Company: TPET
Filing Date: 2025-03-05
Form Type: S-8
Source: 0001493152-25-009234
Chunk: 15

Company: Trio Petroleum Corp.
Filing Date: 2025-03-05
Form: S-8
Chunk 15
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Reasonable Expectations of Reserve Analyses

This prospectus provides a summary of risks and detailed discussions of risks relating to our business and risks relating to our common stock. The Company recognizes these risks as being real and substantial.

Nevertheless, the Company has reasonable expectations that the Company’s South Salinas Project should prove to be economically viable assets, that the Company should have adequate funding to develop these assets, that there should exist the legal right to develop these assets, and that the Company should be able to establish long-term production and to deliver oil and natural gas to markets, recognizing as discussed elsewhere hereunder that there are technical risks and that there may be project delays and/or obstacles related to obtaining necessary permits from regulatory agencies and/or related to other matters. Notwithstanding the foregoing, there is no assurance that any of the foregoing expectations will be realized. Furthermore and more specifically, the Company has a reasonable expectation that the primary governmental regulatory agencies that are currently and/or that will be involved in the permitting processes, which agencies will primarily be CalGEM, State Water Boards and Monterey County, should determine to approve the Company’s applications for permits for various reasons that are discussed elsewhere in this prospectus, although there can be no assurance of our obtaining any of such approvals.

Additionally, TPET
does not yet have a final reserve report for the McCool Ranch Oil Field, but plans to add the reserve value of the McCool Ranch Field
to the Company’s reserve report after a brief period of observation and review of the oil production that was restarted on February
22, 2024. Nevertheless, TPET has reasonable expectations that the McCool Ranch Oil Field should prove to have economic reserves based,
in part, on an in-progress evaluation by KLS Petroleum Consulting LLC (“KLSP”), a third-party, independent engineering firm,
and based on various historical analyses by other independent third-party reservoir engineers, and based also on the experience of the
field operator Trio LLC. TPET has reasonable expectation that the McCool Ranch Oil Field should prove to have economic reserves, that
the Company should have adequate funding to develop the reserves, and that there should exist the legal right to develop the Company’s
reserves at McCool Ranch, including the rights to full-field development and to long-term production, rights to cyclic-steam operations
and water disposal and similar matters, recognizing as discussed elsewhere hereunder that there are technical risks and that there may
be project delays and/or obstacles related to obtaining necessary permits from regulatory agencies and/or related to other matters.