Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 273

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 273
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 and anticipated operating revenues:

    ●
    The
    Company believes that the South Salinas Project has the potential to be both beneficial to society and profitable to shareholders
    and, for these and other reasons, that the Company may raise funds sufficient to cover project costs including the costs of Phase
    1. As discussed elsewhere hereunder, Phase 1 is a development project with expenditures that are appropriately scaled to the capital
    raise that the Company anticipates may be achieved;

    ●
    There
    are significant anticipated costs in the South Salinas Project primarily in years 2022-2027 due, in large part, to the estimated
    costs of drilling and completing oil and gas wells and building Project infrastructure. It is anticipated that these costs will be
    partly covered by capital raises and/or financing and, furthermore, that these costs may be partly and possibly entirely covered
    by revenue from oil and gas sales; 

    ●
    The
    Company has a reasonable expectation that additional capital raises will be successfully accomplished, as needed. This reasonable
    expectation is based on the experience and track record of the Company’s management team which has a demonstrated ability to
    secure funding for oil and gas exploration, development and production ventures, including that of Robin Ross, our Chief Executive
    Officer. The Company plans to leverage the relationships and experience of Mr. Ross and other members of its management team in private
    and public equity fundraising to raise capital for the Company, if and as needed. Furthermore, this reasonable expectation is based
    on the confidence of Spartan Capital Securities, LLC, the Company’s investment banker, in both the Company and in the Project,
    and the various methods available for securing capital including financing plans that may be developed in collaboration with our
    bankers and/or future lenders based on reserves, cash flow and/or other considerations. The Company has a reasonable expectation
    that, between cash and equity, it will be able to raise whatever capital is necessary to successfully develop the South Salinas Project.

For
all of the reasons discussed above in this section, the Company has a reasonable expectation that the Company’s South Salinas Project
will prove to have reserves approximately as estimated, that the Company will have adequate funding to develop the reserves, and that
there will exist the legal right to develop the Company’s reserves in the Project.

Employees

As
of December 31, 2024, we had one employee, who is located  in Canada.

15

Subsidi