Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 25

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 Months
 Ended 
July 31, 2025  
    Nine
Months
Ended
July 31, 2024 
  
    Oil sales 
    $192,395  
    $63,052  
    $226,485  
    $135,975 

    Total revenue from customers 
    $192,395  
    $63,052  
    $226,485  
    $135,975 

There
were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of July 31, 2025.

    12

Significant
concentrations of credit risk

The
Company’s revenue is primarily generated from oil and gas sales in California, United States, and Saskatchewan, Canada. As of July
31, 2025, 100% of total revenue comes from customers located in these regions. Changes in state and provincial regulations, market conditions,
or environmental policies could significantly impact the Company’s financial performance. Additionally, fluctuations in commodity
pricing and regional demand trends within California and Saskatchewan may affect future revenues.

NOTE
5 – 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 July 31, 2025  
    As of October 31, 2024 

    Oil and gas properties – not subject to amortization 
    $12,155,186  
    $11,119,119 
  
    Accumulated impairment 
     —  
     — 
  
    Oil and gas properties – not subject to amortization, net 
    $12,155,186  
    $11,119,119 

During
the three and nine months ended July 31, 2025, the Company incurred aggregated exploration costs of $(266) and $35,616, respectively.
The negative expense for the three-month period reflects the reversal of previously accrued exploration costs recorded in the prior quarter,
related to properties that were subsequently abandoned during the current fiscal year. During the three and nine months ended July 31,
2024, the Company incurred aggregated exploration costs of $8,054 and $132,871, respectively. These expenses primarily consisted of exploratory,
geological, and geophysical costs, and were expensed in the condensed consolidated statements of operations during the applicable periods.

For
capitalized costs, the Company incurred approximately $1