Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 48

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 has evaluated all events
and transactions that occurred after April 30, 2025, through the date the condensed consolidated financial statements were issued. Except
for the following, there are no subsequent events identified that would require disclosure in the condensed consolidated financial statements.

Letter
of Intent with HSO

On
May 15, 2025, the Company entered into a non-binding Letter of Intent (LOI) with HSO for the potential acquisition of 2,000 acres at
P.R. Spring, Uintah Basin, Utah. Under the LOI, the Company would issue 1,492,272 restricted shares and pay $850,000 at closing, subject
to execution of definitive agreements. Upon signing the LOI, the Company made a non-refundable $150,000 Option Payment to HSO. The LOI
requires evidence of a minimum sustained production rate of 40 barrels per day for a continuous 30-day period from two wells at Asphalt
Ridge by May 15, 2026, or the LOI will expire unless extended.

Asphalt
Ridge Leasehold Option Not Exercised

Effective
as of May 10, 2025, the Company’s option to acquire the remaining 17.75%
working interest in the initial 960
acres of the Asphalt Ridge Leases expired, as the Company did not exercise the option before the deadline. As a result, the Company
has forfeited any further rights to acquire this interest but will retain its existing 2.25%
interest in the leases.

Second
Closing of Novacor Acquisition

On
May 21, 2025, the Second Closing of the Novacor Acquisition was consummated; title to certain of the assets was delivered to the Buyer,
and the Buyer delivered to the Seller $325,000, in cash, reflecting the $325,000 payable such assets.

Abandonment
of McCool Ranch Properties

As
of May 27, 2025, the Company and Trio LLC executed a Termination Agreement, pursuant to which the Company terminated all operations and
abandoned all leases at this location. Because the conditions leading to this decision existed as of April 30, 2025, this event qualifies
as a recognized subsequent event under ASC 855-10-25-1 and has been reflected in the financial statements for the period ended April
30, 2025. Accordingly, all capitalized costs related to the acquisition, refurbishment, and production restart