Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 288

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 288
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 our reserves and production will decline over time. Our business is dependent on the successful development of
our various current petroleum assets and projects and/or on continued successful identification and exploitation of other petroleum assets
and prospects, whereas the identified locations in which we drill in the future may not yield oil or natural gas in commercial quantities.

Production
from oil properties may decline as reserves are depleted, with the rate of decline depending on reservoir characteristics and other factors.
Similarly, our current reserves will decline as the reserves are produced. Our future oil reserves and production, and therefore our
cash flows and income, are highly dependent on our success in efficiently developing our current reserves and/or economically finding
or acquiring additional recoverable reserves. While our team members have had success in identifying and developing commercially exploitable
deposits and drilling locations in the past, we may be unable to replicate that success in the future. We may not identify any more commercially
exploitable deposits or successfully drill, complete or produce more oil reserves, and the wells which we have drilled and currently
plan to drill at our assets may not discover or produce any further oil or gas or may not discover or produce additional commercially
viable quantities of oil or gas to enable us to continue to operate profitably. If we are unable to replace our future production, the
value of our reserves will decrease, and our business, financial condition and results of operations will be materially adversely affected.

Our
inability to access appropriate equipment and infrastructure in a timely manner may hinder our access to oil and natural gas markets
or delay our future oil and natural gas production.

Our
ability to market our future oil/gas production will depend substantially on the availability and capacity of processing facilities,
tanker trucks, pipelines and other infrastructure. Our failure to obtain such facilities on acceptable terms could materially harm our
business. We will rely on access to drilling rigs suitable for our projects. The availability of drilling rigs may be problematic or
delayed, and we may not be able to gain timely access to suitable rigs. We may be required to shut-in oil/gas wells because of the absence
of markets or because facilities are inadequate or nonexistent. If that were to occur, then we would be unable to realize revenue from
those wells until arrangements were made to deliver the production to market, which could cause a material adverse effect on our financial
condition and results of operations.

Additionally,
the exploitation and sale of associated and non-associated natural gas and liquids will be subject to timely commercial processing and
marketing of these products,