Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1110

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 4
Chunk 1110
---
A well at the South Salinas Project has been producing oil with a generally
favorable oil-water ratio; the Company expects to take steps to improve oil production from this well in the third or fourth calendar
quarter of 2024 and expects to receive the first revenue from oil produced from the well in the third calendar quarter of 2024.

Initial
Public Offering

The
Company’s Registration Statement (Amendment No. 9) on Form S-1/A was filed with the SEC on March 24, 2023; its Initial Public Offering
was declared effective on April 17, 2023 and closed on April 20, 2023 (collectively, the “Offering” or “IPO”).
The Company sold 100,000 shares of its common stock for total gross proceeds of $6,000,000, which is described more fully in Note 4.

Additional
Acquisitions - McCool Ranch Oil Field & Asphalt Ridge Leasehold

In
October 2023, the Company entered into an agreement (“McCool Ranch Purchase Agreement”) with Trio LLC for purchase of a 21.918315%
working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project; the
Company initially began refurbishment operations with respect to a water disposal well. After refurbishment was successfully accomplished,
the Company restarted production operations on the assets (see Note 5 for further information). In November 2023, the Company entered
into a leasehold acquisition and development option agreement (“ARLO Agreement”) with Heavy Sweet Oil, LLC (“HSO”),
which gave the Company a 9-month option for the exclusive right to acquire up to a 20% interest in a 960-acre drilling and production
program in the Asphalt Ridge leases for $2,000,000. In December 2023, the Company amended the agreement and funded $200,000 in exchange
for an immediate 2% interest in the leases; subsequently, in January 2024, the Company funded an additional $25,000 resulting in a total
2.25% working interest in the leases. Such funds are to be used for the building of roads and related infrastructure in furtherance of
the development of the leases; per the most recent amendment to the ARLO Agreement signed in September 2024, the Company has until December
10, 2024 to pay HSO an additional approximate $1.775 million to exercise the option for the remaining