Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 243

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 243
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Overview

TPET
is a California-based oil and gas exploration and development company headquartered in Bakersfield, California, with its principal executive
offices located at 5401 Business Park South, Suite 115, Bakersfield, California 93309, and with operations in Monterey County, California,
and Uintah County, Utah. 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”).

We
have had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and as of the quarter ended
April 30, 2024, we recorded approximately $75,000 in net revenues from our McCool Ranch Oil Field.

TPET
was formed to initially acquire from Trio Petroleum LLC (“Trio LLC”) an approximate 82.75% working interest, which was subsequently
increased to an approximate 85.775% working interest, in the large, approximately 9,300-acre South Salinas Project that is located in
Monterey County, California, and subsequently partner with certain members of Trio LLC’s management team to develop and operate
those assets. TPET holds an approximate 68.62% 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. TPET and Trio LLC are separate
and distinct companies.

California
is a significant part of TPET’s 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.
TPET’s interests extend beyond California, however, 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.

Trio
LLC is a licensed Operator in California and currently operates the South Salinas Project and the McCool Ranch Oil Field on behalf of
TPET and other working interest owners. Trio LLC operates these assets pursuant to joint operating agreements (“JOAs”) between
and among Trio LLC and the non-operating, third-party, working interest owners. The non-operating parties