Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 311

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 311
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% interest after the application of royalties (“net revenue interest”) in the South
Salinas Project. Trio LLC holds an approximate 3.8% working interest in the South Salinas Project. We and Trio LLC are separate and distinct
companies.

California
is a significant part of our geographic focus and we recently acquired a 22% working interest in the McCool Ranch Oil Field (the “McCool
Ranch Oil Field”, “McCool Ranch Field” or “McCool Ranch”) in Monterey County, California. However, our
interests extend beyond California and we recently acquired an interest in the Asphalt Ridge Project in Uintah County, Utah; we may acquire
additional assets both inside and outside of California and Utah.

34

South
Salinas Project

Efforts
to obtain from Monterey County conditional use permits and a full field development permit for the South Salinas Project are progressing.
Efforts to obtain from the California Geologic Energy Management Division (“CalGEM”) and from the California Water Boards
a permit for a water disposal project at the South Salinas Project are also progressing. In the meantime, the Company recently determined
that existing permits allow production testing to continue at the HV-3A discovery well at Presidents Field and, consequently, testing
operations were restarted at this well on March 22, 2024. Oil production from this well has occurred with a generally favorable oil-water
ratio and the Company expects, in December 2024, or the first calendar quarter of 2025, to takes steps to attempt to increase the well’s
gross production rate, for example by adding up to 650 feet of additional perforations in the oil zone and/or acidizing the well for
borehole cleanup. First oil sales from the HV-3A well occurred in the third calendar quarter of 2024.

McCool
Ranch Oil Field 

On
October 16, 2023, we entered into a Purchase and Sale Agreement with Trio LLC (the “McCool Ranch Purchase Agreement”) pertaining
to the McCool Ranch Oil Field. Pursuant to this agreement, effective October 1, 2023, we acquired an approximate 22% working interest
in and to certain oil and gas assets at the McCool Ranch Field, which is located in Monterey, County, California, just seven miles from
our flagship South Salinas Project. The assets are situated in what is known as the “Hangman Hollow Area” of the McCool Ranch
Field. The acquired property is