Financial Performance and Losses - The company reported revenues of $213,204 for the year ended October 31, 2024, with a net loss of $9,626,797 and cash flows used in operating activities of $3,840,744[99] - For the year ended October 31, 2023, the company generated no revenues, reported a net loss of $6,544,426, and cash flows used in operating activities of $4,036,834[99] - As of October 31, 2024, the company had an accumulated deficit of $20,073,679, raising substantial doubt about its ability to continue as a going concern[99] - The company is in the exploration stage and has generated substantial net losses, with future performance uncertain due to lack of historical data and operational risks[119] Permits and Regulatory Challenges - The company currently has permits from Monterey County for the HV-1, HV-2, HV-3A, and HV-4 wells, allowing each well to be tested for an 18-month period[103] - The company is seeking additional permits from regulatory agencies, including conditional use permits, drilling permits, and permits for long-term production[104] - The company's operations are vulnerable to delays and obstacles in obtaining necessary permits from federal, state, county, and local agencies[101] - Compliance with environmental, health, and safety regulations may result in material liabilities and costs[140] Operational Risks and Dependencies - The company's contractor model for drilling operations makes it dependent on the availability of drilling rigs and personnel, which could hinder operations[105] - The company may face challenges in securing drilling rigs, equipment, and personnel, which could delay exploration and development plans[123] - Oil and natural gas operations face operational risks including fires, blowouts, spills, and equipment failures[136][137] - Development schedules for oil and natural gas projects are subject to delays and cost overruns due to equipment and personnel availability[138] - The company's operations may be dependent on unreliable or costly sources of electricity and natural gas[143] Capital and Financial Risks - The company operates in a highly capital-intensive industry, with significant upfront costs for oil and gas exploration and production, and no guarantee of covering expenses through production[113] - Future cash flow is dependent on variables such as market prices of oil and gas, reserves, ability to acquire new reserves, and operating expenses[114] - The company requires substantial additional capital for exploration, appraisal, development, and production activities, which may not be available on favorable terms[124] - A decline in global or local oil and natural gas prices could significantly impact the company's revenue, profitability, and ability to finance operations[128] - The company may incur substantial losses from future operations due to inadequate insurance coverage[142] Exploration and Production Uncertainties - The company faces substantial uncertainties in estimating asset characteristics, including size and quality, due to reliance on geological and engineering interpretations[115] - Drilling wells is speculative, with significant costs that may exceed estimates, and no assurance of discoveries or additions to reserves[118] - Seismic studies do not guarantee the presence or economic viability of oil and gas reserves[122] - Oil and natural gas exploration and production activities are subject to numerous risks, including the risk that drilling will not result in commercially viable production[133] - Undeveloped discoveries may not produce oil and natural gas in commercial quantities or at anticipated costs, potentially leading to project abandonment[135] Market and Regulatory Risks - Marketability of future oil and natural gas production is affected by factors such as price fluctuations, transportation availability, and government regulations[134] - Climate change regulations and energy transition issues may constrain and impede the oil and gas industry[144] - Acquisitions and integration of significant assets may be difficult and could adversely affect the company's results of operations[148][149] - Inflationary pressures have increased construction material and labor costs, particularly for steel, cement, and other materials, leading to higher budgeted construction costs[160] Stock Market and Listing Issues - The company's common stock began trading on the NYSE American in April 2023 under the symbol "TPET," but there is no assurance of an active and liquid trading market continuing[162] - On February 26, 2024, the company received a notice from NYSE American for non-compliance with continued listing standards due to low stock price, but trading continued with a ".BC" designation[165] - On May 1, 2024, the company regained compliance with NYSE American listing requirements as the 30-day average stock price reached $0.25 ($5.00 post-reverse split)[166] - On November 5, 2024, NYSE American suspended trading of the company's common stock due to low selling price, but trading resumed on November 15, 2024, after a reverse stock split[167] - If delisted from NYSE American, the company's common stock may trade over-the-counter, potentially reducing liquidity, market price, and analyst coverage[168] - Delisting could subject the company's common stock to "penny stock" rules, imposing additional sales practice requirements on broker-dealers and limiting liquidity[169] - The company's share price has been highly volatile, trading between $60.00 and $1.12 (post-reverse split) since its IPO[171] - The company's stock price may be influenced by factors such as oil and natural gas prices, exploration success, regulatory developments, and general market conditions[176] Corporate Governance and Reporting - The company is classified as an "emerging growth company" under the JOBS Act, exempting it from certain reporting requirements for up to five years[175] - The company is classified as a "smaller reporting company" and is not required to provide quantitative and qualitative disclosures about market risk[266] - The company does not intend to pay dividends on its common stock in the foreseeable future[178] Related Party Transactions and Conflicts - The company faces potential conflicts of interest in negotiations with related parties, such as Lafayette Energy Corp and Trio LLC, due to overlapping management roles[106] - The company acquired an approximate 22% working interest in the McCool Ranch Oil Field from Trio LLC in October 2023[109] Financial Statement Risks - The company's financial statements do not include adjustments for potential impairments or contingent liabilities that may arise if it cannot fulfill operational commitments[100]

Core Points - Trio Petroleum Corp has fully repaid senior secured convertible promissory notes totaling $1.6 million as of January 7, 2025, which were issued in April and June 2024 [1][2] - The repayment of these notes has removed the associated security interest in all of Trio's assets, allowing the company to focus on business growth [2][3] - The company plans to rework existing wells and develop new assets, aiming for projects that generate immediate cash flow or offer transformative growth potential [3] Company Overview - Trio Petroleum Corp is based in Bakersfield, California, and operates in Monterey County, California, and Uintah County, Utah [4] - In Monterey County, the company holds an 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields and a 21.92% working interest in 800 acres in the McCool Ranch Field [4] - In Uintah County, Trio owns a 2.25% working interest in 960 acres and has options to acquire additional interests in both the 960 acres and an adjacent 1,920 acres [4]

Core Viewpoint - Trio Petroleum Corp has entered into a non-binding Letter of Intent to acquire a 100% working interest in certain petroleum and natural gas properties from Novacor Exploration Ltd, located in the Lloydminster heavy oil region of Saskatchewan, which could enhance Trio's operational footprint in a promising heavy oil basin [1][4]. Acquisition Details - The acquisition involves properties with seven producing wells, currently generating approximately 70 barrels per day, with potential for additional production through reactivation of shut-in wells and new drilling opportunities [2][3]. - The stated purchase price for the acquisition is CAD 2 million (approximately USD 1.4 million), with an initial cash payment of USD 650,000 and the remainder in common stock [5]. Production and Financial Aspects - Current production from the wells is subject to Freehold Royalties of 13.5% and 15%, with additional potential production from reactivated wells estimated to add 10 barrels per day each [2]. - A Reserve Report indicates total proved and probable oil reserves of 91.5 million barrels for the wells currently in production [3]. Strategic Importance - The acquisition is seen as a strategic move to expand operations in a region known for its economic development and low operational costs, with major industry players already established in the area [4]. - Trio plans to leverage its relationship with Novacor, which has a strong history in oil and gas development, to aggressively grow its presence in the Lloydminster area [4].

Core Viewpoint - Trio Petroleum Corp is actively working to increase oil production and cash flow at the McCool Ranch Oilfield in Monterey County, California, by resuming cyclic-steam operations and restarting production from additional wells [2][3][5]. Group 1: Production and Operations - Current oil production from the HH-1 and 35X wells is stable at approximately 10 to 20 barrels of oil per day (BOPD) [3]. - The company plans to resume cyclic-steam operations at the HH-1 and 35X wells, which have historically shown significant production increases when using this method [5][6]. - Previous cyclic-steam operations at McCool Ranch led to production increases from 30 BOPD to a peak of about 400 BOPD over nine months, with the HH-1 and 35X wells achieving rates of 175 and 290 BOPD, respectively, shortly after steaming [6]. Group 2: Future Development Plans - KLS Petroleum Consulting LLC recommends developing McCool Ranch with horizontal wells, estimating that approximately 22 additional horizontal wells could be accommodated [7]. - Trio Petroleum Corp may commence a drilling program in 2025 to further develop the McCool Ranch Field [7]. - The company intends to add the reserve value of the McCool Ranch Field to its reserve report after further observation and review of the restarted oil production [7]. Group 3: Strategic Focus - The company is evaluating various options to optimize production and minimize costs beyond cyclic-steam operations [8]. - Trio Petroleum Corp aims to acquire projects that generate immediate cash flow or offer transformative growth potential, aligning with its long-term vision of creating exponential value [8]. - The company holds a significant working interest in various oilfields, including an 85.75% interest in 9,245 acres at the Presidents and Humpback oilfields and a 21.92% interest in 800 acres in the McCool Ranch Field [9].

Core Viewpoint - Trio Petroleum Corp is advancing its Asphalt Ridge Project in Utah, which is recognized as one of the largest heavy-oil and tar-sand deposits in North America outside of Canada, with significant potential for profitability and production growth [4]. Group 1: Project Updates - On January 5, 2024, Trio secured an option to acquire a 20% interest in a heavy-oil and tar-sand development project at Asphalt Ridge [2]. - The company successfully drilled and completed two exploratory wells, HSO 2-4 and HSO 8-4, which encountered substantial oil-bearing pay zones, with over 190 feet of oil-pay in HSO 2-4 and over 100 feet in HSO 8-4 [2]. - First oil production from the HSO 2-4 well was announced on September 12, 2024, and production continues to date, while HSO 8-4 is expected to commence production shortly after receiving a new downhole heater [2]. Group 2: Ownership and Options - Trio currently holds a 2.25% working interest in 960 acres at Asphalt Ridge and has the option to acquire an additional 17.75% interest in the same area, along with a 20% interest in an adjacent 1,920 acres [3]. - The company has secured an extension for the option and now has until February 10, 2025, to exercise its right to acquire the remaining 17.75% interest [3]. - Trio also has a right of first refusal to participate in approximately 30,000 acres of the greater Asphalt Ridge Project [3]. Group 3: Project Potential - The Asphalt Ridge Project is characterized by its low wax and negligible sulfur content, making the oil produced highly desirable for various industries, including shipping [4]. - A typical project well is estimated to have an ultimate recovery (EUR) of 300,000 barrels of oil, with an initial production rate of approximately 40 barrels per day [4].

Company Details Plans to Increase Production Bakersfield, CA, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) ("Trio" or the "Company"), a California-based oil and gas company, today provided an operational update on each of its current oil and gas assets, by field. The update details the specific operational activities the Company is taking to increase daily oil and gas production. McCool Ranch Field Production has been stable for a number of months averaging about 20 BOPD from ...

Bakersfield, CA, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: "TPET", "Trio" or the "Company"), a California-based oil and gas company, today provided updates on its Asphalt Ridge Project in Uintah County, Utah. TPET announced on January 5, 2024, that it had secured an option (the "Option") to acquire a 20% interest in a sweet (i.e., low sulfur content), heavy-oil and tar-sand development project at Asphalt Ridge, located near the town of Vernal in Uintah County, northeastern Utah. ...

Bakersfield, CA, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: "TPET", "Trio" or the "Company"), a California-based oil and gas company, is pleased to announce oil production, using a downhole heater, from its first well HSO 2-4 on its Asphalt Ridge Project in Uintah County, Utah. This confirms that the pay zone bitumen, when heated, becomes less viscous and is able to drain into the wellbore and be pumped to the surface. Commented Robin Ross, CEO of Trio, "The Asphalt Ridge Project ...

Discounted Net Cash Flow (at 10%) increase of $67 Million to $475 Million Based on Updated Operations Bakersfield, CA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) ("Trio" or the "Company"), a California-based oil and gas company, today provided an update on estimates of oil and gas reserves and future net cash flows at its South Salinas Project in Monterey County, California. The Company recently filed with the Securities and Exchange Commission ("SEC") a Registration Statem ...

Co-Founder and Chairman Robin Ross Accepts Expanded Role "When I accepted the position of CEO of Trio, it was understood that it would be on a temporary basis, and during my tenure, the primary objective was to transition the Company from an exploration-based business to a financial stable, cash flowing enterprise with a diversified portfolio of oil and gas assets. My first action was to acquire a working interest in the McCool Ranch Field where we could immediately restart wells as well as have the ability ...