Trio Petroleum (TPET) Registration filing summary

Company overview and business model

• Operates as an oil and gas exploration and development company with headquarters in Malibu, CA and projects in California, Utah, and Canada.

• Revenue generation began in 2024 from the McCool Ranch Oil Field and expanded with Canadian asset acquisitions in 2025.

• Strategic focus has shifted from California to more economically viable regions, notably heavy oil assets in Saskatchewan and Alberta, Canada.

• Growth strategy centers on acquiring cash-flowing assets and projects with workover or development potential, minimizing exposure to new exploratory drilling.

Financial performance and metrics

• Sold 20,651,554 shares through an at-the-market offering, raising gross proceeds of $20,027,510.43 and net proceeds of $19,426,684.11 as of April 2026.

• Capitalized costs of $500,614 related to the McCool Ranch Oil Field were written off after terminating operations in May 2025.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of 1,359,024 shares by selling stockholders; proceeds go directly to those stockholders.

• Raised funds from ATM offerings are used for acquisitions and operational costs, including Canadian expansion.