Trio Petroleum Corp is a California-based oil and gas exploration and development company headquartered in Bakersfield, California, with its principal executive offices located at 4115 Blackhawk Plaza Circle, Suite 100, Danville, California, 94506, and with operations in Monterey County, California, and Uintah County, Utah. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund, and operate oil and gas exploration, development and production projects, initially focusing on one major asset in California, the South Salinas Project. Trio Petroleum Corp has had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and as of the quarter ended April 30, 2024, it recorded approximately $75,000 in net revenues from its McCool Ranch Oil Field. The Company was formed to initially acquire from Trio Petroleum LLC an approximate 82.75% working interest, which was subsequently increased to an approximate 85.775% working interest, in the large, approximately 9,300-acre South Salinas Project that is located in Monterey County, California, and subsequently partner with certain members of Trio Petroleum LLC’s management team to develop and operate those assets. Trio Petroleum Corp holds an approximate 68.62% interest after the application of royalties in the South Salinas Project. Trio Petroleum LLC holds an approximate 3.8% working interest in the South Salinas Project. Trio Petroleum Corp and Trio Petroleum LLC are separate and distinct companies. California is a significant part of Trio Petroleum Corp’s geographic focus and it recently acquired a 22% working interest in the McCool Ranch Oil Field in Monterey County, California. Trio Petroleum Corp’s interests extend beyond California, however, and it recently acquired an interest in the Asphalt Ridge Project in Uintah County, Utah. Trio Petroleum Corp may acquire additional assets both inside and outside of California and Utah. Trio Petroleum LLC is a licensed Operator in California and currently operates the South Salinas Project and the McCool Ranch Oil Field on behalf of Trio Petroleum Corp and other working interest owners. Trio Petroleum LLC operates these assets pursuant to joint operating agreements between and among Trio Petroleum LLC and the non-operating, third-party, working interest owners. The non-operating parties have agreed under the joint operating agreements to have the Operator explore and develop these assets for the production of oil and gas as provided thereunder. Trio Petroleum LLC, as Operator, generally conducts and has significant control of operations, subject to the limitations and constraints of the joint operating agreements, and acts in the capacity of an independent contractor. Operator is obligated to conduct its activities under the joint operating agreements as a reasonable prudent operator, in good workmanlike manner, with due diligence and dispatch, in accordance with good oilfield practices, and in compliance with applicable laws and regulations.

Trio Petroleum Corp generates revenue primarily through the sale of oil and natural gas produced from its operated properties. As of the quarter ended April 30, 2024, the Company recorded approximately $75,000 in net revenues from the McCool Ranch Oil Field following the restart of oil production on February 22, 2024. The Company’s first sale and shipment of approximately 1,925 barrels of oil occurred in April 2024, primarily produced from the HH-1 well at McCool Ranch. Revenue is derived from the production and sale of hydrocarbons from its working interests in the South Salinas Project, the McCool Ranch Oil Field, and the Asphalt Ridge Project in Utah. The Company does not currently engage in midstream or downstream activities such as refining or transportation services; its revenue stream is exclusively tied to upstream exploration and production. The restart of operations at McCool Ranch and ongoing development at South Salinas and Asphalt Ridge are expected to increase future revenue streams as production scales.

The company operates through the following segments: South Salinas Project, McCool Ranch Oil Field, and Asphalt Ridge Project.

• South Salinas Project: This is the Company’s flagship asset located in Monterey County, California, covering approximately 9,300 gross mineral acres. Trio Petroleum Corp holds an approximate 85.775% working interest and an approximate 68.62% net revenue interest after royalties in this project. The South Salinas Project includes the Humpback Oil Field and Presidents Oil Field, with primary targets in fractured Monterey Formation reservoirs and the Vaqueros Sand at depths of approximately 4,000 to 8,000 feet. The project contains six existing idle wells and one active well (HV-3A), which was restarted on March 22, 2024. The Company plans to drill additional wells (HV-2 and HV-4) and re-enter existing wells to establish commercial production. The project is being developed in three phases, with Phase 1 focusing on workovers and sidetracks of existing wells to establish cash flow, Phase 2 involving a 12-well program, and Phase 3 representing full-field development with up to 137 wells. The project also includes a Carbon Capture and Storage initiative utilizing existing deep wells for potential CO2 sequestration.

• McCool Ranch Oil Field: Located in Monterey County, California, approximately seven miles from the South Salinas Project, this relatively new oil field was discovered in 2011 and developed with six oil wells, one water-disposal well, steam generator, boiler, storage tanks, and associated infrastructure. Trio Petroleum Corp acquired an approximate 22% working interest effective October 1, 2023, through a Purchase and Sale Agreement with Trio Petroleum LLC. Oil production was restarted on February 22, 2024, at the 58X and HH-1 wells, with the HH-1 well initially producing about 47 barrels of oil per day. The Company reported its first oil sale in April 2024 from this field. The McCool Ranch Field is being developed with plans to transition from cold production to cyclic-steam operations to increase output, and the Company intends to drill additional horizontal wells in the Lombardi Oil Sand, with estimates of up to 22 additional horizontal wells possible. All water produced is disposed of in an on-site water disposal well.

• Asphalt Ridge Project: Situated in Uintah County, Utah, this project involves an option to purchase up to a 20% working interest in leases covering 960 acres, with a right of first refusal on up to 30,000 acres. Trio Petroleum Corp entered into a Leasehold Acquisition and Development Option Agreement with Heavy Sweet Oil LLC in November 2023, funding an initial $200,000 in December 2023 and an additional $25,000 in January 2024, resulting in a 2.25% working interest. The Company has until August 10, 2024, to fund an additional $1,775,000 to exercise the option for the remaining 17.75% working interest. The Asphalt Ridge Project targets the Rimrock Sandstone and underlying Asphalt Ridge Sandstone, which contain heavy oil with low wax and negligible sulfur content. Early development plans include a 240-acre phase with 119 wells using advanced cyclic-steam techniques, including initial CO2 injection. Independent reserve estimates indicate contingent resources ranging from 42 million to 92 million barrels of oil in the initial 240-acre area. Drilling commenced in May 2024, with the first well (HSO 8-4) spud on May 10, 2024, and a second well (HSO 2-4) spud on May 19, 2024, with downhole heaters installed in June and July 2024. Production is expected to begin in the third calendar quarter of 2024.

Trio Petroleum Corp operates in a competitive landscape alongside numerous large, medium, and small-sized oil and gas companies with extensive operational histories, experienced management, and significant reserves. The Company differentiates itself through its focus on underexploited assets in California and Utah, its access to proprietary 3D seismic data over the South Salinas Project, and its partnerships with experienced operators like Trio Petroleum LLC. Its competitive advantages include the geological potential of the Monterey Formation in the South Salinas Project, the favorable oil characteristics of the Asphalt Ridge tar sands, and the alignment of interests between surface and mineral owners at its California properties, which facilitates permitting and development. The Company also benefits from the operational expertise of its affiliate operator in navigating California’s regulatory environment, including CalGEM and local county requirements.

Trio Petroleum Corp serves oil and gas purchasers, including refineries, traders, and other downstream energy companies that buy crude oil and natural gas for processing or resale. The Company sold approximately 1,925 barrels of oil in April 2024 from the McCool Ranch Oil Field, indicating its first customer engagements in the hydrocarbon market. While specific customer names are not disclosed in the filing, the Company’s oil is sold into the broader market for petroleum products, consistent with industry practices for upstream producers. The Company’s revenue is derived from the sale of produced hydrocarbons to third-party buyers who take title at the wellhead or via short-haul transportation, typical for small to mid-sized exploration and production firms.