Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 107

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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 properties is determined using valuation techniques
consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and
expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows,
net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates,
anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with
the expected cash flow projected. These assumptions represent Level 3 inputs.

Recent
Accounting Pronouncements

All
recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to us.

Item
3. Quantitative and Qualitative Disclosures about Market Risk

Not
Applicable. As a smaller reporting company, we are not required to provide the information required by this Item.

Item
4. Controls and Procedures

Evaluation
of Disclosure Controls and Procedures

Our
management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, have evaluated our
disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered
by this Quarterly Report on Form 10-Q. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded
that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective
to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act
is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information
is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate,
to allow timely decisions regarding required disclosure.

Changes
in Internal Control over Financial Reporting

There
were no changes in our internal control over financial reporting that occurred during our third fiscal quarter ended July 31, 2025 that
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART
II. OTHER INFORMATION

Item
1. Legal Proceedings

We
are not currently subject to any legal proceedings.

Item
1A. Risk Factors

There
have been no other material changes to the risk factors set forth in the section titled “Risk Factors” included in our Amendment
No.