Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 20

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 and natural gas revenue for this period (no revenue in 2023).

NOTE
6 – OIL AND NATURAL GAS PROPERTIES

The
following tables summarize the Company’s oil and gas activities.

 SCHEDULE OF OIL AND NATURAL GAS PROPERTIES

    As of  
    As of 

    January
    31, 2025  
    October
    31, 2024 
  
    Oil and gas properties –
    not subject to amortization 
    $11,197,284  
    $11,119,119 
  
    Accumulated impairment 
     —  
     — 
  
    Oil and gas properties
    – not subject to amortization, net 
    $11,197,284  
    $11,119,119 

During
the three months ended January 31, 2025 and 2024, the Company incurred aggregated exploration costs of $24,721 and $84,594, respectively;
these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during the applicable
periods. For capitalized costs, the Company incurred $78,165 and $912,511 for the three months ended January 31, 2025 and 2024, respectively;
these expenses were related to drilling exploratory wells and acquisition costs , both of which were capitalized and are reflected in
the balance of the oil and gas property as of January 31, 2025 and 2024, respectively.

    13

Leases

South
Salinas Project

As
of October 31, 2024, the Company holds interests in various leases related to the unproved properties of the South Salinas Project (see
Note 8); two of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide
for an extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be
released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease
extension, the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the
balance of the oil and gas property as of October 31, 2022. The extension period commenced on June