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 and Utah, focusing on the South Salinas Project, McCool Ranch Oil Field, and Asphalt Ridge Project.

• Recently began generating revenue from restarted operations at McCool Ranch Oil Field and expects first oil sales from South Salinas in Q3 2024.

• Holds significant working interests in its projects and may acquire additional assets in and outside current regions.

• Pursuing a Carbon Capture and Storage (CCS) project to reduce carbon footprint and align with regulatory trends.

Financial performance and metrics

• Reported no revenues for fiscal years ended October 31, 2022 and 2023, with net losses of $3.8M and $6.5M, respectively.

• Began generating revenue in the quarter ended April 30, 2024, but reported a net loss of $4.0M and accumulated deficit of $16.2M as of April 30, 2024.

• Substantial doubt exists regarding ability to continue as a going concern due to accumulated deficit and reliance on external financing.

Use of proceeds and capital allocation

• Intends to use proceeds to exercise option for additional working interest in Asphalt Ridge, fund project development, and for general corporate purposes.

• Plans to allocate $1.775M to secure remaining 17.75% interest in initial 960 acres of Asphalt Ridge, contingent on raising sufficient funds.