil and gas wells in Alberta from the Alberta Energy Regulator (“ AER”), and because the AER requires a licensee
to maintain a defined presence in Alberta, arranged to have all applicable licenses transferred to Novacor Exploration Ltd. (“ Novacor”),
an experienced operator who the Company/Buyer has an existing commercial relationship, having previously acquired certain assets from
Novacor, and Novacor utilizes the Seller as its AER agent. In order to compensate the Seller for its services as AER agent, the Company/Buyer
granted the Seller a 1% gross overriding royalty with respect to the mineral rights, for as long as the Seller continues to provide services
as AER agent.

In
connection with the acquisition of the Assets, the Buyer paid the Seller CD$150,000, in cash, and the Company issued to the Seller 104,227
restricted shares of its common stock, par value US$0.0001 per share.

Item 3.02. Unregistered Sale of Equity Securities