Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 77

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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FOR
THE THREE AND SIX MONTHS ENDED APRIL 30, 2025

NOTE
1 – NATURE OF THE ORGANIZATION AND BUSINESS

Company
Organization

Trio
Petroleum Corp. (“Trio Petroleum”, the “Company” or “TPET”) is a California-based oil and gas
exploration and development company headquartered in Malibu, California, with its principal executive offices located at 23823
Malibu Road, Suite 304, Malibu, California 90265, and with operations in Monterey County, California, Uintah County, Utah and
Lloydminster, Saskatchewan. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund, and operate
oil and gas exploration, development and production projects, initially focusing on one major asset in California, the South Salinas
Project (“South Salinas Project”). The Company has since acquired interests in the McCool Ranch Oil Field in Monterey
County, California, in the Asphalt Ridge Project in Uintah County, Utah and in the heavy oil region of Saskatchewan, Canada. The
Company has had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and recognized
its first revenues in the fiscal quarter ended April 30, 2024, and received the proceeds from these operations in June 2024. Most
recently, it has recognized initial revenues from its Saskatchewan assets during the quarter ended April 30, 2025.

Formation
of a Canadian Wholly-Owned Subsidiary

On
March 28, 2025, the Company formed Trio Petroleum Canada, Corp., an Alberta, Canada corporation and its wholly owned subsidiary (“Trio
Canada”). The Company’s Chief Executive Officer, Robin Ross, is also the Chief Executive Officer of Trio Canada and also
serves as Secretary/Treasurer. The Company’s Chief Financial Officer, Greg Overholtzer, is also the Chief Financial Officer of
Trio Canada. Robin Ross also serves as the sole director of Trio Canada.

Acquisition
of South Salinas Project

The
Company was initially formed to acquire from Trio LLC (“Trio LLC”) an approximate 82.75% working interest (which
was subsequently increased to an approximate 85.775% working interest in April 2023), in the large, approximately 9,300-acre South Salinas
Project that is located in Monterey County, California, and subsequently partner with certain members