Trio Petroleum (TPET) Investor Presentation summary

Strategic focus and asset portfolio

• Focuses on low-risk, high-return oil and gas projects with primary growth via acquisition and development of cash flow positive assets in Saskatchewan and Alberta, Canada.

• Holds an option to acquire 2,000 acres in the P.R. Spring Project, Uintah Basin, Utah, supporting up to 1,000 wells and potential production of 50,000 barrels per day.

• Operates in Lloydminster, Saskatchewan, with seven producing wells and potential for additional re-entry and reactivation, maintaining competitive lift costs.

• South Salinas Project in Monterey County, California, covers 9,300 acres with 85.75% working interest and significant undeveloped reserves.

Reserve estimates and financial outlook

• South Salinas Project estimated at 40 MMBO and 42 BCFG (47 MMBOE) in probable undeveloped reserves, and 101 MMBO plus 169 BCFG (129 MMBOE) in possible undeveloped reserves.

• Probable (P2) undiscounted net cash flow estimated at $2.1 billion; possible (P3) at $7.9 billion.

• P.R. Spring Project option valued at $1B PV10 per 240 acres, with each well estimated to recover 300,000 barrels at an initial cost under $800,000.

Operational highlights and regional context

• Lloydminster wells produce about 70 barrels per day, with potential for significant increases through reactivation and re-entry.

• South Salinas Project is surrounded by major oil-producing basins and fields in California, benefiting from regional infrastructure and analogues.

• Utilizes extensive seismic data and has multiple permitted and existing well pads for future development.