Company: TPET
Filing Date: 2025-04-28
Form Type: S-3
Source: 0001641172-25-006503
Chunk: 21

Company: Trio Petroleum Corp.
Filing Date: 2025-04-28
Form: S-3
Chunk 21
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 constant review for amendment or expansion. Some of these laws, regulations and requirements result in challenges, delays and/or obstacles in obtaining permits, and some carry substantial penalties for failure to comply. The regulatory burden on the oil and natural gas industry increases our cost of doing business, can affect and even obstruct our operations and, consequently, can affect our profitability. These burdens include regulations relating to transportation of oil and gas, drilling and production and other regulatory matters. See “ Business - Government Regulation” beginning on page 10.

Certain Recent Developments

Consulting Agreement

On January 1, 2025, we engaged Redwood Empire Financial Corporation (“Redwood”), pursuant to a Consultant Agreement, dated as of such date (the “Redwood Consulting Agreement”), to provide investor communications and public relation services, on our behalf. As part of the compensation payable to Redwood, we issued it 20,000 shares of common stock (the “Redwood Shares”). We have agreed to include the Redwood shares in the Registration Statement to register the Redwood Shares for resale, on behalf of Redwood.

Formation of a Canadian Wholly-Owned Subsidiary

On March 28, 2025, we formed Trio Petroleum Canada, Corp., an Alberta, Canada corporation and our wholly owned subsidiary (“Trio Canada”). Our Chief Executive Officer, Robin Ross, is also the Chief Executive Officer of Trio Canada and also serves as Secretary/Treasurer. Our 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.

Novacor Acquisition

As of April 4, 2025, we entered into an Asset Purchase Agreement (the “APA”) with Trio Petroleum Canada, Corp., an Alberta, Canada corporation and a wholly owned subsidiary of the Company (“Trio Canada”), and Novacor Exploration Ltd., a corporation incorporated under the Canada Business Corporations Act (“Novacor”), pursuant to which, subject to the terms and conditions set forth in the APA, Trio Canada agreed to acquire certain assets of Novacor relating its oil and gas business, including certain contracts, leases and permits for working interests in petroleum and natural gas and mineral rights located in the Lloydminster, Saskatchewan heavy oil region in Canada (collectively, the “Novacor Assets”), free and clear of any liens other than certain specified liabilities of Novacor that are being assumed (collectively, the “Liabilities” and such acquisition of the Novacor Assets and assumption