Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 11

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 11
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 found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

Components of the changes in ARO for the years ended October 31, 2023 and 2024 are shown below:

SCHEDULE OF COMPONENTS OF CHANGES IN ARO

| ARO,                                      
 ending balance – October 31, 2022         |     | $ | 48,313 |
| Accretion                                 
 expense                                   |     |   |  2,778 |
| ARO,                                      
 ending balance – October 31, 2023         |     |   | 51,091 |
| Accretion                                 
 expense                                   |     |   |  2,778 |
| ARO,                                      
 ending balance – October 31, 2024         |     |   | 53,869 |
| Less:                                     
 ARO – current                             |     |   |  2,778 |
| ARO,                                      
 net of current portion – October 31, 2024 |     | $ | 51,091 |

| F-9 |

Related Parties

Related parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021, the Company acquired an 82.75% working interest (which was subsequently increased to an 85.775% working interest as of April 2023) in the SSP from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 245,000shares of common stock. As of the date of the acquisition, Trio LLC owned 45% of the outstanding shares of the Company and was considered a related party. As of October 31, 2024 and 2023, Trio LLC owned less than 1%