Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 121

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 121
---

up to a 20% working interest in certain leases at a long-recognized, major oil accumulation in northeastern Utah, including an initial
960 acres and a subsequent 1,920 acres, as well as a right-of-refusal option on approximately 30,000 acres.

On
December 29, 2023, the Company and HSO entered into an Amendment to the Asphalt Ridge Option Agreement, under which the Company funded
$200,000 in exchange for an immediate 2% working interest in the initial 960 acres. An additional $25,000 was funded in January 2024,
increasing the Company’s working interest to 2.25%. While the Company had the option to acquire an additional 17.75% working interest,
it has decided not to exercise this option and will instead retain its existing 2.25% working interest in the initial 960 acres.

26

Novacor Asset Purchase Agreement 

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 of the Liabilities together, the “Novacor
Acquisition”) for a total purchase price of (i) US$650,000, in cash, US$65,000 of which was previously provided as a deposit to
Novacor, and (ii) the issuance to Novacor of 526,536 shares of common stock of common stock (the “Novacor Shares”). The Novacor
Acquisition was consummated in two closings, which was completed on May 22, 2025. All five of our currently active wells are in the newly
acquired Novacor property