Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 244

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 244
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 have agreed under the JOAs
to have the Operator explore and develop these assets for the production of oil and gas as provided thereunder. Trio LLC, as Operator,
generally conducts and has significant control of operations, subject to the limitations and constraints of the JOAs, and acts in the
capacity of an independent contractor. Operator is obligated to conduct its activities under the JOAs as a reasonable prudent operator,
in good workmanlike manner, with due diligence and dispatch, in accordance with good oilfield practices, and in compliance with applicable
laws and regulations.

1

Recent
Business Developments

Changes
to Company Management

Changes
were made in June 2024, to our management team including the following: 1) Robin Ross, one of the original founders of the Company, became
our new Chairman and a Director; 2) Stanford Eschner, our former Executive Chairman, became our Vice Chairman, and; 3) Frank Ingriselli
stepped down from his position as Vice Chairman and also from his position as a member of the Board of Directors. Additionally, in July 2024, Michael Peterson resigned as Chief Executive Officer (“CEO”) of the Company
and Robin Ross became our new CEO as of that date.

Changes
to Independent Registered Public Accounting Firm

On
May 6, 2024, the Company dismissed BF Borgers CPA PC as the Company’s independent registered public accounting firm. Effective
May 8, 2024, the Company retained Bush & Associates CPA LLC as its independent registered public accounting firm.

South
Salinas Project

Efforts
to obtain from Monterey County conditional use permits and a full field development permit for the South Salinas Project are progressing.
Efforts to obtain from the California Geologic Energy Management Division (“CalGEM”) and from the California Water Boards
a permit for a water disposal project at the South Salinas Project are also progressing. In the meantime, the Company recently determined
that existing permits allow production testing to continue at the HV-3A discovery well at Presidents Field and, consequently, testing
operations were restarted at this well on March 22, 2024. Oil production from this well has occurred with a generally favorable oil-water
ratio and the Company expects, in the first calendar quarter of 2025, to takes steps to attempt to increase the well’s gross production
rate, for example by adding up to 650 feet of additional perforations in the oil zone and/or acidizing the well for borehole cleanup