Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 740

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 2
Chunk 740
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 forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only
as of the date of this Annual Report and are subject to a number of risks, uncertainties and assumptions described in the section titled
“Risk Factors” and elsewhere in this Annual Report. Because forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions
of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results
could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan
to publicly update or revise any forward-looking statements contained herein until after we distribute this Annual Report, whether as
a result of any new information, future events or otherwise.

In
addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These
statements are based upon information available to us as of the date of this Annual Report, and while we believe such information forms
a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate
that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are
inherently uncertain and you are cautioned not to unduly rely upon these statements.

Overview

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

We
have had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and recognized our first
revenues in our fiscal quarter ended April 30, 2024, and received the proceeds from these operations in June 2024.

We
were formed to initially acquire an approximate 82.75% working interest (which was subsequently increased to an approximate 85.775% working
interest) from Trio Petroleum LLC (“Trio LLC”) 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. We hold an approximate 68.62%