Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 24

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 risk

The
Company’s revenue is primarily generated from oil and gas sales in California, United States, and Saskatchewan, Canada. As of April
30, 2025, 100% of total revenue comes from customers located in these regions. Changes in state and provincial regulations, market conditions,
or environmental policies could significantly impact the Company’s financial performance. Additionally, fluctuations in commodity
pricing and regional demand trends within California and Saskatchewan may affect future revenues.

NOTE
5 – OIL AND NATURAL GAS PROPERTIES

The
following tables summarize the Company’s oil and gas activities.

 SCHEDULE OF OIL AND NATURAL GAS PROPERTIES

    As
                                            of April
                                            30, 2025  
    As
                                            of October
                                            31, 2024 

    Oil
    and gas properties – not subject to amortization 
    $12,032,132  
    $11,119,119 
  
    Accumulated
    impairment 
     —  
     — 
  
    Oil
    and gas properties – not subject to amortization, net 
    $12,032,132  
    $11,119,119 

During
the three and six months ended April 30, 2025, the Company incurred aggregated exploration costs of $11,161 and $35,882, respectively,
and during the three and six months ended April 30, 2024, the Company incurred aggregated exploration costs of $40,223 and $124,817,
respectively; these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during
the applicable periods.

For
capitalized costs, the Company incurred approximately $1.5 million and approximately $1.2 million for the six months ended April 30,
2025 and 2024, respectively; these expenses were related to drilling exploratory wells and acquisition costs, both of which were capitalized
and are reflected in the balance of the oil and gas property as of April 30, 2025 and 2024, respectively.

Leases

South
Salinas Project

As
of April 30, 2025, the Company holds interests in various leases related to the unproved properties of the South Salinas Project (see
Note 7); two of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide