Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 51

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 of future performance or development. These forward-looking statements speak only
as of the date of this Quarterly Report and are subject to a number of risks, uncertainties and assumptions described in the section
titled “Risk Factors” and elsewhere in this Quarterly 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 Quarterly
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 Quarterly 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 Malibu, California, with our principal executive
offices located at 23823 Malibu Road, Suite 304, Malibu, California 90265, with operations in Monterey County, California,
Uintah County, Utah and Lloydminster, Saskatchewan.

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 have recently generated
revenues during the period ended April 30, 2025 from our newly acquired properties in Saskatchewan, Canada.

Our Canadian project has the potential through workovers
to double production which we immediately began planning following closing. Novacor, whom we acquired the project from, is one of the
lowest cost operators with lift costs of $10 per barrel. Our focus remains on acquiring projects that generate immediate cash flow or
offer transformative growth potential with strategic investment.

We