# EDGAR Filing Document

**Accession Number:** 0001898766
**File Stem:** 0001493152-25-019735
**Filing Date:** 2025-10
**Character Count:** 141316
**Document Hash:** cb1fcc049fa086c282d911980a1c481a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-019735.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001493152-25-019735

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251027

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trio Petroleum Corp
- **CENTRAL INDEX KEY:** 0001898766
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 871968201
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41643
- **FILM NUMBER:** 251419912

**BUSINESS ADDRESS:**
- **STREET 1:** 5401 BUSINESS PARK, SUITE 115
- **CITY:** BAKERSFIELD
- **STATE:** CA
- **ZIP:** 93309
- **BUSINESS PHONE:** (44)7581-192-515

**MAIL ADDRESS:**
- **STREET 1:** 5401 BUSINESS PARK, SUITE 115
- **CITY:** BAKERSFIELD
- **STATE:** CA
- **ZIP:** 93309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Trio Petroleum Corp.
- **DATE OF NAME CHANGE:** 20211213

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 27, 2025 (August 20, 2025)**

---

| |
|:---|
| **Trio Petroleum Corp** |
| **(Exact name of registrant as specified in its charter)** |

---

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| | | |
|:---|:---|:---|
| **Delaware** | **001-41643** | **87-1968201** |
| **(State or other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

**23823 Malibu Road, Suite 304**

**Malibu, CA 90265**

**<u>(661) 324-3911</u>**

(Address and telephone number, including area code, of registrant's principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.0001 per share** | **TPET** | **The NYSE American** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01** **Entry into a Material Definitive Agreement.**

***Item 1.01. Entry Into a Material Definitive Agreement.***

Asset Purchase Transaction with Capital Land Services Ltd.

Effective as of August 20, 2025, Trio Petroleum Corp, a Delaware corporation (the "Company") 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 (the "Buyer" or "Trio Canada"), and Capital Land Services Ltd., a corporation incorporated under the Province of Alberta (the "Seller"), pursuant to which, subject to the terms and conditions set forth in the APA, the Buyer agreed to acquire certain assets and the assignment of certain leases and rights of Seller relating to Seller's oil and gas business, including contracts, permits mineral leases and registrations for working interests in petroleum and natural gas and mineral rights located in the County of Vermilion of River (formerly known as the Municipal District of Wellington No. 481) (collectively, the "Assets"), free and clear of any liens other than certain Permitted Encumbrances (as such term is defined in the APA) for a total purchase price of (i) CD$150,000 in cash and (ii) the issuance to the Seller of restricted shares (the "Shares") of common stock, par value US$0.0001 per share (the "Common Stock"), of the Company, having an aggregate value of CD$150,000 (the "Purchase Price").

The APA provides for the Transaction to be closed on the later of (i) September 5, 2025 or (ii) three (3) business days following the date that the Buyer has provided written notice to Seller that the Revitalize/PWC Transaction (as such term is defined in the APA) has closed (the "Closing"). For context, the Assets are comprised solely of mineral leasehold interests, while the wellbores and surface rights relating to the Assets, including the associated regulatory permits, are in the name of Revitalize Energy Inc. by and through PRICEWATERHOUSECOOPERS INC., LIT, who has been appointed as the receiver and manager of the assets, property and undertaking of Revitalize Energy Inc. The closing of the Revitalize/PWC Transaction is subject to successfully obtaining a Sale Approval and Vesting Order from the Court of King's Bench of Alberta (the "SAVO"). The closing of the Revitalize/PWC Transaction is to occur following fulfillment of certain conditions, including obtaining the SAVO, with the APA Closing to occur subsequent to the Revitalize/PWC Transaction closing.

The APA further provides that during the period from the date of execution of the APA, until the Closing, the Seller is required to use its commercially reasonable efforts to have the Potentially Adverse Instruments (as such term in defined in the APA) discharged, lapsed or otherwise extinguished from the applicable Certificate of Title. In the event that all of the Potentially Adverse Instruments are not discharged, lapsed or otherwise extinguished prior to the Closing, and the Buyer waives such condition and still consummates the Closing, the Seller has agreed, after the Closing, to continue to take such actions as reasonably requested by the Buyer to assist in the discharge, lapse or otherwise extinguishing the remaining Potentially Adverse Instruments. Seller has also agreed to take certain actions with respect to the surrender, release or discharge of certain other items, as provided in the APA.

Seller has agreed to pay all income, capital gains, use transfer, stamp, registration, documentary, excise, real property transfer or gains or similar taxes. Buyer has agreed to pay all sales and value added or similar taxes.

The obligations of the parties to close are conditioned on satisfaction of applicable governmental regulations and receipt of all applicable governmental approvals.

The APA contains customary representations, warranties, covenants and indemnifications by the parties for a transaction involving the acquisition of assets in oil and gas business. The APA contains certain termination rights for the Company, the Buyer and Seller, and also provides tor rights of specific performance under certain circumstances.

The foregoing summary of the APA is not complete and is qualified in its entirety by reference to the full text of the APA, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The representations, warranties and covenants set forth in the APA have been made only for purposes of the APA and solely for the benefit of the parties thereto, and may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the APA instead of establishing these matters as facts. In addition, information regarding the subject matter of the representations and warranties made in the APA may change after the date of the APA. Accordingly, the APA is included with this Current Report on Form 8-K only to provide investors with information regarding its terms and not to provide investors with any other factual information regarding the Company, its subsidiary, the Assets or Liabilities, or the Company's or its subsidiary' respective businesses as of the date of the APA or as of any other date.

**Item 9.01** **Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| Exhibit No. | Description |
| 10.1 | [Asset Acquisition Agreement dated as of August 20, 2025.](ex10-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Trio Petroleum Corp** | **Trio Petroleum Corp** |
| Date: October 27, 2025 | By: | */s/ Robin Ross* |
|  | Name: | Robin Ross |
|  | Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**Asset Purchase Agreement**

**by and among**

**Trio Petroleum Corp**

**Trio Petroleum Canada, Corp.**

**and**

**Capital Land Services Ltd.**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | PAGE |
| Article I. Definitions and Interpretation | Article I. Definitions and Interpretation | 4 |
| Section 1.01 | Definitions. | 4 |
| Section 1.02 | Interpretive Provisions. | 8 |
| Article II. Purchase and Sale | Article II. Purchase and Sale | 9 |
| Section 2.01 | Assets. | 9 |
| Section 2.02 | Purchase Price. | 9 |
| Section 2.03 | Closing | 10 |
| Section 2.04 | Seller Deliverables at the Closing. | 10 |
| Section 2.05 | Buyer and Parent Deliverables at the Closing. | 10 |
| Section 2.06 | Additional Documents. | 11 |
| Section 2.07 | No Assumption of Liabilities. | 11 |
| Section 2.08 | Potentially Adverse Instruments. | 11 |
| Section 2.09 | Revitalize/PWC Transaction. | 13 |
| Section 2.10 | Conveyance Taxes. | 14 |
| Article III. Conditions to Closing | Article III. Conditions to Closing | 15 |
| Section 3.01 | Conditions to the Obligations of Each of the Parties. | 15 |
| Section 3.02 | Conditions to the Obligations of Buyer and Parent. | 15 |
| Section 3.03 | Condition to the Obligations of Seller | 16 |
| Article IV. [Intentionally Left Blank] | Article IV. [Intentionally Left Blank] | 16 |
| Article V. | Representations and Warranties of Seller | 16 |
| Section 5.01 | Existence and Power. | 16 |
| Section 5.02 | Due Authorization. | 16 |
| Section 5.03 | Valid Obligation. | 17 |
| Section 5.04 | Governmental Authorization. | 17 |
| Section 5.05 | Approval of Agreement. | 17 |
| Section 5.06 | Litigation and Proceedings. | 17 |
| Section 5.07 | Compliance With Laws and Regulations. | 17 |
| Section 5.08 | Regulatory Permits. | 17 |
| Section 5.09 | Title to and Ownership of Assets. | 17 |
| Section 5.10 | Condition and Sufficiency of Assets. | 19 |
| Section 5.11 | Absence of Certain Changes, Events and Conditions. | 19 |
| Section 5.12 | Compliance with Laws. | 20 |
| Section 5.13 | Assigned Contracts. | 20 |
| Section 5.14 | Real Property. | 20 |
| Section 5.15 | Legal Proceedings; Governmental Orders. | 21 |
| Section 5.16 | Compliance With Laws; Permits. | 21 |
| Section 5.17 | Environmental Matters. | 22 |
| Section 5.18 | Taxes. | 22 |
| Section 5.19 | Tax Returns and Payments; Tax Liens. | 23 |
| Section 5.20 | Insurance Policies | 23 |
| Section 5.21 | Restrictions on Business Activities. | 24 |
| Section 5.22 | Privacy and Data Protection. | 24 |
| Section 5.23 | Approval of Agreement. | 24 |
| Section 5.24 | Investment Representations. | 24 |

---

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| | | |
|:---|:---|:---|
| Section 5.25 | Brokers. | 26 |
| Article VI. Representations and Warranties of Buyer and Parent | Article VI. Representations and Warranties of Buyer and Parent | 26 |
| Section 6.01 | Existence and Power. | 26 |
| Section 6.02 | Due Authorization. | 27 |
| Section 6.03 | Valid Obligation. | 27 |
| Section 6.04 | Governmental Authorization. | 27 |
| Section 6.05 | Approval of Agreement. | 27 |
| Section 6.06 | The Restricted Shares. | 27 |
| Section 6.07 | Brokers. | 27 |
| Section 6.08 | Compliance With Laws and Regulations. | 27 |
| Section 6.09 | Litigation and Proceedings. | 28 |
| Section 6.10 | Governmental Authorization. | 28 |
| Section 6.11 | Legal Proceedings; Governmental Orders. | 28 |
| Section 6.12 | Taxes. | 28 |
| Section 6.13 | Tax Returns and Payments; Tax Liens. | 29 |
| Article VII. Termination; Survival | Article VII. Termination; Survival | 29 |
| Section 7.01 | Termination. | 29 |
| Section 7.02 | Specific Enforcement. | 30 |
| Section 7.03 | Survival After Termination. | 30 |
| Article VIII. Indemnification | Article VIII. Indemnification | 30 |
| Section 8.01 | Indemnification of Parent and Buyer. | 30 |
| Section 8.02 | Indemnification of Seller. | 31 |
| Section 8.03 | Indemnification Procedures. | 32 |
| Section 8.04 | Procedure. | 32 |
| Section 8.05 | Payments. | 34 |
| Section 8.06 | Insurance. | 34 |
| Section 8.07 | Time Limit. | 34 |
| Section 8.08 | Limitations. | 34 |
| Article IX. Miscellaneous | Article IX. Miscellaneous | 34 |
| Section 9.01 | Governing Law; Jurisdiction. | 34 |
| Section 9.02 | Waiver of Jury Trial. | 35 |
| Section 9.03 | Notices. | 36 |
| Section 9.04 | Attorneys' Fees. | 36 |
| Section 9.05 | Public Announcements and Filings. | 36 |
| Section 9.06 | Third Party Beneficiaries. | 36 |
| Section 9.07 | Expenses. | 37 |
| Section 9.08 | Entire Agreement. | 37 |
| Section 9.09 | Survival. | 37 |
| Section 9.10 | Amendment; Waiver; Remedies. | 37 |
| Section 9.11 | Limitation on Damages. | 37 |
| Section 9.12 | Arm's Length Bargaining; No Presumption Against Drafter. | 37 |
| Section 9.13 | Headings. | 38 |
| Section 9.14 | Assignment or Delegation. | 38 |
| Section 9.15 | Further Assurances. | 38 |
| Section 9.16 | Specific Performance. | 38 |
| Section 9.17 | Counterparts. | 38 |

---

<u>Schedules</u>

Schedule A Assets <br> Schedule B General Conveyance

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| **Trio x Capital Asset Purchase Agreement** |

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**Asset Purchase Agreement**

**Dated as of the 20<sup>th</sup> day of August 2025** 

This Asset Purchase Agreement (this "Agreement") is entered into as of the date first set forth above (the "Effective Date") by and between (i) Trio Petroleum Corp, a Delaware corporation ("Parent"); (ii) Trio Petroleum Canada, Corp., an Alberta, Canada corporation and a wholly owned subsidiary of Parent (the "Buyer"); and (iii) Capital Land Services Ltd., a corporation incorporated under the Province of Alberta ("Seller"). Each of Parent, Buyer and Seller may be referred to herein collectively as the "Parties" and separately as a "Party".

WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, the Assets (as defined below) in return for the payment of certain cash consideration and with the issuance to Seller of certain shares of common stock, par value $0.0001 per share, of Parent (the "Common Stock"), upon the terms and subject to the conditions set forth in this Agreement;

NOW THEREFORE, on the stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefits to the Parties to be derived herefrom, and intending to be legally bound hereby, it is hereby agreed as follows:

**Article I.**

**Definitions and Interpretation**

Section 1.01 <u>Definitions.</u> In addition to the other terms defined herein, the following terms, as used herein, have the following meanings

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Action"
 means any legal action, suit, claim, investigation, hearing or proceeding, including any
 audit, claim or assessment for taxes or otherwise.

(b) "Affiliate"
 means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled
 by, or under common Control with such Person.

(c) "Assigned
 Contracts" means the Contracts set forth in Schedule A.

(d) "Business
 Day" means any day that is not a Saturday, Sunday or other day on which banking institutions
 in Delaware are authorized or required by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;(e) "Buyer
 Organizational Documents" means the Articles of Incorporation, bylaws and other organizational
 documents of Buyer as Buyer is required to have under any applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;(f) "Closing
 Date" has the meaning given to it in Section 2.03.

&nbsp;&nbsp;&nbsp;&nbsp;(g) "Contracts"
 means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments,
 undertakings, indentures, joint ventures and all other agreements, commitments and legally
 binding arrangements, whether written or oral.

&nbsp;&nbsp;&nbsp;&nbsp;(h) "Control"
 of a Person means the possession, directly or indirectly, of the power to direct or cause
 the direction of the management and policies of such Person, whether through the ownership
 of voting securities, by contract, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(i) "Encumbrance"
 means any charge, claim, community property interest, pledge, condition, equitable interest,
 lien (statutory or other), option, security interest, mortgage, easement, encroachment, right
 of way, right of first refusal, or restriction of any kind, including any restriction on
 use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

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&nbsp;&nbsp;&nbsp;&nbsp;(j) "Enforceability
 Exceptions" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) applicable
 bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar
 Laws of general application affecting enforcement of creditors' rights generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) general
 principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;(k) [Intentionally
 left blank.]

&nbsp;&nbsp;&nbsp;&nbsp;(l) [Intentionally
 left blank.]

&nbsp;&nbsp;&nbsp;&nbsp;(m) [Intentionally
 left blank.]

&nbsp;&nbsp;&nbsp;&nbsp;(n) [Intentionally
 left blank.]

&nbsp;&nbsp;&nbsp;&nbsp;(o) "Exchange
 Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(p) "Governmental
 Authority" means any government, any governmental, quasi- governmental or regulatory
 entity or body, department, commission, board, agency or instrumentality, and any arbitrator,
 court, tribunal or judicial body of competent jurisdiction, any stock exchange or similar
 self-regulatory organization, or body exercising, or entitled to exercise, any administrative,
 executive, judicial, legislative, police, regulatory or taxing authority or power of any
 nature, in each case whether federal, state, county, provincial, and whether United States
 or Canadian, or other local or foreign jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(q) "Governmental
 Order" means any order, writ, judgment, injunction, decree, stipulation, determination
 or award entered by or with any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;(r) "Hazardous
 Materials" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid,
 mineral or gas, in each case, whether naturally occurring or manmade, that is hazardous,
 acutely hazardous, toxic, or words of similar import or regulatory effect under any Law;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 petroleum or petroleum-derived products, radon, radioactive materials or wastes, asbestos
 in any form, lead or lead-containing materials, urea formaldehyde foam insulation and polychlorinated
 biphenyls.

&nbsp;&nbsp;&nbsp;&nbsp;(s) "Knowledge
 of Buyer" means the knowledge, after and assuming due inquiry, of the directors and
 officers of Buyer.

(t) "Knowledge
 of Seller" means the knowledge, after and assuming due inquiry, of the directors and
 officers of Seller, and provided that Seller shall be charged with such knowledge that an
 owner of the Assets would reasonably be expected to obtain in the customary ownership and
 operation of the Assets.

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&nbsp;&nbsp;&nbsp;&nbsp;(u) "Law"
 means any United States or Canadian domestic or foreign, federal, state, municipality or
 local law, statute, ordinance, code, rule, or regulation.

(v) "Liabilities"
 means liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted,
 known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise.

(w) "Lien"
 means any mortgage, lien (statutory or otherwise), pledge, charge, pledge, equitable interest,
 option, mortgage, right of first refusal, security interest or encumbrance or restriction
 of any kind in respect of such asset, and any conditional sale or voting agreement or proxy,
 including any agreement to give any of the foregoing.

(x) "Material
 Adverse Effect" means any event, occurrence, fact, condition or change that is, or
 could reasonably be expected to become, individually or in the aggregate, materially adverse
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Assets;

(ii) the
 business, results of operations, condition (financial or otherwise) of Seller; or

(iii) the
 ability of Seller to consummate the Transactions on a timely basis;

provided, however, that "Material Adverse Effect" shall not include any event, occurrence, fact, condition, or change, directly or indirectly, arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 changes, conditions or effects in the United States or Canadian economies or securities or
 financial markets in general;

(v) changes,
 conditions or effects that generally affect the industries in which Seller operates or in
 which the Assets are located;

(vi) any
 change, effect or circumstance resulting from an action required or permitted by this Agreement;
 or

(vii) conditions
 caused by acts of terrorism or war (whether or not declared); provided further, however,
 that any event, occurrence, fact, condition, or change referred to in clauses (iv), (v) or
 (vii) immediately above shall be taken into account in determining whether a Material Adverse
 Effect on a Seller or the Assets has occurred to the extent that such event, occurrence,
 fact, condition, or change has a disproportionate effect on Seller or the Assets compared
 to other participants in the industries in which Seller conducts its business.

&nbsp;&nbsp;&nbsp;&nbsp;(y) "Order"
 means any decree, order, judgment, writ, award, injunction, rule, injunction, stay, decree,
 judgment or restraining order or consent of or by a Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;(z) "Parent
 Organizational Documents" means the Certificate of Incorporation, bylaws and other
 organizational documents of Parent as Parent is required to have under any applicable Law.

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&nbsp;&nbsp;&nbsp;&nbsp;(aa) "Permits"
 means all permits, licenses, franchises, approvals, authorizations, registrations, certificates,
 variances and similar rights obtained, or required to be obtained, from Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;(bb) "Permitted
 Encumbrances" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) liens
 for Taxes not yet due and payable;

(ii) mechanics',
 carriers', workmen's, repairmen's or other like liens arising or incurred
 in the ordinary course of business consistent with past practice or amounts that are not
 delinquent and which are not, individually or in the aggregate, material to the Assets;

(iii) easements,
 rights of way, zoning ordinances and other similar encumbrances affecting real property which
 are not, individually or in the aggregate, material to the Assets, which do not prohibit
 or interfere with the current operation of any real property and which do not render title
 to any real property unmarketable;

(iv) liens
 arising under original purchase price conditional sales contracts and equipment leases with
 third parties entered into in the ordinary course of business consistent with past practice
 which are not, individually or in the aggregate, material to the Assets; and

(v) the
 encumbrances as set forth in Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) "Person"
 means an individual, corporation, partnership (including a general partnership, limited partnership
 or limited liability partnership), limited liability company, association, trust or other
 entity or organization, including a government, domestic or foreign, or political subdivision
 thereof, or an agency or instrumentality thereof.

(dd) "Pre-Closing
 Tax Period" means any taxable period ending on or before the Closing Date and, with
 respect to any taxable period beginning before and ending after the Closing Date, the portion
 of such taxable period ending on and including such Closing Date.

(ee) "Release"
 means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying,
 discharging, injecting, escaping, leaching, dumping, abandonment, disposing or allowing to
 escape or migrate into or through the environment (including, without limitation, ambient
 air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or
 within any building, structure, facility or fixture).

(ff) "Representative"
 means, with respect to any Person, any and all directors, officers, employees, consultants,
 financial advisors, counsel, accountants and other agents of such Person.

(gg) "Revitalize/PWC
 Transaction" means that certain proposed transaction between PRICEWATERHOUSECOOPERS
 INC. LIT SOLELY IN ITS CAPACITY AS THE RECEIVER AND MANAGER OF THE ASSETS, PROPERTY AND UNDERTAKING
 OF REVITALIZE ENERGY INC., AND NOT IN ITS PERSONAL OR CORPORATE CAPACITY, as vendor, and
 the Buyer, as purchaser, pertaining to the following wells:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) UWI
 100/11-07-050-01W4/00; Palliser Lloyd 11-7-50-1; Licence No. 411821;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) UWI
 103/12-07-050-01W4/01; Palliser Lloyd 12A-7-50-1; Licence No. 423637;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) UWI
 100/14-07-050-01W4/00; Palliser Lloyd 14B-7-50-1; Licence No. 435978; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) UWI
 100/13-07-050-01W4/00; Palliser Lloyd 13-7-50-1; Licence No. 418503;

together with all associated tangible equipment and surface leases.]

&nbsp;&nbsp;&nbsp;&nbsp;(hh) "Revitalize
 Settlement Agreement" means that certain settlement agreement among Revitalize Energy
 Inc., the County of Vermilion River, and Seller pertaining to certain of the Potentially
 Adverse Instruments, and any predecessor petroleum and natural gas tenures referenced therein,
 including the Prior PNG Lease, which settlement agreement has not been disclosed to or made
 available to Buyer.

(ii) "SEC"
 means the United States Securities and Exchange Commission.

(jj) "Securities
 Act" means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

(kk) "Seller
 Organizational Documents" means the articles of incorporation, bylaws, and other organizational
 documents of Seller as Seller is required or permitted to have under any applicable Law.

(ll) "Tax
 Return" means any return, declaration, report, claim for refund, information return
 or statement or other document relating to Taxes, including any schedule or attachment thereto,
 and including any amendment thereof.

(mm) "Taxes"
 means all United States and Canadian federal, state, local, foreign and other income, gross
 receipts, sales, use, production, ad valorem, transfer, documentary, franchise, registration,
 profits, license, lease, service, service use, withholding, payroll, employment, unemployment,
 estimated, excise, severance, environmental, stamp, occupation, premium, property (real or
 personal), real property gains, windfall profits, customs, duties or other taxes, fees, assessments
 or charges of any kind whatsoever, together with any interest, additions or penalties with
 respect thereto and any interest in respect of such additions or penalties.

(nn) "Termination
 Date" means October 31, 2025.

(oo) "Transaction
 Documents" means this Agreement, the General Conveyance and any other document, certificate
 or agreement to be delivered hereunder or in connection with the Transactions.

(pp) "Transactions"
 means the purchase and sale of the Assets and the other transactions as contemplated herein
 or in the other Transaction Documents.

Section 1.02 <u>Interpretive Provisions.</u> Unless the express context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 words "hereof," "herein," and "hereunder" and words of
 similar import, when used in this Agreement, shall refer to this Agreement as a whole and
 not to any particular provision of this Agreement;

(b) terms
 defined in the singular shall have a comparable meaning when used in the plural, and vice
 versa;

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&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 terms "Dollars" and "$" mean United States Dollars, unless otherwise
 specified herein;

(d) references
 herein to a specific Section or Exhibit shall refer, respectively, to Sections or Exhibits
 of this Agreement;

(e) wherever
 the word "include," "includes," or "including" is used
 in this Agreement, it shall be deemed to be followed by the words "without limitation";

(f) references
 herein to any gender shall include each other gender;

(g) references
 herein to any Person shall include such Person's heirs, executors, personal Representatives,
 administrators, successors and assigns; provided, however, that nothing contained herein
 is intended to authorize any assignment or transfer not otherwise permitted by this Agreement;

(h) references
 herein to a Person in a particular capacity or capacities shall exclude such Person in any
 other capacity;

(i) references
 herein to any contract or agreement (including this Agreement) mean such contract or agreement
 as amended, supplemented or modified from time to time in accordance with the terms thereof;

(j) with
 respect to the determination of any period of time, the word "from" means "from
 and including" and the words "to" and "until" each means "to
 but excluding";

(k) references
 herein to any Law or any license mean such Law or license as amended, modified, codified,
 reenacted, supplemented or superseded in whole or in part, and in effect from time to time;
 and

(l) references
 herein to any Law shall be deemed also to refer to all rules and regulations promulgated
 thereunder.

**Article II.**

**Purchase and Sale**

Section 2.01 <u>Assets.</u> On the terms and subject to the conditions set forth in this Agreement, on the Closing Date, Seller, who holds beneficial ownership of the Assets, shall sell, assign, transfer and deliver to Buyer, free and clear of all Liens and Encumbrances, other than the Permitted Encumbrances, all of the Assets. The "Assets" shall be comprised of the Assigned Contracts and the other Permits and assets as set forth on Schedule A.

Section 2.02 <u>Purchase Price.</u>

The purchase price for the Assets shall be:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sum of CAD$150,000.00 (the "Closing Cash"); and

(b) the
 issuance by Parent to Seller of CAD$150,000.00 in restricted common shares of Common Stock
 subject to Rule 144 (the "Restricted Shares") priced at the Volume Weighted Average
 Price over the five (5) trading days prior to the Closing, and converted from U.S. dollars
 to Canadian dollars using the daily average exchange rate published by the Bank of Canada
 on its website as of the date of Closing.

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Section 2.03 <u>Closing</u> The closing of the Transactions (the "Closings"), which shall occur, subject to the satisfaction or waiver (by the Party for whose benefit the conditions to exist) of the conditions to closing set forth in ***‎***Section 3.01, ***‎***Section 3.02 and ***‎***Section 3.03, on the later of:

&nbsp;&nbsp;&nbsp;&nbsp;(a) September
 5, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) three
 (3) Business Days following the date that Buyer has provided written notice to Seller that
 the Revitalize/PWC Transaction has closed;

(the "Closing Date").

Section 2.04 <u>Seller Deliverables at the Closing.</u>

At the Closing, Seller shall deliver to Buyer the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 copy of the General Conveyance in the form as attached hereto as Schedule B (the "General
 Conveyance") with respect to the Assets, duly executed by an authorized officer of
 Seller;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Such
 instruments of transfer and assignment as reasonably requested to assign the Assigned Contracts
 to Buyer, duly executed by Seller and any other required parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 certificate of an executive officer of Seller, dated as of the Closing Date, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certifying
 that the conditions set forth in **‎** Section 3.02(a), **‎** Section 3.02(b)
 and **‎** Section 3.02(e) have been satisfied and that the statements therein are true
 and correct as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attaching
 and certifying true and correct copies of resolutions of the Board of Directors of Seller,
 and of the shareholders of Seller if required as set forth in **‎** Section 3.02(d),
 approving this Agreement, the other Transaction Documents and the Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) attaching
 a certificate of status issued by the appropriate Governmental Authority for Seller, dated
 as of a date within 5 days of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Evidence
 satisfactory to Buyer, acting reasonably, that the Potentially Adverse Instruments have been
 discharged, lapsed, or otherwise extinguished from Certificate of Title 225J56; and

(e) Such
 other documents and instruments as reasonable requested by Buyer for the purposes of transferring
 the Assets to Buyer and otherwise consummating the Transactions.

Section 2.05 <u>Buyer and Parent Deliverables at the Closing.</u>

At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Buyer
 shall pay to Seller the Closing Cash payment, by wire transfer pursuant to instructions provided
 by Seller to Buyer prior to the Closing;

(b) Parent
 shall record Seller in the books and records of Parent as the owner of the Restricted Shares,
 and the Parties agree that the Restricted Shares shall not be certificated, unless requested
 by Seller three (3) days prior to the Closing;

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&nbsp;&nbsp;&nbsp;&nbsp;(c) Buyer
 shall deliver to Seller the General Conveyance, duly executed by an authorized officer of
 Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Parent
 and Buyer shall deliver to Seller a certificate of an executive Officer of Parent and an
 executive officer of Buyer, dated as of the Closing Date, and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certifying
 that the conditions set forth in **‎** Section 3.03(a) and **‎** Section 3.03(f)
 have been satisfied and that the statements therein are true and correct as of the Closing
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) attaching
 and certifying true and correct copies of resolutions of the Board of Directors of each of
 Parent and Buyer approving this Agreement, the other Transaction Documents and the Transactions;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) attaching
 a certificate of status issued by the Delaware Secretary of State for Parent, and a certificate
 of status issued by the appropriate Governmental Authority for Buyer, each dated as of a
 date within 5 days of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) Such
 other documents and instruments as reasonable requested by Seller for the purposes of transferring
 the Assets to Buyer and otherwise consummating the Transactions.

Section 2.06 <u>Additional Documents.</u> At and following the Closing, the Parties shall execute, acknowledge, and deliver (or shall ensure to be executed, acknowledged, and delivered), any and all certificates, opinions, financial statements, schedules, agreements, resolutions, rulings or other instruments required by this Agreement to be so delivered at or prior to or following the Closing, together with such other items as may be reasonably requested by the Parties and their respective legal counsel in order to effectuate or evidence the Transactions.

Section 2.07 <u>No Assumption of Liabilities.</u> Other than as specifically set forth herein, neither Buyer nor Parent are assuming, nor shall either Buyer or Parent assume, any Liabilities of Seller, whether related to the Assets or otherwise.

Section 2.08 <u>Potentially Adverse Instruments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 purposes herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Potentially
 Adverse Instruments" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Instrument
 142 101 723 registered 08/04/2014 by NATIONAL BANK OF CANADA, pertaining to a Debenture dated
 September 20, 2011 between Palliser Oil & Gas Corporation, as borrower, and National
 Bank of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Instrument
 152 016 092 registered 15/01/2015 by QUEST LOGISTICS LTD., pertaining to a Statement of Lien
 by Quest Logistics Ltd. in the amount of $26,550.70 in respect of work or materials provided
 to Palliser Oil & Gas Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Instrument
 152 063 445 registered 24/02/2015 by CANWEST PROPANE PARTNERSHIP, pertaining to a Statement
 of Lien by Canwest Propane Partnership in the amount of $3,637.27 in respect of work or materials
 provided to Palliser Oil & Gas Ltd.;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Instrument
 202 173 723 registered 18/08/2020 by CAPITAL LAND SERVICES LTD., pertaining to an Option
 for Petroleum and Natural Gas Lease dated July 21, 2020 between The County of Vermilion River
 (formerly known as the Municipal District of Wellington No. 481), as grantor, and Capital
 Land Services Ltd., as grantee; and

(E) Instrument
 202 193 145 registered 08/09/2020 by CAPITAL LAND SERVICES LTD., pertaining to a Petroleum
 and Natural Gas Lease dated August 24, 2020 between The County of Vermilion River (formerly
 known as the Municipal District of Wellington No. 481), as lessor, and Capital Land Services
 Ltd., as lessee.

(ii) "Prior
 PNG Lease" means that certain Petroleum and Natural Gas Lease dated January 25, 2011
 between The County of Vermilion River, as lessor, and Scott Land & Lease Ltd., as lessee,
 pertaining to Twp 50 Rge 01 W4M: NW¼ of Sec. 07, as referenced in:

(A) Instrument
 112 032 354 registered 02/02/2011 by Scott Land & Lease Ltd., and subsequently transferred
 into the name of PETROCAPITA GP I LTD., pertaining to a Petroleum and Natural Gas Lease dated
 January 25, 2011 between The County of Vermilion River, as lessor, and Scott Land & Lease
 Ltd., as lessee;

(B) Instrument
 162 261 723 registered 20/09/2016 and pertaining to a TRANSFER OF CAVEAT 112032354 from SCOTT
 LAND & LEASE LTD. to PETROCAPITA GP I LTD.;

(C) Instrument
 212 041 273 registered 10/02/2021 and pertaining to the LAPSE OF CAVEAT 112032354 AND TRANSFER
 OF 162261723; and

(D) Alberta
 Court of King's Bench of Alberta decision in Docket 2101-05427 styled Revitalize Energy
 Inc., as applicant, v. Capital Land Services Ltd. and County of Vermilion River, as respondents,
 wherein the Court directed that Instrument 112 032 354 and Instrument 162 261 723 be restored
 to Certificate of Title 225J56 with their pre-existing priority and registration dates, and
 transferred into the name of Revitalize Energy Inc.

(iii) "Registered
 CLPs" means:

(A) Instrument
 152 204 329 registered 09/07/2015 and pertaining to a CERTIFICATE OF LIS PENDENS affecting
 INSTRUMENT 152016092 under Court of Queen's Bench Action No. 1501-07788 styled as QUEST
 LOGISTICS LTD. v. PALLISER OIL & GAS CORPORATION, CONTIGUOUS RESOURCES LTD., MUNICIPAL
 DISTRICT OF WELLINGTON NO. 481 also known as THE COUNTY OF VERMILLION RIVER, 1222913 ALBERTA
 LTD., CLIFFORD SKEATES, ELAINE CHAUNCEY, NATIONAL BANK OF CANADA, SCOTT LAND AND LEASE LTD.,
 CANADIAN NATURAL RESOURCES LIMITED, LANDSOLUTIONS INC. AND LANDSOLUTIONS GP INC.;

(B) Instrument
 152 230 531 registered 30/07/2015 and pertaining to a CERTIFICATE OF LIS PENDENS affecting
 INSTRUMENT 152063445 under Court of Queen's Bench Action No. 1514-00221 styled as CANWEST
 PROPANE PARTNERSHIP, A DIVISION OF GIBSON ENERGY ULC v. PALLISER OIL & GAS CORPORATION,
 GORDON ROY TETZ, PATRICIA ANN TETZ, THE MUNICIPAL DISTRICT OF WEWNGTON NO. 481, MARIE CUSAK,
 JOHN JOSEPH FOLEY AND LORI MARIE FOLEY; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Instrument
 222 177 081 registered 12/08/2022 and pertaining to a CERTIFICATE OF LIS PENDENS in Court
 of Queen's Bench Action No. 2101-05427 styled REVITALIZE ENERGY INC. v. CAPITAL LAND
 SERVICES LTD. and COUNTY OF VERMILION RIVER.

&nbsp;&nbsp;&nbsp;&nbsp;(b) From
 and after the execution hereof, Seller shall use commercially reasonable efforts to have
 the Potentially Adverse Instruments discharged, lapsed, or otherwise extinguished from Certificate
 of Title 225J56 prior to the Closing. If and to the extent that all of the Potentially Adverse
 Instruments are not so discharged, lapsed, or otherwise removed and Buyer nonetheless waives
 the condition to Closing contained in section 2.04(d) and proceeds with the Closing, Seller
 shall from and after Closing, on a timely basis and without further consideration, complete
 such documents and take such other actions as may be reasonably requested by Buyer in order
 to discharge, lapse, or otherwise extinguish the Potentially Adverse Instruments.

(c) From
 and after the execution hereof, Seller shall use commercially reasonable efforts to cooperate
 with Buyer to obtain a written surrender and release of the Prior PNG Lease from Revitalize
 Energy Inc.

(d) From
 and after Closing, Seller shall cooperate with Buyer on a commercially reasonable efforts,
 but at the sole risk and cost of Buyer, to have the Registered CLPs discharged.

Section 2.09 <u>Revitalize/PWC Transaction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 and after the execution hereof, Seller shall, using commercially reasonable efforts and to
 the extent possible, on a timely basis and without further consideration, cooperate in good
 faith with Buyer, and cause its principal Brian Davies (the "Seller Principal")
 to cooperate in good faith with Buyer, to facilitate the finalization and completion of the
 Revitalize/PWC Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with the foregoing, and in particular with respect to the transfer of any and
 all Alberta Energy Regulator ("AER") well, pipeline, and/or facility licences
 included in the assets subject to the Revitalize/PWC Transaction (the "AER Licences"),
 Seller shall act as "agent" as that term is defined in the *Oil and Gas Conservation Act* (Alberta), and used in section 91 of the *Oil and Gas Conservation Act* (Alberta)
 and in section 4.1(4)(b) of AER Directive 067 (the "AER Agent"), for Buyer or
 for Novacor Exploration Ltd. as nominee of Buyer (the "Buyer Nominee"), to hold
 the AER Licences, or cause the Seller Principal to act as AER Agent for Buyer or for the
 Buyer Nominee, in respect of the AER Licences.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller
 represents and warrants to Buyer on behalf of itself, and on behalf of the Seller Principal,
 that Seller and/or the Seller Principal are qualified to act as AER Agent for Buyer and/or
 the Buyer Nominee in respect of the AER Licences, and that Seller is not aware of any condition,
 event or circumstance that might prevent or impede Seller and/or Seller Principal from being
 appointed to act as AER Agent for Buyer and/or Buyer Nominee.

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&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject
 to section 2.09(f) hereof, Buyer hereby agrees to indemnify and hold harmless to the fullest
 extent permitted by applicable law Seller and the Seller Principal, against and in respect
 of any and all Losses incurred or sustained by Seller and/or the Seller Principal as a result
 of or in connection with acting as AER Agent for Buyer or for the Buyer Nominee in respect
 of the AER Licences.

(e) Seller
 confirms and acknowledges on behalf of itself, and on behalf of the Seller Principal, that
 section 91(7) of the *Oil and Gas Conservation Act* (Alberta) provides that an AER Agent
 may not be changed or discharged without the consent, in writing, of the AER, which consent
 may, at the AER's discretion, be refused. In order to ensure compliance with the foregoing
 Seller shall not, and shall prevent the Seller Principal from, ceasing to fulfill their role
 as AER Agent for Buyer or for the Buyer Nominee in respect of the AER Licences without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appointing
 a successor AER Agent, which successor AER Agent is acceptable to Buyer acting reasonably;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining
 the consent in writing of the AER to such successor AER Agent.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Seller
 hereby agrees on its own behalf, and on behalf of the Seller Principal, to indemnify and
 hold harmless to the fullest extent permitted by applicable law Buyer and the Buyer Nominee,
 against and in respect of any and all Losses incurred or sustained by Buyer and/or the Buyer
 Nominee as a result of or in connection with any noncompliance with AER Directive 067 and
 section 91 of the *Oil and Gas Conservation Act* (Alberta), or breach by Seller or the
 Seller Principal of section 2.09(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 consideration of Seller and/or the Seller Principal acting as the AER Agent for Buyer or
 the Buyer Nominee in respect of the AER Licences, Buyer shall pay to Seller a non-convertible
 gross overriding no-deductions royalty of one percent (1%), calculated with reference to
 one hundred percent (100%) of production from the Assets for so long as Seller and/or the
 Seller Principal so act as AER Agent.

&nbsp;&nbsp;&nbsp;&nbsp;(h) At
 Closing the Seller and Buyer shall execute and delivery a mutually acceptable agency and
 royalty agreement reflecting the terms and conditions contained in this Section 2.09, and
 incorporating the 2015 CALEP Overriding Royalty Procedure and such other terms and conditions
 as are ordinarily included in agreements of this nature in Western Canada (the "Agency
 and Royalty Agreement").

Section 2.10 <u>Conveyance Taxes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller
 will pay all income, capital gain, use, transfer, stamp, registration, documentary, excise,
 real property transfer or gains, or similar taxes incurred as a result of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Buyer
 will pay all sales and value added or similar taxes incurred as a result of the Transactions.

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**Article III.**

**Conditions to Closing**

Section 3.01 <u>Conditions to the Obligations of Each of the Parties.</u> The obligations of each of the Parties to consummate the Closing are subject to the satisfaction, or waiver by each of the Parties, at or before the Closing Date, of all the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law
 (whether temporary, preliminary or permanent) or Order that is then in effect and which has
 the effect of making the transactions or agreements contemplated by this Agreement illegal
 or which otherwise prevents or prohibits consummation of the transactions contemplated by
 this Agreement and no Governmental Authority shall have imposed any terms or conditions on
 the Transactions which would reasonably be expected to materially impact the operations of
 Buyer following the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 shall not be any Action brought by a third-party non-Affiliate to enjoin or otherwise restrict
 the consummation of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Parties shall have received all necessary approvals from all required Governmental Authorities
 to consummate the Transactions at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Parties shall have executed and delivered the Agency and Royalty Agreement.

Section 3.02 <u>Conditions to the Obligations of Buyer and Parent.</u> The obligations of Buyer and Parent to consummate the Closing are subject to the satisfaction (or waiver by Buyer and Parent, each in its sole discretion), at or before the Closing Date, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 representations and warranties made by Seller in this Agreement shall have been true and
 correct when made and shall be true and correct in all material respects (other than representations
 and warranties which are qualified as to materiality and the representations and warranties
 in **‎** Section 6.01, **‎** Section 6.02, **‎** Section 6.03, **‎** Section
 6.09, **‎** Section 6.12, **‎** Section 6.13, **‎** Section 6.23 and **‎** Section
 6.24, which shall each be true and correct in all respects) at the Closing Date with the
 same force and effect as if such representations and warranties were made at and as of the
 Closing Date, except for changes therein permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller
 shall have performed or complied with all covenants and conditions required by this Agreement
 to be performed or complied with by Seller prior to or at the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 deemed necessary by Parent, Seller shall have provided to Parent audited financial statements
 for Seller and the Assets and related auditor reports thereon from a Public Buyer Accounting
 Oversight Board-registered auditor, which consents to the inclusion of its statements in
 SEC public filings, for each of the two most recently ended fiscal years and any other period
 audited or unaudited but reviewed financials are required to be included in the reports filed
 by Parent with the SEC following the Closing pursuant to applicable Law, and unaudited statements
 for any other required interim periods;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Transactions shall have been approved by the shareholders of Seller, if required by applicable
 Law or the rules of any applicable securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;(e) There
 shall have occurred no Material Adverse Effect as of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Revitalize/PWC Transaction shall have closed, and in connection therewith Buyer shall have
 obtained a written surrender and release of the Prior PNG Lease from Revitalize Energy Inc.

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Section 3.03 <u>Condition to the Obligations of Seller.</u> The obligations of Seller to consummate the Closing are subject to the satisfaction (or waiver by Seller in its sole discretion), at or before the Closing Date, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 representations and warranties made by Buyer and Parent in this Agreement shall have been
 true and correct when made and shall be true and correct in all material respects (other
 than representations and warranties which are qualified as to materiality, and other than
 the representations and warranties as set forth in **‎** Section 7.01, **‎** Section
 7.02 and **‎** Section 7.06 which shall each be true and correct in all respects) at
 the Closing Date with the same force and effect as if such representations and warranties
 were made at and as of the Closing Date, except for changes therein permitted by this Agreement;

(b) The
 Transactions shall have been approved by the shareholders of Buyer, if required by applicable
 Law or the rules of any applicable securities exchange, including the NYSE American;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Closing cash having been paid to Seller;

&nbsp;&nbsp;&nbsp;&nbsp;(d) On
 the Closing, the Restricted Shares having been issued to Seller subject to Rule 144, as directed
 by Seller;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Evidence
 that the NYSE American has approved or conditionally approved the Transaction, if so required
 by the rules and regulations of the NYSE American; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) Buyer
 and Parent shall have performed or complied with all covenants and conditions required by
 this Agreement to be performed or complied with by Buyer prior to or at the Closing Date.

**Article IV.** 

**[Intentionally Left Blank]**

**Article V.**

**Representations and Warranties of Seller**

As an inducement to, and to obtain the reliance of Buyer, Seller represents and warrant to Buyer and Parent, as of the Effective Date and as of the Closing Date, as follows, except as set specifically disclosed in Schedule A:

Section 5.01 <u>Existence and Power.</u> Seller is a corporation, duly organized, validly existing, and in good standing under the laws of the Province of Alberta and has the corporate power and is duly authorized under all applicable Laws, regulations, ordinances, and orders of public authorities to carry on its business in all material respects as it is now being conducted. Seller has full corporate power and authority to carry on its businesses as it is now being conducted and as now proposed to be conducted and to own or lease its properties and assets.

Section 5.02 <u>Due Authorization.</u> The execution, delivery and performance of this Agreement and the other Transaction Documents does not, and the consummation of the Transactions will not, violate any provision of the Seller Organizational Documents. Seller has taken all actions required by Law, the Seller Organizational Documents or otherwise to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents and to consummate the Transactions.

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Section 5.03 <u>Valid Obligation.</u> This Agreement and the other Transaction Documents executed by Seller in connection herewith constitute the valid and binding obligations of Seller enforceable in accordance with their respective terms, except as may be limited by the Enforceability Exceptions. Neither the execution, delivery and performance by Seller of this Agreement or any other Transaction Documents to which it is, or is specified to be, a party will contravene, violate or conflict with or result in the breach of or constitute a default under any of the Seller Organizational Documents, contravene, conflict with, or violate, or give any Governmental Authority or other Person the right to challenge any of the Transactions, or to exercise any remedy or obtain any relief under, any Law or governmental order to which Seller or any of the Assets could be subject.

Section 5.04 <u>Governmental Authorization.</u> Neither the execution, delivery nor performance of this Agreement or any of the Transaction Documents by Seller requires any consent, approval, license or other action by or in respect of, or registration, declaration or filing with any Governmental Authority.

Section 5.05 <u>Approval of Agreement.</u> The Board of Directors of Seller has authorized the execution and delivery of this Agreement and the other Transaction Documents by Seller and has approved this Agreement and the transactions contemplated hereby.

Section 5.06 <u>Litigation and Proceedings.</u> There are no actions, suits, proceedings or investigations pending or, to the Knowledge of Seller, threatened, by or against Seller or affecting any of the Assets, Seller or its properties, at Law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind. Seller has no Knowledge of any default on its part with respect to any judgment, order, writ, injunction, decree, award, rule or regulation of any court, arbitrator, or governmental agency or instrumentality or any circumstance which after reasonable investigation would result in the discovery of such default.

Section 5.07 <u>Compliance With Laws and Regulations.</u> Seller has complied with all applicable statutes and regulations of any provincial, federal, state, or other governmental entity or agency thereof, including with respect to section 431 of the *Municipal Government Act* (Alberta), except to the extent that noncompliance would not materially and adversely affect the business, operations, properties, Assets, or condition of Seller or except to the extent that noncompliance would not result in the occurrence of any material liability for Seller.

Section 5.08 <u>Regulatory Permits.</u> Seller possesses all certificates, authorizations and Permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct its businesses as presently conducted, and to own and operate the Assets and Seller has not received any notice of proceedings relating to the revocation or modification of any such Permit.

Section 5.09 <u>Title to and Ownership of Assets.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller
 is the record and beneficial owner of the Assets free and clear of all Liens, Encumbrances,
 purchase rights, claims, pledges, mortgages, security interests, or other limitations or
 restrictions whatsoever, other than the Permitted Encumbrances. Seller is not subject to,
 or a party to, any agreements, licenses, contracts, instruments or other restrictions of
 any kind or character which directly or indirectly restrict or otherwise limit in any manner
 the use, sale or other disposition of the Assets by Seller or by Buyer or Parent. Upon delivery
 to Buyer of the applicable Transaction Documents, Buyer will acquire lawful, valid and marketable
 title to the Assets free and clear of all Encumbrances or Liens or restrictions whatsoever,
 other than the Permitted Encumbrances. Other than pursuant to this Agreement, no Person has
 any rights to purchase or receive any of the Assets or any interests therein. Seller is not
 obligated to provide any consideration (whether financial or otherwise) to any third party,
 nor is any third party otherwise entitled to any consideration, with respect to any exercise
 of rights by Seller or Buyer or Parent, as successor to Seller, in the Assets.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 is no Action that is pending or, to the Knowledge of Seller, threatened, that challenges
 the rights of Seller in respect of any Assets. Seller has not received any written communication
 alleging that Seller has infringed the rights of any third party and there are no Actions
 that are pending or, to the Knowledge of Seller, threatened against Seller with respect to
 the Assets. To the Knowledge of Seller, there is no unauthorized use, infringement or misappropriation
 of the Assets by any third party and there is no Action that is pending or threatened by
 Seller with respect thereto. Notwithstanding anything to the contrary, this representation
 shall not limit or restrict the transfer to Buyer pursuant to this Agreement of all right,
 title and interest in and to the Assets owned by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller
 has complied with all the requirements of all Canadian and United States and foreign Governmental
 Authorities to maintain the Assets in full force and effect in all material respects, including
 payment of all required fees when due to such offices or entities, and timely filing of all
 declarations, certifications and other paperwork with Governmental Authorities needed to
 maintain the Assets in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) challenging
 the validity, enforceability, effectiveness or ownership by Seller of any of the Assets owned
 or purported to be owned by Seller; or

(ii) to
 the effect that any Assets or the conduct of the business of Seller, including the development,
 marketing, sale and support of the Assets, has infringed or does or will infringe or constitute
 a misappropriation of any intellectual property or other proprietary or personal right of
 any Person have been asserted or, to the Knowledge of Seller, threatened by any Person against
 Seller, nor does there exist any valid basis for such a claim. There are no Actions, including
 interference, re-examination, reissue, opposition, nullity, suspension, rejection (whether
 non-final or final), default, abandonment or cancellation Actions pending that relate to
 any of the Assets, and to the Knowledge of Seller no such Actions are threatened or contemplated
 by any Governmental Authority or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Seller
 has obtained from all Persons (including former and current employees and current or former
 consultants and subcontractors) who have created any portion of, or otherwise who would have
 any rights in or to, the Assets valid and enforceable (subject to the Enforceability Exceptions)
 written assignments of any such work, invention, improvement or other rights to Seller and
 have delivered true and complete copies of such assignments to Buyer. No former employee,
 current employee, consultant or former consultant of Seller has ever excluded any intellectual
 property from any written assignment executed by any such Person in connection with work
 performed for or on behalf of Seller. All amounts payable by Seller to consultants and former
 consultants involved in the development of any Assets have been paid in full.

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&nbsp;&nbsp;&nbsp;&nbsp;(f) Seller
 has taken commercially reasonable measures to protect their ownership of, and rights in,
 all Assets owned by Seller in accordance with customary industry practices.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Seller
 has not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transferred
 ownership of, or granted any exclusive license with respect to, any Assets to any other Person;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) granted
 any customer the right to use any Asset or portion thereof on anything.

No funding, facilities or personnel of any educational institution or Governmental Authority were used, directly or indirectly, to develop or create, in whole or in part, any Assets.

&nbsp;&nbsp;&nbsp;&nbsp;(h) To
 the Knowledge of Seller, there is no governmental prohibition or restriction on the use of
 any Assets in any jurisdiction in which Seller currently conducts or has conducted business
 or on the export or import of any of the Assets from or to any such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Seller
 has never agreed to indemnify any Person for or against any interference, infringement, misappropriation,
 or other conflict with respect to any of the Assets.

Section 5.10 **<u>[</u>**<u>Intentionally left blank.]</u>

Section 5.11 <u>Absence of Certain Changes, Events and Conditions.</u> Since April 21, 2025, and other than in the ordinary course of business consistent with past practice, there has not been any:

&nbsp;&nbsp;&nbsp;&nbsp;(a) event,
 occurrence or development that has had, or could reasonably be expected to have, individually
 or in the aggregate, a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;(b) entry
 into any Contract that would constitute an Assigned Contract;

&nbsp;&nbsp;&nbsp;&nbsp;(c) incurrence,
 assumption or guarantee of any indebtedness for borrowed money in connection with the Assets
 except unsecured current obligations and Liabilities incurred in the ordinary course of business
 consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer,
 assignment, sale or other disposition of any of the Assets;

&nbsp;&nbsp;&nbsp;&nbsp;(e) cancellation
 of any debts or claims or amendment, termination or waiver of any rights constituting Assets;

&nbsp;&nbsp;&nbsp;&nbsp;(f) material
 damage, destruction or loss, or any material interruption in use, of any Assets, whether
 or not covered by insurance;

&nbsp;&nbsp;&nbsp;&nbsp;(g) acceleration,
 termination, material modification to or cancellation of any Assigned Contract;

&nbsp;&nbsp;&nbsp;&nbsp;(h) imposition
 of any Encumbrance upon any of the Assets; or

&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Contract to do any of the foregoing, or any action or omission that would result in any of
 the foregoing.

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Section 5.12 <u>Compliance with Laws.</u> Seller is (and has been at all times during the past five (5) years) in compliance with all economic sanctions and anti-boycott Laws in all material respects, including the Laws and regulations administered by the U.S. Customs and Border Protection and U.S. Customs and Immigration Service, the Arms Export Control Act and the International Traffic in Arms Regulations, the Export Control Reform Act and the Export Administration Regulations, the Laws and regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control, and Section 999 of the Internal Revenue Code.

Section 5.13 <u>Assigned Contracts.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Assigned Contracts are the only Contracts applicable to the Assets or to which any of the
 Assets or their operation are subject. Seller has provided to Buyer true and correct copies
 of each Assigned Contract.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Assigned Contract is valid and binding on Seller in accordance with its terms and is in full
 force and effect. None of Seller or, to the Knowledge of Seller, any other party thereto
 is in breach of or default under (or is alleged to be in breach of or default under), or
 has provided or received any notice of any intention to terminate, any Assigned Contract.
 No event or circumstance has occurred that, with notice or lapse of time or both, would constitute
 an event of default under any Assigned Contract or result in a termination thereof or would
 cause or permit the acceleration or other changes of any right or obligation or the loss
 of any benefit thereunder. Complete and correct copies of each Assigned Contract (including
 all modifications, amendments and supplements thereto and waivers thereunder) have been made
 available to Buyer. There are no material disputes pending or threatened under any Assigned
 Contract.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller
 has not pledged, mortgaged or otherwise granted an Encumbrance on any Assigned Contract.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Seller
 is not participating in any discussions or negotiations regarding modification of or amendment
 to any Assigned Contract.

&nbsp;&nbsp;&nbsp;&nbsp;(e) As
 of the Closing, Seller will have received all consents and approvals for all third parties
 as required to assign the Assigned Contracts to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 Assigned Contract is valid, binding, enforceable and in full force and effect, including
 with respect to section 431 of the *Municipal Government Act* (Alberta). Seller is not
 in breach or default under such Assigned Contract, and no event has occurred or circumstance
 exists which, with the delivery of notice, passage of time or both, would constitute such
 a breach or default, and Seller has paid all rent due and payable under such Assigned Contract.
 Seller has not received nor given any notice of any default or event that with notice or
 lapse of time, or both, would constitute a default by Seller under any of the Assigned Contracts
 and, to the Knowledge of Seller, no other party is in default thereof, and no party to any
 Assigned Contract has exercised any termination rights with respect thereto.

Section 5.14 <u>Real Property.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) With
 respect to the real property as set forth on Schedule A, included within the Assets (the
 "Real Property"), Seller represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Seller
 has good and marketable leasehold to the Real Property, free and clear of all Encumbrances,
 except Permitted Encumbrances;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Seller
 has not leased or otherwise granted to any Person the right to use or occupy such Real Property
 or any portion thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there
 are no unrecorded outstanding options, rights of first offer or rights of first refusal to
 purchase such Real Property or any portion thereof or interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller
 has not received any written notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) violations
 of building codes and/or zoning ordinances or other governmental or regulatory Laws affecting
 the Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) existing,
 pending or threatened condemnation proceedings affecting the Real Property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) existing,
 pending or threatened zoning, building code or other moratorium proceedings, or similar matters
 which could reasonably be expected to adversely affect the ability to operate the Real Property
 as currently operated.

Neither the whole nor any material portion of any Real Property has been damaged or destroyed by fire or other casualty.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller
 has not subleased, assigned or otherwise granted to any Person the right to use or occupy
 such Real Property or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Seller
 has not pledged, mortgaged or otherwise granted an Encumbrance on its leasehold interest
 in any Real Property.

Section 5.15 <u>Legal Proceedings; Governmental Orders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) There
 are no Actions pending or, to the Knowledge of Seller, threatened against or by Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relating
 to or affecting the Assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by
 this Agreement.

No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards
 against, relating to or affecting the Assets.

Section 5.16 <u>Compliance With Laws; Permits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller
 has complied, and is now complying, with all Laws applicable to the conduct of its business
 as currently conducted or the ownership and use of the Assets.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 Permits required for Seller to operate the Assets as currently conducted or for the ownership
 and use of the Assets have been obtained by Seller and are valid and in full force and effect.
 All fees and charges with respect to such Permits as of the date hereof have been paid in
 full. No event has occurred that, with or without notice or lapse of time or both, would
 reasonably be expected to result in the revocation, suspension, lapse or limitation of any
 such Permit.

Section 5.17 <u>Environmental Matters.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 operations of Seller with respect to the Assets are currently and have been in compliance
 with all Laws. Seller has not received from any Person, with respect to the Assets, any written
 request for information pursuant to any Law which, in each case, either remains pending or
 unresolved, or is the source of ongoing obligations or requirements as of the Effective Date
 or as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller
 has obtained and is in material compliance with all Permits necessary for the ownership,
 lease, operation or use of the Assets and all such Permits are in full force and effect and
 shall be maintained in full force and effect by Seller through the Closing Date in accordance
 with all Laws, and Seller is not aware of any condition, event or circumstance that might
 prevent or impede, after the Closing Date, the ownership, lease, operation or use of the
 Assets. With respect to any such Permits, Seller has undertaken, or will undertake prior
 to the Closing Date, all measures necessary to facilitate transferability of the same, and
 Seller is not aware of any condition, event or circumstance that might prevent or impede
 the transferability of the same, and has not received any notice or written communication
 regarding any material adverse change in the status or terms and conditions of the same.

&nbsp;&nbsp;&nbsp;&nbsp;(c) [Intentionally
 left blank.]

&nbsp;&nbsp;&nbsp;&nbsp;(d) [Intentionally
 left blank.]

&nbsp;&nbsp;&nbsp;&nbsp;(e) [Intentionally
 left blank.]

&nbsp;&nbsp;&nbsp;&nbsp;(f) Seller
 has not retained or assumed, by contract or operation of Law, any liabilities or obligations
 of third parties under any Law.

&nbsp;&nbsp;&nbsp;&nbsp;(g) [Intentionally
 left blank.]

&nbsp;&nbsp;&nbsp;&nbsp;(h) Seller
 is not aware of or reasonably anticipates, as of the Closing Date, any condition, event or
 circumstance concerning the Release or regulation of Hazardous Materials that might, after
 the Closing Date, prevent, impede or materially increase the costs associated with the ownership,
 lease, operation, performance or use of the Assets as currently carried out.

Section 5.18 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Tax Returns with respect to the Assets required to be filed by Seller for any Pre-Closing
 Tax Period have been, or will be, timely filed. Such Tax Returns are, or will be, true, complete
 and correct in all respects. All Taxes due and owing by Seller (whether or not shown on any
 Tax Return) have been, or will be, timely paid.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller
 has withheld and paid each Tax required to have been withheld and paid in connection with
 amounts paid or owing to any employee, independent contractor, creditor, customer, shareholder
 or other party, and complied with all information reporting and backup withholding provisions
 of applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 extensions or waivers of statutes of limitations have been given or requested with respect
 to any Taxes of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 deficiencies asserted, or assessments made, against Seller as a result of any examinations
 by any taxing authority have been fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Seller
 is not a party to any Action by any taxing authority. There are no pending or threatened
 Actions by any taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;(f) There
 are no Encumbrances for Taxes upon any of the Assets nor, to the Knowledge of Seller, is
 any taxing authority in the process of imposing any Encumbrances for Taxes on any of the
 Assets (other than for current Taxes not yet due and payable).

&nbsp;&nbsp;&nbsp;&nbsp;(g) None
 of the Assets is tax-exempt use property within the meaning of Section 168(h) of the Code.

Section 5.19 <u>Tax Returns and Payments; Tax Liens.</u> Seller:

&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 duly and timely filed or caused to be filed all federal, state, local and foreign Tax Returns
 required to be filed by it (including all Tax Returns required to be filed with respect to
 the Assets), and all such Tax Returns are correct and complete in all material respects and
 were prepared in substantial compliance with all applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;(b) has
 paid all Taxes shown to be due and payable on such Tax Returns and all Taxes otherwise payable
 with respect to the Assets to the extent due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) has
 properly accrued all Taxes relating to the Assets for periods subsequent to the periods covered
 by such Tax Returns. No deficiency in payment of any such Taxes for any period has been asserted
 by any Tax Authority and remains unsettled.

There are no ongoing, pending or, to the Knowledge of Seller, threatened in writing, Tax audits or examinations relating to the Assets. No claim has ever been made by a Tax Authority in a jurisdiction in which Seller does not file Tax Returns that Seller is or may be subject to taxation by that jurisdiction. All Taxes required to be withheld, collected or deposited by Seller with respect to the Assets have been timely withheld, collected or deposited and, to the extent required, have been paid to the relevant Tax Authorities. There are no Tax liens on any of the Assets, other than liens for current Taxes which are not yet due or payable. Seller has not entered into any agreement, waiver or other arrangement providing for an extension of time with respect to the assessment or collection of any Tax relating to the Assets or the Business.

Section 5.20 <u>Insurance Policies</u>. Correct and complete copies of each policy of insurance held by Seller and related to the Assets in any manner have been provided to Buyer. All insurance policies and bonds with respect to the Assets are in full force and effect and Seller has not reached or exceeded policy limits for any insurance policy in effect at any time during the past five (5) years.

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Section 5.21 <u>Restrictions on Business Activities.</u> There is no Contract or Order to which Seller is a party or otherwise binding upon Seller that has or may reasonably be expected to have the effect of prohibiting, limiting, restricting, or impairing in a material respect any business practice of Buyer or Parent following the Closing, any acquisition or disposition of material property (tangible or intangible) by Seller, the conduct of business by Seller, as currently conducted, or otherwise limiting in a material respect the freedom of Seller or Buyer or Parent, following the Closing, to engage in any line of business or to compete with any Person.

Section 5.22 <u>Privacy and Data Protection.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of Seller and its Affiliates has complied in all material respects with all applicable international,
 federal, state, and local laws, rules, regulations, directives and governmental requirements
 relating in any way to the availability, integrity, security, privacy, or confidentiality
 of Personal Data (collectively, "Privacy Laws"). "Personal Data"
 means any information relating to an identified or identifiable individual, whether such
 data is in individual or aggregate form and regardless of the media in which it is contained;
 and "Process" or "Processing" means any operation or set of operations
 performed upon Personal Data or confidential information, whether or not by automatic means,
 such as creating, collecting, procuring, obtaining, accessing, recording, organizing, storing,
 adapting, altering, retrieving, consulting, using or disclosing, disseminating or destroying
 the data.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 has been no loss, damage, to the knowledge of Seller, theft, breach or unauthorized or accidental
 access, acquisition, use, disclosure or other incident involving Personal Data or confidential
 information maintained by or on behalf of Seller, nor any complaints or claims asserted by
 any Person (including any Authority) related to the Processing of Personal Data or confidential
 information by Seller or by another Person (including any Seller) Processing Personal Data
 or confidential information on behalf of Seller, and (ii) to the knowledge of Seller, there
 has been no legal proceeding brought by any Person that any product or service of Seller
 was the cause of, or a contributing cause of, or facilitated, any incident involving Personal
 Data or confidential information maintained by any other Person, nor a legal proceeding brought
 by any Person that Seller was otherwise liable for any incident or violation of any Privacy
 Law. Each of Seller and its Affiliates has made all necessary disclosures to, and obtained
 any necessary consents from, users, customers, employees, contractors, and other Persons
 as required by applicable Privacy Laws, and has filed any required registrations with the
 relevant data protection authorities.

Section 5.23 <u>Approval of Agreement.</u> Seller is the only selling party required to authorize the execution and delivery of this Agreement and Seller, including the Board of Directors of Seller, has approved this Agreement and the Transactions.

Section 5.24 <u>Investment Representations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller
 understands and agrees that the consummation of the Transactions including the delivery of
 the Restricted Shares to Seller in exchange for the Assets as contemplated hereby, constitutes
 the offer and sale of securities under the Securities Act and applicable state statutes and
 that the Restricted Shares are being acquired by Seller are being acquired by Seller for
 Seller's own account and not with a present view towards the public sale or distribution
 thereof, except pursuant to sales registered or exempted from registration under the Securities
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller
 is an "accredited investor" as that term is defined in Rule 501(a) of Regulation
 D (an "Accredited Investor").

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&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller
 understands that the Restricted Shares are being offered and sold to Seller in reliance upon
 specific exemptions from the registration requirements of United States federal and state
 securities Laws and that Buyer is relying upon the truth and accuracy of, and Seller's
 compliance with, the representations, warranties, agreements, acknowledgments and understandings
 of Seller set forth herein in order to determine the availability of such exemptions and
 the eligibility of Seller to acquire the Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Seller
 has been furnished with all materials relating to the business, finances and operations of
 Buyer and materials relating to the offer and sale of the Restricted Shares which have been
 requested by Seller. Seller has been afforded the opportunity to ask questions of Buyer.
 Seller has such knowledge and experience in financial and business matters that Seller is
 capable of evaluating the merits and risks of the prospective investment and the receipt
 of the Restricted Shares. Seller understands that Seller's investment in the Restricted
 Shares involves a significant degree of risk. Seller is not aware of any facts that may constitute
 a breach of any of Buyer's representations and warranties made herein.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Seller
 understands that no United States federal or state agency or any other government or governmental
 agency has passed upon or made any recommendation or endorsement of the Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Seller
 understands that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 sale or re-sale of the Restricted Shares have not been and is not being registered under
 the Securities Act or any applicable state securities Laws, and the Restricted Shares may
 not be transferred unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 Restricted Shares are sold pursuant to an effective registration statement under the Securities
 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Seller
 shall have delivered to Buyer, at the cost of Seller, an opinion of counsel that shall be
 in form, substance and scope customary for opinions of counsel in comparable transactions
 to the effect that the Restricted Shares to be sold or transferred may be sold or transferred
 pursuant to an exemption from such registration, which opinion shall be accepted by Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the
 Restricted Shares are sold or transferred to an "affiliate" (as defined in Rule
 144 promulgated under the Securities Act (or a successor rule) ("Rule 144"))
 of Seller who agree to sell or otherwise transfer the Restricted Shares only in accordance
 with this **‎** Section 6.24 and who is an Accredited Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the
 Restricted Shares are sold pursuant to Rule 144; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the
 Restricted Shares are sold pursuant to Regulation S under the Securities Act (or a successor
 rule) ("Regulation S"), and Seller shall have delivered to Buyer, at the cost
 of Seller, an opinion of counsel that shall be in form, substance and scope customary for
 opinions of counsel in corporate transactions, which opinion shall be accepted by Buyer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 sale of such Restricted Shares made in reliance on Rule 144 may be made only in accordance
 with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such
 Restricted Shares under circumstances in which Seller (or the person through whom the sale
 is made) may be deemed to be an underwriter (as that term is defined in the Securities Act)
 may require compliance with some other exemption under the Securities Act or the rules and
 regulations of the SEC thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither
 Buyer nor any other person is under any obligation to register such Restricted Shares under
 the Securities Act or any state securities Laws or to comply with the terms and conditions
 of any exemption thereunder (in each case). Notwithstanding the foregoing or anything else
 contained herein to the contrary, the Restricted Shares may be pledged as collateral in connection
 with a bona fide margin account or other lending arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Seller
 understands that the Restricted Shares, until such time as the Restricted Shares have been
 registered under the Securities Act, or may be sold pursuant to Rule 144 or Regulation S
 without any restriction as to the number of securities as of a particular date that can then
 be immediately sold, the Shares may bear a standard Rule 144 legend and a stop-transfer order
 may be placed against transfer of the certificates for such Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 legend(s) referenced in **‎** Section 6.24(g) shall be removed and Buyer shall issue
 a certificate without such legend to the holder of any Restricted Shares upon which it is
 stamped, if, unless otherwise required by applicable state securities Laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Restricted Shares are registered for sale under an effective registration statement filed
 under the Securities Act or otherwise may be sold pursuant to Rule 144 or Regulation S without
 any restriction as to the number of securities as of a particular date that can then be immediately
 sold; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 holder provides Buyer with an opinion of counsel, in form, substance and scope customary
 for opinions of counsel in comparable transactions, to the effect that a public sale or transfer
 of such Restricted Shares may be made without registration under the Securities Act, which
 opinion shall be accepted by Buyer so that the sale or transfer is effected. Seller agrees
 to sell all Restricted Shares, including those represented by a certificate(s) from which
 the legend has been removed, in compliance with applicable prospectus delivery requirements,
 if any.

Section 5.25 <u>Brokers.</u> No agent, broker, finder or investment banker is entitled to any brokerage, finder's or similar fee or commission from Seller in connection with the Transactions based upon arrangements made by or on behalf of Seller.

**Article VI.**

**Representations and Warranties of Buyer and Parent**

As an inducement to, and to obtain the reliance of Seller, Buyer and Parent represent and warrant to Seller as of the Effective Date and as of the Closing Date, as follows:

Section 6.01 <u>Existence and Power.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent
 is a corporation, duly organized, validly existing, and in good standing under the laws of
 the State of Delaware, and has the corporate power and is duly authorized under all applicable
 Laws, regulations, ordinances, and orders of public authorities to carry on its business
 in all material respects as it is now being conducted.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Buyer
 is a corporation, duly organized, validly existing, and in good standing under the laws of
 Alberta, Canada, and has the corporate power and is duly authorized under all applicable
 Laws, regulations, ordinances, and orders of public authorities to carry on its business
 in all material respects as it is now being conducted.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 of Buyer and Parent has full corporate power and authority to carry on its respective businesses
 as it is now being conducted and as now proposed to be conducted and to own or lease its
 properties and assets.

Section 6.02 <u>Due Authorization.</u> The execution, delivery and performance of this Agreement and the other Transaction Documents does not, and the consummation of the Transactions will not, violate any provision of the Buyer Organizational Documents or the Parent Organizational Documents. Each of Buyer and Parent has taken all actions required by Law, the Buyer Organizational Documents, the Parent Organizational Documents or otherwise to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents and to consummate the Transactions.

Section 6.03 <u>Valid Obligation.</u> This Agreement and the other Transaction Documents executed by Buyer and Parent in connection herewith constitute the valid and binding obligations of Buyer and Parent, enforceable in accordance with their respective terms, except as may be limited by the Enforceability Exceptions. Neither the execution, delivery and performance by Buyer or Parent of this Agreement or any other Transaction Documents to which it is, or is specified to be, a party will contravene, violate or conflict with or result in the breach of or constitute a default under any of the Buyer Organizational Documents, or the Parent Organizational Documents, or contravene, conflict with, or violate, or give any Governmental Authority or other Person the right to challenge any of the Transactions, or to exercise any remedy or obtain any relief under, any Law or governmental order to which Buyer or Parent could be subject.

Section 6.04 <u>Governmental Authorization.</u> Neither the execution, delivery nor performance of this Agreement or any of the Transaction Documents by Buyer or Parent requires any consent, approval, license or other action by or in respect of, or registration, declaration or filing with any Governmental Authority.

Section 6.05 <u>Approval of Agreement.</u> The Board of Directors of Buyer and the Board of Directors of Parent have each authorized the execution and delivery of this Agreement and the other Transaction Documents by Buyer and Parent and have each approved this Agreement and the Transactions.

Section 6.06 <u>The Restricted Shares.</u> The Restricted Shares to be issued and delivered to Seller in accordance with this Agreement shall be, upon issuance and delivery of such Restricted Shares, be fully paid and non-assessable, free and clear of all Liens, other than restrictions arising from applicable securities Laws and any Liens incurred by Seller.

Section 6.07 <u>Brokers.</u> No agent, broker, finder or investment banker is entitled to any brokerage, finder's or similar fee or commission from Buyer or Parent in connection with the Transactions based upon arrangements made by or on behalf of Buyer or Parent.

Section 6.08 <u>Compliance With Laws and Regulations.</u> Buyer has complied with all applicable statutes and regulations of any provincial, federal, state, or other governmental entity or agency thereof, except to the extent that noncompliance would not materially and adversely affect the business, operations, properties, or condition of Buyer or except to the extent that noncompliance would not result in the occurrence of any material liability for Buyer.

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Section 6.09 <u>Litigation and Proceedings.</u> There are no actions, suits, proceedings or investigations pending or, to the Knowledge of Buyer, threatened, by or against Buyer, or its properties, at Law or in equity, before any court or other governmental agency or instrumentality, domestic or foreign, or before any arbitrator of any kind. Buyer has no Knowledge of any default on its part with respect to any judgment, order, writ, injunction, decree, award, rule or regulation of any court, arbitrator, or governmental agency or instrumentality or any circumstance which after reasonable investigation would result in the discovery of such default.

Section 6.10 <u>Governmental Authorization.</u> Neither the execution, delivery nor performance of this Agreement or any of the Transaction Documents by Buyer requires any consent, approval, license or other action by or in respect of, or registration, declaration or filing with any Governmental Authority.

Section 6.11 <u>Legal Proceedings; Governmental Orders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) There
 are no Actions pending or, to the Knowledge of Buyer, threatened against or by Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relating
 to or affecting the assets of Buyer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by
 this Agreement.

No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards
 against, relating to or affecting the assets of Buyer.

Section 6.12 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Buyer
 has withheld and paid each Tax required to have been withheld and paid in connection with
 amounts paid or owing to any employee, independent contractor, creditor, customer, shareholder
 or other party, and complied with all information reporting and backup withholding provisions
 of applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 extensions or waivers of statutes of limitations have been given or requested with respect
 to any Taxes of Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 deficiencies asserted, or assessments made, against Buyer as a result of any examinations
 by any taxing authority have been fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Buyer
 is not a party to any Action by any taxing authority. There are no pending or threatened
 Actions by any taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;(e) There
 are no Encumbrances for Taxes upon any of the assets of Buyer nor, to the Knowledge of Buyer,
 is any taxing authority in the process of imposing any Encumbrances for Taxes on any of the
 Assets (other than for current Taxes not yet due and payable).

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&nbsp;&nbsp;&nbsp;&nbsp;(f) Buyer
 is not, and has not been, a party to, or a promoter of, a "reportable transaction"
 within the meaning of Section 6707A(c)(1) of the Code and Treasury Regulations Section 1.6011
 4(b).

Section 6.13 <u>Tax Returns and Payments; Tax Liens. Buyer:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 duly and timely filed or caused to be filed all federal, state, local and foreign Tax Returns
 required to be filed by it, and all such Tax Returns are correct and complete in all material
 respects and were prepared in substantial compliance with all applicable laws and regulations;
 and

&nbsp;&nbsp;&nbsp;&nbsp;(b) has
 paid all Taxes shown to be due and payable on such Tax Returns.

No claim has ever been made by a Tax Authority in a jurisdiction in which Buyer does not file Tax Returns that Buyer is or may be subject to taxation by that jurisdiction. Buyer has not entered into any agreement, waiver or other arrangement providing for an extension of time with respect to the assessment or collection of any Tax relating to the assets of Buyer or the business of Buyer.

**Article VII.** 

**Termination; Survival**

Section 7.01 <u>Termination</u>. This Agreement may be terminated on or prior to either Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;(a) By
 the mutual written consent of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;(b) By
 Buyer or Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the conditions to the Closing as set forth in **‎** Section 3.01 and **‎** Section
 3.02 have not been satisfied or waived by Buyer, which waiver Buyer may give or withhold
 in its sole discretion, by the Termination Date, provided, however, that Buyer and Parent
 may not terminate this Agreement pursuant to this clause (i) of this **‎** Section
 8.01(b) if the reason for the failure of any such condition to occur was the breach of the
 terms of this Agreement by Buyer or Parent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 there has been a material violation, breach or inaccuracy of any representation, warranty,
 covenant or agreement of Seller contained in this Agreement, which violation, breach or inaccuracy
 would cause any of the conditions set forth in **‎** Section 3.02 not to be satisfied,
 and such violation, breach or inaccuracy has not been waived by Buyer or cured by Seller,
 as applicable, within five (5) Business Days after receipt by Seller of written notice thereof
 from Buyer or is not reasonably capable of being cured prior to the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;(c) By
 Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the conditions to the Closing as set forth in **‎** Section 3.01 and **‎** Section
 3.03 have not been satisfied or waived by Seller, which waiver Seller may give or withhold
 in its sole discretion, by the Termination Date, provided, however, that Seller may not terminate
 this Agreement pursuant to this clause (i) of this **‎** Section 8.01(c) if the reason
 for the failure of any such condition to occur was the breach of the terms of this Agreement
 by Seller; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 there has been a material violation, breach or inaccuracy of any representation, warranty,
 covenant or agreement of Buyer or Parent contained in this Agreement, which violation, breach
 or inaccuracy would cause any of the conditions set forth in **‎** Section 3.03 not
 to be satisfied, and such violation, breach or inaccuracy has not been waived by Seller or
 cured by Buyer or Buyer, as applicable, within five (5) Business Days after receipt by Buyer
 of written notice thereof from Seller or is not reasonably capable of being cured prior to
 the Termination Date; or

&nbsp;&nbsp;&nbsp;&nbsp;(d) By
 any Party, if a court of competent jurisdiction or other Governmental Authority shall have
 issued an order or taken any other action permanently restraining, enjoining or otherwise
 prohibiting the Transactions and such order or action shall have become final and non-appealable.

Section 7.02 <u>Specific Enforcement.</u> Notwithstanding the foregoing, the Parties acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 Buyer has a right to terminate this Agreement pursuant to the provisions of clause (ii) of **‎** Section 8.01(b), Buyer may elect not to terminate this Agreement and may instead
 seek to specifically enforce this Agreement pursuant to the provisions of **‎** Section
 10.16, provided that all conditions to the Closing have been satisfied in the event that
 such specific performance is seeking to cause the Closing to occur, waiver of any condition
 to close not being sufficient to implicate the right of specific performance as set forth
 herein; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 Seller has a right to terminate this Agreement pursuant to the provisions of clause (ii)
 of **‎** Section 8.01(c), Seller may elect not to terminate this Agreement and may
 instead seek to specifically enforce this Agreement pursuant to the provisions of **‎** Section
 10.16, provided that all conditions to Closing have been satisfied in the event that such
 specific performance is seeking to cause the Closing to occur, waiver of any condition to
 close not being sufficient to implicate the right of specific performance as set forth herein.

Section 7.03 <u>Survival After Termination.</u> Subject to the provisions of ‎Section 8.02, if this Agreement is terminated by in accordance with ‎Section 8.01, this Agreement shall become void and of no further force and effect with no liability to any Person on the part of any Party hereto (or any officer, agent, employee, direct or indirect holder of any equity interest or securities, or Affiliates of any Party); provided, however, that this ‎Section 8.04 and Article IX shall survive the termination of this Agreement and nothing herein shall relieve any Party from any liability for fraud or any willful and material breach of the provisions of this Agreement prior to the termination of this Agreement.

**Article VIII.**

**Indemnification**

Section 8.01 <u>Indemnification of Parent and Buyer.</u> If Closing occurs, Seller hereby agrees to indemnify and hold harmless to the fullest extent permitted by applicable law Parent, Buyer and their respective Affiliates and each of their respective members, managers, partners, directors, officers, employees, stockholders, attorneys and agents and permitted assignees (each a "Buyer Indemnified Party"), against and in respect of any and all out-of-pocket loss, cost, payments, demand, penalty, forfeiture, expense, liability, judgment, deficiency or damage, and diminution in value or claim (including actual costs of investigation and attorneys' fees and other costs and expenses) (all of the foregoing collectively, "Buyer Losses") incurred or sustained by any Buyer Indemnified Party as a result of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach, inaccuracy or nonfulfillment or the alleged breach, inaccuracy or nonfulfillment
 of any of the representations, warranties, covenants and agreements of Seller contained herein
 or in any of the Transaction Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 ownership, and operation of the applicable Assets prior to the Closing Date, including due
 to any Actions by any third parties with respect to the applicable Assets for any period
 prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;(c) as
 a result of any matter attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Potentially Adverse Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Prior PNG Lease; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Revitalize Settlement Agreement and any predecessor petroleum and natural gas tenures referenced
 therein, including the Prior PNG Lease.

&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 violation or alleged violation by Seller of the Securities Act, the Exchange Act, any other
 Law, including, without limitation, any state securities Law, or any rule or regulation thereunder
 relating to the offer or sale of securities (collectively, "Violations"), in
 each case to the extent, and only to the extent, that such Violation is incurred, arises
 out of or related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 untrue or alleged untrue statement of a material fact, any related prospectus or any form
 of prospectus or in any amendment or supplement thereto or in any preliminary prospectus,
 or arising out of or relating to any omission or alleged omission of a material fact required
 to be stated therein or necessary to make the statements therein (in the case of any such
 prospectus or supplement thereto, in light of the circumstances under which they were made)
 not misleading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 violation or alleged violation by Parent of the Securities Act, the Exchange Act or any state
 securities Law, or any rule or regulation thereunder, in connection with the performance
 of its obligations under this Agreement, but only to the extent that such untrue statements
 or omissions are based upon information regarding Seller furnished to Parent by Seller for
 use therein.

Section 8.02 <u>Indemnification of Seller.</u> If Closing occurs, Parent hereby agrees to indemnify and hold harmless to the fullest extent permitted by applicable law Seller and its Affiliates and each of their respective members, managers, partners, directors, officers, employees, stockholders, attorneys and agents and permitted assignees (each a "Seller Indemnified Party"), against and in respect of any and all against and in respect of any and all out-of-pocket loss, cost, payments, demand, penalty, forfeiture, expense, liability, judgment, deficiency or damage, and diminution in value or claim (including actual costs of investigation and attorneys' fees and other costs and expenses) (all of the foregoing collectively, "Seller Losses") incurred or sustained by any Seller Indemnified Party as a result of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach, inaccuracy or nonfulfillment or the alleged breach, inaccuracy or nonfulfillment
 of any of the representations, warranties, covenants and agreements of Buyer contained herein
 or in any of the Transaction Documents;

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&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 ownership, and operation of the applicable Assets on or following the Closing Date, including
 due to any Actions by any third parties with respect to the applicable Assets for any period
 on or following the Closing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Violations by Parent other than to the extent arising out of or based upon a Violation which
 is due to the inclusion of the information furnished to Parent by any Seller Indemnified
 Party or any such amendment thereof or supplement thereto; and provided that such indemnification
 shall not be available to the extent such claim is based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 failure of Seller to deliver or to cause to be delivered the prospectus made available by
 Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 Seller Indemnified Party's use of an incorrect prospectus despite being promptly advised
 in advance by Parent in writing not to use such incorrect prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 claims based on the manner of sale of securities by Seller or of Seller's failure to
 register as a dealer under applicable securities Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 omission of Seller to notify Parent of any material fact relating to Seller or the manner
 of sale.

Section 8.03 <u>Indemnification Procedures.</u> The Person making a claim under this is referred to as the "Indemnified Party" and the Party against whom such claims are asserted under this Article VIII is referred to as the "Indemnifying Party". The term "Losses" shall mean either the Buyer Losses, or the Seller Losses, as the context requires or permits.

Section 8.04 <u>Procedure.</u> The following shall apply with respect to all indemnification claims pursuant to this Article VIII:

&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any Indemnified Party receives notice of the assertion or commencement of any Action made
 or brought by any Person who is not a party to this Agreement or an Affiliate of a party
 to this Agreement or a Representative of the foregoing (a "Third-Party Claim")
 against such Indemnified Party with respect to which the Indemnifying Party is obligated
 to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying
 Party reasonably prompt written notice thereof, but in any event not later than thirty (30)
 calendar days after receipt of such notice of such Third-Party Claim. The failure to give
 such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification
 obligations, except and only to the extent that the Indemnifying Party forfeits rights or
 defenses by reason of such failure. Such notice by the Indemnified Party shall describe the
 Third-Party Claim in reasonable detail, shall include copies of all material written evidence
 thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that
 has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have
 the right to participate in, or by giving written notice to the Indemnified Party, to assume
 the defense of any Third-Party Claim at the Indemnifying Party's expense and by the
 Indemnifying Party's own counsel, and the Indemnified Party shall cooperate in good
 faith in such defense. In the event that the Indemnifying Party assumes the defense of any
 Third-Party Claim, subject to **‎** Section 9.04(b), it shall have the right to take
 such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims
 pertaining to any such Third-Party Claim in the name and on behalf of the Indemnified Party.
 The Indemnified Party shall have the right to participate in the defense of any Third-Party
 Claim with counsel selected by it subject to the Indemnifying Party's right to control
 the defense thereof, provided that the fees and disbursements of such counsel shall be at
 the expense of the Indemnified Party.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 any other provision of this Agreement, the Indemnifying Party shall not enter into settlement
 of any Third-Party Claim without the prior written consent of the Indemnified Party, except
 as provided in this **‎** Section 9.04(b). If a firm offer is made to settle a Third-Party
 Claim without leading to liability or the creation of a financial or other obligation on
 the part of the Indemnified Party and provides, in customary form, for the unconditional
 release of each Indemnified Party from all liabilities and obligations in connection with
 such Third-Party Claim and the Indemnifying Party desires to accept and agree to such offer,
 the Indemnifying Party shall give written notice to that effect to the Indemnified Party.
 If the Indemnified Party consents to such firm offer the Indemnifying Party may settle the
 Third-Party Claim upon the terms set forth in such firm offer to settle such Third-Party
 Claim. If the Indemnified Party objects to such offer, or does not provide a response to
 such firm offer within ten days after its receipt of such notice (in which case the Indemnified
 Party shall be deemed to not have consented to such offer), the Indemnified Party shall thereafter
 assume the defense of such Third-Party Claim and shall continue to contest or defend such
 Third-Party Claim and in such event the maximum liability of the Indemnifying Party as to
 such Third-Party Claim shall not exceed the amount of such settlement offer. If the Indemnified
 Party has assumed the defense pursuant to this **‎** Section 9.04(b), the Indemnified
 Party shall not agree to any settlement without the written consent of the Indemnifying Party
 (which consent shall not be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Action by an Indemnified Party on account of a Loss which does not result from a Third-Party
 Claim (a "Direct Claim") shall be asserted by the Indemnified Party giving the
 Indemnifying Party reasonably prompt written notice thereof, but in any event not later than
 thirty (30) calendar days after the Indemnified Party becomes aware of such Direct Claim.
 The failure to give such prompt written notice shall not, however, relieve the Indemnifying
 Party of its indemnification obligations, except and only to the extent that the Indemnifying
 Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
 Party shall describe the Direct Claim in reasonable detail, shall include copies of all material
 written evidence thereof and shall indicate the estimated amount, if reasonably practicable,
 of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying
 Party shall have thirty (30) calendar days after its receipt of such notice to respond in
 writing to such Direct Claim. The Indemnified Party shall allow the Indemnifying Party and
 its professional advisors to investigate the matter or circumstance alleged to give rise
 to the Direct Claim, and whether and to what extent any amount is payable in respect of the
 Direct Claim and the Indemnified Party shall assist the Indemnifying Party's investigation
 by giving such information and assistance as the Indemnifying Party or any of its professional
 advisors may reasonably request. If the Indemnifying Party does not so respond within such
 thirty (30) calendar day period, the Indemnifying Party shall be deemed to have accepted
 liability for such claim, in which case the Indemnified Party shall be free to pursue such
 remedies as may be available to the Indemnified Party on the terms and subject to the provisions
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 a reasonable request made by the Indemnifying Party, each Indemnified Party seeking indemnification
 hereunder in respect of any Direct Claim, hereby agrees to consult with the Indemnifying
 Party and act reasonably to take actions reasonably requested by the Indemnifying Party in
 order to attempt to reduce the amount of Losses in respect of such Direct Claim. Any costs
 or expenses associated with taking such actions shall be included as Losses hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;(e) Buyer
 shall be solely responsible for any withholding taxes, deductions, or other similar taxes
 imposed by any applicable tax authority in connection with the transactions contemplated
 by this Agreement (collectively, the "Withholding Taxes"). Buyer agrees to indemnify,
 defend, and hold harmless Seller, its affiliates, and their respective directors, officers,
 employees, and agents from and against any and all claims, liabilities, obligations, penalties,
 interest, losses, damages, costs, and expenses (including reasonable attorneys' fees)
 arising from or relating to any failure by Buyer to properly deduct, withhold, report, remit,
 or pay any Withholding Taxes required by applicable law.

Section 8.05 <u>Payments.</u> Any indemnification required by this Article VIII for costs, disbursements or expenses of any Indemnified Party in connection with investigating, preparing to defend or defending any Action shall be made by periodic payments by the Indemnifying Party to each Indemnified Party during the course of the investigation or defense, as and when bills are received or costs, disbursements or expenses are incurred.

Section 8.06 <u>Insurance.</u> Any indemnification payments hereunder shall take into account any insurance proceeds or other third-party reimbursement actually received.

Section 8.07 <u>Time Limit.</u> The obligations of Seller and Buyer under ‎Section 9.01 and ‎Section 9.02 shall expire two (2) years from the Closing Date, except with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 indemnification claim asserted in accordance with the provisions of this Article VIII which
 remains unresolved, for which the obligation to indemnify shall continue until such claim
 is resolved; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) resolved
 claims for which payment has not yet been paid to the Indemnified Party.

Section 8.08 <u>Limitations.</u> Notwithstanding anything to the contrary in this Article VIII, no Party shall be obligated to indemnify any Persons for any Losses in excess of the total fair market value of the Restricted Shares as of the Closing Date, as determined based on the closing trading price of the Common Stock as of the date immediately preceding the Closing Date (the "Cap"). For the avoidance of doubt, Cap shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 to all of the Buyer Indemnified Parties collectively, and Seller shall not be subject to
 the Cap with respect to each individual Buyer Indemnified Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as
 to all of the Seller Indemnified Parties collectively, and Buyer shall not be obligated to
 satisfy the Cap, with respect to each individual Seller Indemnified Party.

**Article IX.** 

**Miscellaneous**

Section 9.01 <u>Governing Law; Jurisdiction.</u> Subject to Section 9.01(b), this Agreement, and any and all claims, proceedings or causes of action relating to this Agreement or arising from this Agreement or the transactions contemplated herein, including with respect to the Agency and Royalty Agreement, including, without limitation, tort claims, statutory claims and contract claims, shall be interpreted, construed, governed and enforced under and solely in accordance with the substantive and procedural laws of the Province of Alberta, in each case as in effect from time to time and as the same may be amended from time to time, and as applied to agreements performed wholly within the Province of Alberta.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) With
 respect to respect of issuance, offer, delivery, registration, transfer, or sale of the Restricted
 Shares, as well as the availability of exemptions and the eligibility of Seller in respect
 thereof, this Agreement, and any and all claims, proceedings or causes of action relating
 thereto under this Agreement or arising from this Agreement, or the transactions contemplated
 herein, shall be interpreted, construed, governed and enforced under and solely in accordance
 with the substantive and procedural laws of the State of Delaware, in each case as in effect
 from time to time and as the same may be amended from time to time, and as applied to agreements
 performed wholly within the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;(c) ANY
 LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION
 DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREIN SHALL BE INSTITUTED SOLELY IN THE FEDERAL
 COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF CALIFORNIA, IN EACH
 CASE LOCATED IN KERN COUNTY, CALIFORNIA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE PERSONAL
 JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY
 AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY
 PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH
 COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
 IN AN INCONVENIENT FORUM.

Section 9.02 <u>Waiver of Jury Trial.</u> EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THE PERFORMANCE THEREOF (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS ‎Section 10.02. Each of the Parties acknowledge that each has been represented in connection with the signing of this waiver by independent legal counsel selected by the respective Party and that such Party has discussed the legal consequences and import of this waiver with legal counsel. Each of the Parties further acknowledge that each has read and understands the meaning of this waiver and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver with legal counsel.

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Section 9.03 <u>Notices.</u> Any notice or other communications required or permitted hereunder shall be in writing and shall be sufficiently given if personally delivered to it or sent by email, overnight courier or registered mail or certified mail, postage prepaid, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 to Parent or Buyer:

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| Trio Petroleum Corp |
| Attn: Robin Ross |
| 5401 Business Park South, Suite 115 |
| Bakersfield, CA 93309 |
| Email: <u>rross@triopetroleum.us</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 to Seller:

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| Capital Land Services Ltd. |
| Attn: Brian Davies |
| 19 Glenbrook Place |
| Cochrane, AB T4C 1E7 |
| Email: <u>briancapitalland@gmail.com</u> |

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&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 Party may change its address for notices hereunder upon notice to each other Party in the
 manner for giving notices hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 notice hereunder shall be deemed to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;(i) upon
 receipt, if personally delivered;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) on
 the day after dispatch, if sent by overnight courier;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon
 dispatch, if transmitted by email with return receipt requested and received; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) three
 (3) days after mailing, if sent by registered or certified mail.

Section 9.04 <u>Attorneys' Fees.</u> In the event that any Party institutes any action or suit to enforce this Agreement or to secure relief from any default hereunder or breach hereof, the prevailing Party or Parties shall be reimbursed by the losing Party or Parties for all costs, including reasonable attorney's fees, incurred in connection therewith and in enforcing or collecting any judgment rendered therein.

Section 9.05 <u>Public Announcements and Filings.</u> Unless required by applicable Law or regulatory authority, or the rules and regulations of the NYSE American, none of the Parties will issue any report, statement or press release to the general public, to the trade, to the general trade or trade press, or to any third party (other than its advisors and Representatives in connection with the Transactions) or file any document, relating to this Agreement and the Transactions, except as may be mutually agreed by the Parties.

Section 9.06 <u>Third Party Beneficiaries.</u> This Agreement is strictly among the Parties and, except as specifically provided, no other Person and no director, officer, stockholder, employee, agent, independent contractor or any other Person shall be deemed to be a third-party beneficiary of this Agreement.

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Section 9.07 <u>Expenses.</u> Subject to ***‎***Section 10.04, except as specifically set forth herein, whether or not either Closing occurs, each of the Parties will bear their own respective expenses, including legal, accounting and professional fees, incurred in connection with the transactions contemplated herein.

Section 9.08 <u>Entire Agreement.</u> This Agreement and the other Transaction Documents represent the entire agreement between the Parties relating to the subject matter thereof and supersede all prior agreements, understandings and negotiations, written or oral, with respect to such subject matter.

Section 9.09 <u>Survival.</u> The representations, warranties, and covenants of the respective Parties shall survive the Closing Date and the consummation of the Transactions for a period of two years therefrom, and provided that the covenants and agreements of the Parties as set forth in Article IV shall survive the Closing Date and shall remain in force for the periods as set forth in Article IV.

Section 9.10 <u>Amendment; Waiver; Remedies.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement may be amended, modified, superseded, terminated or cancelled, and any of the terms,
 covenants, representations, warranties or conditions hereof may be waived, only by a written
 instrument executed by all of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Every
 right and remedy provided herein shall be cumulative with every other right and remedy, whether
 conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no
 waiver by any Party of the performance of any obligation by any other Party shall be construed
 as a waiver of the same or any other default then, theretofore, or thereafter occurring or
 existing.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither
 any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction
 of any condition herein nor any course of dealing shall constitute a waiver of or prevent
 any Party from enforcing any right or remedy or from requiring satisfaction of any condition.
 No notice to or demand on a Party waives or otherwise affects any obligation of that Party
 or impairs any right of the Party giving such notice or making such demand, including any
 right to take any action without notice or demand not otherwise required by this Agreement.
 No exercise of any right or remedy with respect to a breach of this Agreement shall preclude
 exercise of any other right or remedy, as appropriate to make the aggrieved Party whole with
 respect to such breach, or subsequent exercise of any right or remedy with respect to any
 other breach.

Section 9.11 <u>Limitation on Damages.</u> In no event will any Party be liable to any other Party under or in connection with this Agreement or in connection with the Transactions for special, general, indirect or consequential damages, including damages for lost profits or lost opportunity, even if the Party sought to be held liable has been advised of the possibility of such damage.

Section 9.12 <u>Arm's Length Bargaining; No Presumption Against Drafter.</u> This Agreement has been negotiated at arm's-length by Persons of equal bargaining strength, each represented by counsel or having had but declined the opportunity to be represented by counsel and having participated in the drafting of this Agreement. This Agreement creates no fiduciary or other special relationship between or among the Parties, and no such relationship otherwise exists. No presumption in favor of or against any Party in the construction or interpretation of this Agreement or any provision hereof shall be made based upon which Person might have drafted this Agreement or such provision.

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Section 9.13 <u>Headings.</u> The headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the Parties.

Section 9.14 <u>Assignment or Delegation.</u> This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. Seller shall have no power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance of its obligations hereunder, including by merger, consolidation, operation of law, or otherwise, without the prior written consent of the other Buyer and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect. Buyer may, upon notice to Seller, elect to have a subsidiary of Buyer acquire the Assets in place of Buyer, and in connection therewith Buyer may assign or transfer, in whole or in part, this Agreement, and any of its rights or any of its obligations hereunder to such subsidiary of Buyer as the "Buyer" hereunder, at which time the Parties shall execute an addendum to this Agreement to reflect such assignment, to be in form and substance as reasonably agreed to by the Parties, and Buyer shall thereafter be released from any ongoing obligations hereunder to the extent sent forth in such addendum, provided that the Parties acknowledge and agree that the Restricted Shares shall still be issued by Trio Petroleum Corp at the Closing should it occur.

Section 9.15 <u>Further Assurances.</u> Each Party shall execute and deliver such documents and take such actions as may reasonably be requested by any other Party hereto in order to effectuate the Transactions.

Section 9.16 <u>Specific Performance.</u> The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement or the other Transaction Documents were not performed by them in accordance with the terms hereof or were otherwise breached and that each Party hereto shall be entitled to an injunction or injunctions, specific performance and other equitable relief to prevent breaches of the provisions hereof or of the other Transaction Documents and to enforce specifically the terms and provisions hereof or of the other Transaction Documents, without the proof of actual damages, in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees to waive any requirement for the security or posting of any bond in connection with any such equitable remedy, and agrees that it will not oppose the granting of an injunction, specific performance or other equitable relief on the basis that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 other Party has an adequate remedy at law; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 award of specific performance is not an appropriate remedy for any reason at law or equity.

Section 9.17 <u>Counterparts.</u> This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

*[Signatures Appear on Following Page]* 

 

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

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| | |
|:---|:---|
| Trio Petroleum Corp | Trio Petroleum Corp |
| By: | */s/ Robin Ross* |
| Name: | Robin Ross |
| Title: | Chief Executive Officer |
| Trio Petroleum Canada, Corp. | Trio Petroleum Canada, Corp. |
| By: | */s/ Robin Ross* |
| Name: | Robin Ross |
| Title: | Chief Executive Officer |
| Capital Land Services Ltd. | Capital Land Services Ltd. |
| By: | */s/ Brian Davies* |
| Name: | Brian Davies |
| Title: | President |

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<u>Schedule A</u>

**ASSETS** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lands** | **Mineral Leases and Registrations** <br>**(to be Assigned)** | **Leased Substances** | **Working Interests** | **Working Interests** | **Encumbrances** |
| Twp 50 Rge 01 W4M: NW07 | Petroleum and Natural Gas Lease dated April 21, 2025, between the County of Vermilion of River (formerly known as the Municipal District of Wellington No. 481), as lessor, and Capital Land Services Ltd., as lessee, primary term of 5 years expiring April 20, 2030.<br>LTO Registration: 252 174 414 | PNG | Capital Land | 100% | 15% Lessor Royalty |

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At the Closing, in addition to the General Conveyance, Seller shall deliver to Buyer all conveyances, notices of assignment, other assignments, transfers, novations, authorizations and other documents that are reasonably required or desirable in accordance with normal oil and gas industry practice to effect the transfer of the Assets to Buyer and to novate Buyer into the Mineral Leases, agreements, and contracts relating to the Assets in the place of Seller with respect to the TWP47 Assets, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Assignment
 of Freehold Mineral Leases (no consents required) for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Petroleum
 and Natural Gas Lease dated April 21, 2025, between the County of Vermilion of River (formerly
 known as the Municipal District of Wellington No. 481), as lessor, and Capital Land Services
 Ltd., as lessee, pertaining to Twp 50 Rge 01 W4M: NW07;

&nbsp;&nbsp;&nbsp;&nbsp;(b) LTO
 Transfer of Mineral Registrations (no consent required) for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) LTO
 Registration: 252 174 414.

Any assignment or transfer requires the consent or approval of a third party or a governmental authority, Seller will serve all required notices in accordance with normal oil and gas industry practice. To the extent that normal oil and gas industry practice dictates that a consent request is served after Closing, Seller shall ensure compliance with the consent provisions in a timely manner. Notwithstanding the foregoing, Buyer may, by notice not later than five Business Days after execution of the Agreement, request the Vendor to serve any such notice promptly if the applicable consent requirement is other than for a consent that may not be unreasonably withheld.

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Schedule B

General Conveyance

**THIS GENERAL CONVEYANCE** made this ____ day of _____, 2025.

**BETWEEN:** 

**CAPITAL LAND SERVICES LTD.**<br> (the "**Vendor**", or the "**Transferor**");

**AND** 

**TRIO PETROLEUM CANADA, CORP.**<br> (the "**Purchaser**" or the "**Transferee**").

**RECITALS** 

**WHEREAS** the Transferor has agreed to convey the Transferor's entire interest in and to the Assets to the Transferee and the Transferee has agreed to acquire the entire interest of the Transferor in and to the Assets.

**AND WHEREAS** all the conditions precedent to the obligations of the Transferor and the Transferee to complete the Transaction have either been fulfilled or waived in the manner provided in the Agreement.

**AGREEMENT** 

**NOW THEREFORE** in consideration of the promises and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby confirmed, the Parties agree as follows:

1. **Definitions.** In this General Conveyance, "**Agreement**" means the Asset Sale Agreement
 dated the [•] day of August, 2025 **,** between the Transferor, Transferee and Trio
 Petroleum Corp, a Delaware corporation, and the definitions contained therein are hereby
 incorporated by this reference.

2. **Conveyance.** The Transferor, for the consideration provided for in the Agreement, the receipt and
 sufficiency of which is hereby acknowledged by the Transferor, hereby conveys the Transferor's
 entire interest in and to the Assets to the Transferee. The Transferee acquires the entire
 interest of the Transferor in and to the Assets from the Transferor, subject to the terms
 of the Agreement, the Permitted Encumbrances and compliance with the terms of the Contracts.

3. **Effective Time.** This General Conveyance is effective as of the Effective Date of the Agreement.
 For the avoidance of doubt, the transfer of the Transferor's interest in and to the
 Assets from the Transferor to the Transferee will be effective as of the Effective Date,
 while the assumption of the benefits and obligations associated with the Transferor's
 interest in and to the Assets by the Purchaser, and possession of such interest in the Assets,
 will not pass to the Transferee until the Closing Date, subject to the Transferor's
 obligations to the Purchaser with respect to the maintenance of the Assets during the interim
 period.

4. **Subordinate Document.** This General Conveyance is executed and delivered by the Parties under the
 Agreement for the purposes of the provisions of the Agreement, and the terms hereof are to
 be read in conjunction with the terms of the Agreement. The Agreement will prevail if there
 is a conflict between the provisions of the Agreement and this General Conveyance.

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5. **Enurement.** This General Conveyance enures to the benefit of and binds upon the Parties and their
 respective successors and permitted assigns.

6. **Further Assurances.** Each Party will, after the date of this General Conveyance, on a timely basis
 and without further consideration, do all further acts and execute and deliver all further
 documents that are reasonably required to carry out the terms of this General Conveyance.

7. **Counterpart Execution.** This General Conveyance may be executed in one or more counterparts, each
 of which shall be deemed to be an original and all of which together shall constitute one
 agreement. Delivery of a facsimile or portable document format copy of an executed counterpart
 of this General Conveyance shall be as legally effective as delivery of an original, and
 if each Party delivers either an original, a facsimile or portable document format copy of
 a counterpart of this General Conveyance executed by it, this General Conveyance shall be
 valid and binding.

**IN WITNESS WHEREOF** the Parties have executed and delivered this Agreement on the dates indicated below.

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| | | | |
|:---|:---|:---|:---|
| **The Vendor CAPITAL LAND SERVICES LTD.** | **The Vendor CAPITAL LAND SERVICES LTD.** | **The Purchaser TRIO PETROLEUM CANADA, CORP.** | **The Purchaser TRIO PETROLEUM CANADA, CORP.** |
| Per: | Brian Davies | Per: | Robin Ross |
| Position: | President | Position: | Chairman & CEO |
| Date: | | Date: | |

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