Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 12

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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9,300 acres
of the property. Since it was returned to production in March 2024, the HV-3A well or discovery well at the South Salinas Project has
been producing oil with a generally favorable oil-water ratio but is currently idled pending an assessment of the viability of increasing
the well’s gross production rate.

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.

Additional
Acquisitions - Novacor Acquisition

As
of April 4, 2025, the Company entered into an Asset Purchase Agreement (the “Novacor APA”) with Trio Petroleum 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 Novacor 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 (see Note 5 for further
information).

Emerging
Growth Company

The
Company is an “emerging growth company,” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not
being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and approval of any golden parachute payments not previously approved. Further,
Section 102(b)(1) of the JOBS Act exempts emerging