Malibu, CA, March 18, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), an oil and gas company, announced that as of March 18, 2026, the Company had raised $19,017,527 in gross proceeds under its ATM program, resulting in net cash proceeds to Trio of $18,446,993, after payment of commissions. Commented Robin Ross, Chief Executive Officer, "This first quarter has been transformational for Trio as we successfully raised nearly $19 million through our ATM program. M ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended January 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________. Commission file number: 001-41643 TRIO PETROLEUM CORP (Exact name of Registrant as specified in its charter) | Delaware | 87-1968201 | | --- | --- ...

Trio Petroleum Corp (NYSE:TPET) shares are pulling back Friday after recent strength, as investors appeared to lock in gains, even while geopolitical tensions in the Middle East continued to support interest in smaller energy names. Here’s what investors need to know.Trio Petroleum shares are retreating from recent levels. Why are TPET shares down?Middle East Tensions Raise Risks For Global Energy MarketsTrio Petroleum Insider Sales Emerge After Recent RallyThe retreat in TPET also came as investors digeste ...

Group 1 - Trio Petroleum Corp (NYSE:TPET) shares are experiencing a significant increase due to a sharp rise in crude oil prices following a major supply shock in the Middle East [1][2] - The company's operations in Saskatchewan, California, and Utah make its outlook closely tied to energy market fluctuations, particularly in light of escalating tensions related to the U.S.-Iran conflict and a planned release of 172 million barrels from the Strategic Petroleum Reserve [2][3] - Goldman Sachs has indicated that the disruption near the Strait of Hormuz represents the largest oil supply shock on record, with Persian Gulf exports dropping to approximately 3% of normal levels [3][4] Group 2 - Goldman Sachs has raised its Brent crude forecast to an average of $98 for March and April, with potential for even higher prices if disruptions continue; West Texas Intermediate crude was reported at about $95 a barrel, up approximately 6% [4][5] - Higher oil prices are expected to enhance Trio Petroleum's revenue potential, asset value, and overall market sentiment, particularly impacting smaller upstream companies like TPET [5] - The Relative Strength Index (RSI) for Trio Petroleum has shown strong bullish momentum, recently spiking above the 70 overbought threshold, indicating potential for short-term consolidation after the rally [6] Group 3 - As of Thursday morning, Trio Petroleum shares were up 20.27%, trading at $1.78 [7]

Trio Petroleum Corp (NYSE:TPET) is surging Monday afternoon as traders pile into small-cap oil and gas stocks after U.S. and Israeli strikes on Iran and Tehran's move to close the Strait of Hormuz, a key chokepoint for crude flows. Here’s what investors need to know.Trio Petroleum shares are climbing with conviction. What’s fueling TPET momentum?Supply Tightness Boosts Trio Petroleum Economics?Investors are likely betting that tightness in physical supply will boost the economics of Trio's focused portfolio ...

Core Insights - The energy sector is currently experiencing a significant number of oversold stocks, indicating potential investment opportunities in undervalued companies [1] Group 1: Oversold Stocks - Trio Petroleum Corp (NYSE:TPET) is identified as one of the major oversold players in the energy sector [2] - Rubico Inc (NASDAQ:RUBI) is also listed among the oversold stocks, suggesting it may be undervalued [2] - Verde Clean Fuels Inc (NASDAQ:VGAS) is highlighted as another key oversold company in this sector [2]

Core Viewpoint - Trio Petroleum Corp has successfully transitioned its Alberta heavy-oil asset into active production operations following the completion of all necessary regulatory approvals and license transfers [2][9]. Operational Update - As of January 30, 2026, Trio Canada has completed all required approvals from the Alberta Energy Regulator, allowing the asset to move from acquisition to active field operations [2]. - Surface lease agreements for initial producing well locations are expected to be executed by the end of the week, enabling the commencement of production operations [3]. Initial Production and Operational Plan - The company plans to place two wells into production within 7 to 10 days, anticipating a combined output of approximately 30 to 40 barrels of oil per day as production is established [4]. - Additional perforation operations are planned to access new zones within existing wellbores, aimed at enhancing production rates and improving long-term recovery [5]. Additional Wells and Near-Term Upside - Two additional wells are included in the near-term development plan, with a target to bring them into production by March 31, 2026, subject to surface access and operational sequencing [6]. Strategic Significance - The Alberta asset marks Trio's first producing platform in a well-established heavy-oil region, providing immediate production and existing infrastructure, which is seen as a foundation for future growth in Alberta [8]. Management Commentary - The CEO emphasized the importance of this milestone, highlighting the company's ability to convert acquisitions into near-term production and cash flow, positioning for continued growth in Western Canada [9].

Financial Performance - For the year ended October 31, 2025, the company generated revenues of $398,734, reported a net loss of $7,282,133, and cash flows used in operating activities of $2,604,749[128] - For the year ended October 31, 2024, the company generated revenues of $213,204, reported a net loss of $9,626,797, and cash flows used in operating activities of $3,840,744[128] - As of October 31, 2025, the company had an accumulated deficit of $27,355,812[128] - The company has a history of operating losses, raising substantial doubt about its ability to continue as a going concern[128] - The company has incurred substantial net losses and negative cash flows from operating activities since inception, with expectations to continue incurring significant losses as exploration and appraisal programs proceed[143] Operational Risks - The company operates in a highly capital-intensive industry, and any sales of produced oil and gas may be insufficient to fund, sustain, or expand revenue-generating operations[137] - The company faces substantial uncertainties in estimating the characteristics of its assets, which may lead to incorrect measures of size and quality[139] - The company is dependent on obtaining necessary permits for project development, which may result in delays and obstacles[131] - The company has permits for the HV-1, HV-2, HV-3A, and HV-4 wells, allowing for testing and production, but requires additional permits for long-term production[133] - The company’s drilling operations depend on independent contractors, and lack of rig availability may hinder operations[135] - The successful drilling of a well does not guarantee the commercial viability of a field, with various factors potentially rendering a field uneconomic[142] - The company faces operational and financial risks associated with drilling, including potential cost overruns and the unavailability of necessary equipment and services, particularly in California[148] - The development schedule of oil and natural gas projects is subject to delays and cost overruns, which may require additional capital that may not be available[164] - The company must successfully replace its petroleum reserves to maintain production levels, as current reserves will decline over time[156] Market and Regulatory Environment - A decline in global oil and natural gas prices could materially and adversely affect the company's revenue, profitability, and ability to finance planned capital expenditures[153] - The marketability of future oil and natural gas production will be influenced by numerous factors, including market fluctuations, proximity to processing facilities, and government regulations[160] - The company may face challenges in accessing appropriate equipment and infrastructure, which could hinder its ability to market oil and gas production[157] - The company is subject to numerous environmental, health, and safety regulations that may result in material liabilities and costs, potentially affecting financial condition and results of operations[166] - The company expects increasing regulatory scrutiny related to climate change and energy transition, which may constrain operations and demand for products[171] Financial Strategy and Capital Needs - The company anticipates substantial capital outlays and operating expenditures over the next several years, necessitating the raising of additional capital through private or public equity offerings, strategic alliances, or debt financing[149] - The company maintains insurance consistent with industry practices but is not fully insured against all risks, which could adversely impact financial results if significant accidents occur[169] - The company may incur substantial losses and liabilities from future oil and natural gas operations, with potential inadequate insurance coverage impacting financial condition[173] - The company periodically evaluates acquisitions, which require careful assessment of oil and gas reserves, future prices, and potential liabilities[174] - The integration of significant acquisitions may be difficult and could disrupt ongoing business activities, affecting overall performance[176] Corporate Governance and Compliance - The company faces increased legal and financial compliance costs due to public company requirements, which may divert management's attention from core business activities[177] - Changes in tax laws and regulations could materially affect the company's effective tax rate and overall financial condition[182] - The company’s amended and restated certificate of incorporation establishes exclusive forums for disputes, which may limit stockholders' options for legal recourse[184] - The company is subject to examination of tax returns by various authorities, and any increase in effective tax rates could adversely impact financial results[182] Stock Market and Investor Relations - The company's common stock began trading on the NYSE American in April 2023 following an initial public offering, with the stock currently listed under the symbol "TPET" [190] - The share price has experienced significant volatility, ranging from $60.00 to $0.74 on a post-reverse stock split basis since the IPO [196] - The company may face delisting from the NYSE American if it fails to meet continued listing requirements, which include maintaining a minimum stock price and public stockholder count [192] - If delisted, the common stock may be classified as a "penny stock," which could impose additional sales practice requirements on broker-dealers and limit liquidity [201] - The company does not intend to pay dividends on its common stock, meaning returns for investors will rely solely on stock price appreciation [209] - Inflationary pressures have led to increased costs for construction materials and labor, which may adversely affect project budgets and timelines [188] - The company is classified as an "emerging growth company," allowing it to avoid certain reporting requirements for up to five years, unless it exceeds specific revenue or market value thresholds [207] - The market price of the common stock may be influenced by various factors, including oil and gas prices, regulatory developments, and overall market conditions [205] - The company may incur additional costs if legal challenges arise regarding exclusive forum provisions in its corporate governance documents [187] - The potential for substantial losses exists due to the volatility of the stock price, which may not correlate with the company's actual operating performance [196]

Core Viewpoint - Trio Petroleum (TPET) has acquired heavy oil assets from NovaCor Exploration, which includes producing wells and infrastructure, aiming to enhance production and operational efficiency [1] Group 1: Acquisition Details - The acquired assets are located in west-central Saskatchewan and consist of four producing heavy oil wells and a water disposal facility [1] - Three wells are currently producing approximately 30 barrels per day, while the fourth well is expected to produce around 20 barrels per day upon resumption [1] - The acquisition price is $1,000,000 CAD, paid through the issuance of 912,875 shares of common stock [1] Group 2: Production and Operational Potential - The assets target established heavy oil intervals within the Mannville Group, including Waseca, McLaren, Sparky, and GP [1] - Trio Petroleum believes the asset base offers a combination of existing production and potential operational upside through disciplined field execution [1] - The acquisition includes necessary infrastructure and equipment to support ongoing production and field operations [1]

Core Viewpoint - Trio Petroleum Corp has acquired heavy oil assets in Saskatchewan from NovaCor Exploration Ltd, which includes producing wells and infrastructure, aimed at enhancing production and operational efficiency [1][2][7]. Acquisition Details - The acquisition includes four producing wells and a water disposal facility, with current production of approximately 30 barrels per day from three wells and an expected 20 barrels per day from the fourth well [2][5]. - The assets are located in established heavy oil intervals within the Mannville Group, targeting zones such as Waseca, McLaren, Sparky, and GP, with potential for operational improvements [2][3][4]. Production and Optimization Potential - The Section 3-48-24W3 area is viewed as an optimization opportunity, with potential to add another 15 barrels per day through low-cost workovers and recompletions [3]. - The Section 5-49-24W3 area is also identified for near-term optimization, with a practical path to improve production rates by an additional 25 barrels per day [4]. Infrastructure and Revenue Generation - The acquisition includes a produced-water disposal facility expected to generate recurring revenues, with potential monthly earnings of upwards of $100,000 from water disposal and skim oil recovery [5][7]. - The facility is designed to support third-party service arrangements, enhancing revenue streams for the company [5]. Management Insights - The CEO emphasized the acquisition's immediate contribution to oil production and the potential for significant operational improvements, highlighting the strategic importance of the Maidstone position for future drilling opportunities [6][7]. - The company aims to leverage its technical expertise and operational capabilities to maximize shareholder value through disciplined growth [7]. Financial Aspects - The purchase price for the acquisition is $1,000,000 CAD, paid through the issuance of 912,875 shares of common stock, which includes certain registration rights [7].