Trio Petroleum (TPET) Registration Filing summary

Company overview and business model

• Operates as an oil and gas exploration and development company with assets in California, Utah, and Saskatchewan, Canada.

• Shifted focus from California to more economically viable regions due to rising drilling costs and regulatory challenges.

• Recent acquisitions include interests in the Lloydminster heavy oil region and the Asphalt Ridge Project in Utah.

• Pursuing a Carbon Capture and Storage (CCS) project as part of the South Salinas Project.

• Strategy centers on acquiring projects with immediate cash flow or transformative growth potential.

Financial performance and metrics

• Revenue-generating operations began in February 2024 with the McCool Ranch Oil Field and expanded with Canadian assets in 2025.

• Wrote off $500,614 in capitalized costs after terminating McCool Ranch operations in May 2025.

• Novacor acquisition in Canada completed for $650,000 cash and 526,536 shares of common stock.

• Convertible note financings in April and August 2025 raised $1,020,000 and $606,000, respectively, with net proceeds after fees.

Use of proceeds and capital allocation

• No proceeds from the offering will go to the company; all proceeds go to selling stockholders.

• Proceeds from recent convertible notes used for acquisitions and operating costs, including the Novacor acquisition.