Reported Earnings • Jun 12
Second quarter 2026 earnings released: US$0.049 loss per share (vs US$0.22 loss in 2Q 2025) Second quarter 2026 results: US$0.049 loss per share (improved from US$0.22 loss in 2Q 2025). Net loss: US$1.37m (loss narrowed 13% from 2Q 2025). Tillkännagivande • Mar 26
Trio Petroleum Corp., Annual General Meeting, May 21, 2026 Trio Petroleum Corp., Annual General Meeting, May 21, 2026. Reported Earnings • Mar 19
First quarter 2026 earnings released: US$0.096 loss per share (vs US$0.33 loss in 1Q 2025) First quarter 2026 results: US$0.096 loss per share (improved from US$0.33 loss in 1Q 2025). Net loss: US$1.01m (loss narrowed 37% from 1Q 2025). New Risk • Mar 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 51% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (51% average weekly change). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Revenue is less than US$1m (US$399k revenue). Market cap is less than US$10m (US$5.17m market cap). Tillkännagivande • Jan 22
Trio Petroleum Corp. Auditor Raises 'Going Concern' Doubt Trio Petroleum Corp. filed its 10-K on Jan 20, 2026 for the period ending Oct 31, 2025. In this report its auditor, Bush & Associates CPA, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Tillkännagivande • Jan 10
Trio Petroleum Corp. has filed a Follow-on Equity Offering in the amount of $3.6 million. Trio Petroleum Corp. has filed a Follow-on Equity Offering in the amount of $3.6 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Tillkännagivande • Jun 04
Trio Petroleum Corp., Annual General Meeting, Jul 30, 2025 Trio Petroleum Corp., Annual General Meeting, Jul 30, 2025. Tillkännagivande • May 24
Trio Petroleum Corp. to Suspend Operations At McCool Ranch Trio Petroleum Corp. decided to suspend operations at McCool Ranch and will terminate its efforts to acquire a working interest in the project. The company made this determination, because, under previously negotiated terms, natural gas prices and water disposal costs, particularly in California, where McCool Ranch is located, makes it cost prohibitive for the Company to employ cyclic-steam operations to increase production and will not be economically feasible in the long run. The Company has decided to focus its efforts on other sites which it believes will be more economically feasible, and hopefully generate greater profits for the Company. Tillkännagivande • May 21
Trio Petroleum Corp. (NYSEAM:TPET) signed a non-binding letter of intent to acquire Certain Oil and Gas Assets of Heavy Sweet Oil LLC for $2.8 million. Trio Petroleum Corp. (NYSEAM:TPET) signed a non-binding letter of intent to acquire Certain Oil and Gas Assets of Heavy Sweet Oil LLC for $2.8 million on May 15, 2025. Under the terms of the acquisition, Trio Petroleum Corp. paid a non-refundable payment of $0.15 million to Heavy Sweet Oil (HSO) upon the execution of the letter of intent, and will issue to HSO 1,492,272 restricted shares of Trio’s common stock and will pay to HSO $0.85 million in cash upon entering into a definitive agreement. Entering into a definitive agreement is subject to delivery of evidence of a minimum sustained production rate of 40 barrels per day for a continuous 30-day period from each of the two wells operated by Trio at the Asphalt Ridge site. Additionally, the transaction is subject to the approval of governing bodies of each of the Trio and HSO, including the board of directors of the Trio. Tillkännagivande • Apr 10
Trio Petroleum Corp. (NYSEAM:TPET) completed the acquisition of Certain petroleum and natural gas properties from Novacor Exploration Ltd. Trio Petroleum Corp. (NYSEAM:TPET) entered into a non-binding Letter of Intent to acquire Certain petroleum and natural gas properties from Novacor Exploration Ltd. for CAD 2 million on December 18, 2024. The stated purchase price of the Acquisition is CAD 2 million in the combination of (approximately $1.4 million based on current exchange rates) payable CAD 0.93 million in cash and the remainder in shares of common stock of Trio, which we would agree to use our commercially reasonable efforts to register for resale in a registration statement filed with the United States Securities and Exchange Commission. Unless extended by the mutual agreement of the parties, the Letter of Intent will terminate on the earlier of (i) the mutual agreement of Novacor and Trio, (ii) the execution of definitive acquisition documents or (iii) on February 15, 2025. As of March 5, 2025, Trio and Novacor mutually agreed to extend the execution of definitive acquisition documents to March 15, 2025.
Trio Petroleum Corp. (NYSEAM:TPET) completed the acquisition of Certain petroleum and natural gas properties from Novacor Exploration Ltd. on April 10, 2025. Tillkännagivande • Jan 09
Trio Petroleum Corp. Announces Executive Terminations On December 31, 2024, the employment agreements of both Terence B. Eschner and Steven Rowlee with Trio Petroleum Corp. (the “Company”) both terminated by their terms and their positions as President and Chief Operating Officer, respectively, of the Company, were formally terminated by the Board as of January 2, 2025. Tillkännagivande • Dec 20
Trio Petroleum Corp. (NYSEAM:TPET) entered into a non-binding Letter of Intent to acquire Certain petroleum and natural gas properties from Novacor Exploration Ltd for $1.4 million. Trio Petroleum Corp. (NYSEAM:TPET) entered into a non-binding Letter of Intent to acquire Certain petroleum and natural gas properties from Novacor Exploration Ltd. for $1.4 million on December 19, 2024. The stated purchase price of the Acquisition is CAD2 million in the combination of (approximately US$1.4 million based on current exchange rates) payable US$650,000 in cash and the remainder in shares of common stock of Trio, which we would agree to use our commercially reasonable efforts to register for resale in a registration statement filed with the United States Securities and Exchange Commission. Unless extended by the mutual agreement of the parties, the Letter of Intent will terminate on the earlier of (i) the mutual agreement of Novacor and Trio, (ii) the execution of definitive acquisition documents or (iii) on February 15, 2025. Tillkännagivande • Nov 26
Trio Petroleum Corp Provides Updates on Its Asphalt Ridge Project in Uintah County Trio Petroleum Corp. provided updates on its Asphalt Ridge Project in Uintah County, Utah. TPET announced on January 5, 2024, that it had secured an option (the “Option”) to acquire a 20% interest in a sweet (i.e., low sulfur content), heavy-oil and tar-sand development project at Asphalt Ridge, located near the town of Vernal in Uintah County, northeastern Utah. Company announced on June 11, 2024, the successful drilling and completion of the first two exploratory wells at the project, the HSO 2-4 and HSO 8-4, that the wells encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge tar-sands (over 190’of oil-pay in HSO 2-4 and over 100’ of oil-pay in HSO 8-4), and that a downhole-heater was installed in the HSO 2-4 well. On September 12, 2024, Company announced first oil production from the HSO 2-4 well. This encouraging oil production continues to-date. The HSO 8-4 is scheduled to receive a new downhole heater in early December and should commence oil production shortly thereafter. Engineering for a further six wells has been completed and permits are expected shortly TPET currently owns a 2.25% working interest in 960 acres at Asphalt Ridge, and under the Option may acquire up to an additional 17.75% working interest in the same 960 acres and also a 20% interest in an adjacent 1,920 acres, and also has a right of first refusal to participate in an additional approximate 30,000 acres of the greater Asphalt Ridge Project on terms offered to other third parties. TPET has secured an Option extension and now has until February 10, 2025, to exercise its right to acquire the remaining 17.75% interest in the initial 960 acres. TPET has until the earlier of the successful drilling and completion of 50 new wells, or November 10, 2025, to exercise its option on the adjacent 1,920 acres. The Asphalt Ridge Project is known to be one of the largest heavy-oil and tar-sand deposits in North America outside of Canada, making it a potential giant oilfield, and is unique given its low wax and negligible sulfur content, which is expected to make the oil very desirable for many industries, including shipping. The project has the potential to be both immense and highly profitable. A typical project well has an estimated ultimate recovery (“EUR”) of 300,000 barrels of oil with an initial production rate of approximately 40 barrels of oil per day. Tillkännagivande • Nov 07
Trio Petroleum Corp. Provides Non-Compliance Update As previously disclosed on the Form 8-K filed by Trio Petroleum Corp. (the Company") with the Securities and Exchange Commission on November 4, 2024, the Company intends to file with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation (the Certificate of Amendment") on November 14, 2024 to effect a reverse stock split at a ratio of one-for-twenty (1:20) (the Reverse Stock Split"), where every twenty shares of the common stock of the Company, par value $0.0001 per share (Common Stock"), will combine into one share of Common Stock following the Reverse Stock Split. The Reverse Stock Split will become effective as of 4:30 p.m., Eastern Time, on November 14, 2024, and the Common Stock will begin trading on a split-adjusted basis when the market opens on November 15, 2024. The Reverse Stock Split was approved by the Company's stockholders at the annual meeting of stockholders on August 15, 2024, and was approved by the board of directors of the Company on October 23, 2024. On November 5, 2024, the Company received notice from NYSE American that NYSE American had halted trading in the shares of the Common Stock until the effectiveness of the Reverse Stock Split because the Common Stock was consistently selling at a low selling price per share in violation of Section 1003(f)(v) of the NYSE American Company Guide. NYSE American informed the Company that it will attempt to reopen trading in the Common Stock on November 15, 2024, which is when the Common Stock is expected to begin trading on a post-split basis, provided that NYSE American no longer deems the selling price of the Common Stock to be too low. Tillkännagivande • Oct 23
Trio Petroleum Corp. Appoints James Blake to its Board of Directors Trio Petroleum Corp. announced the appointment of James Blake to its Board of Directors. James brings with him 30 years of experience in the financial industry and holds a Bachelor of Commerce degree from the University of Alberta. He is also a Chartered Financial Analyst (CFA), with a distinguished career, having recently retired from a major Canadian bank where he managed over $750 million in assets as a portfolio manager. His expertise in financial markets, investment strategies, and risk management will be an invaluable asset to Trio Petroleum. In addition to his extensive financial experience, James has been deeply involved in the startup ecosystem, both as an investor and in raising capital for early-stage companies across various sectors. His capacity to identify high-potential ventures, coupled with his financial acumen, equips him with a diverse perspective that will benefit Trio as the company looks to strengthen its position in the energy market. James Blakes wealth of knowledge in financial management and his entrepreneurial insights align perfectly with Trios strategic goals for growth and innovation, said Robin Ross, Chairman of the Board and CEO of Trio Petroleum Corp. His leadership and experience will be instrumental in supporting the company's drive for sustainable growth, operational efficiency, and long-term shareholder value. Tillkännagivande • Sep 28
Trio Petroleum Corp. has filed a Follow-on Equity Offering in the amount of $4.8 million. Trio Petroleum Corp. has filed a Follow-on Equity Offering in the amount of $4.8 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Tillkännagivande • Jul 17
Trio Petroleum Corp. has filed a Follow-on Equity Offering in the amount of $10 million. Trio Petroleum Corp. has filed a Follow-on Equity Offering in the amount of $10 million.
Security Name: COMMON STOCK
Security Type: Common Stock
Securities Offered: 35,460,993
Price\Range: $0.282
Discount Per Security: $0.02115 Tillkännagivande • Jun 20
Trio Petroleum Corp. Announces Board Changes Trio Petroleum Corp. announced Trio co-founder and former board member Robin Ross has returned to the Company’s board of directors as Chairman as of June 17, 2024. As part of the transition, Trio’s Current Chairman and co-founder Stan Eschner has become Vice Chairman of the Board and former CEO Frank Ingriselli, who has been serving as Vice Chairman, has resigned as a director, also effective as of June 17, 2024. Tillkännagivande • May 07
Trio Petroleum Regains NYSE Listing Compliance Trio Petroleum Corp. announced that on May 1, 2024, New York Stock Exchange Regulation department provided formal written notice to the Company that it had regained compliance with the NYSE American continuing listing standards as set in Part 10 of the NYSE American Company Guide. “This is a very positive development for the Company,” commented Michael Peterson, CEO of Trio. “Our Company has recently executed on several important milestones in our operations since I assumed the position of Chief Executive Officer in February. First, we relaunched operations on multiple oil producing leases we own in California in February and March. Second, we have begun selling our produced oil at commercially marketable scale in April.” “Most importantly, we currently have a drilling rig on location at our Asphalt Ridge project in northeastern Utah. We potentially stand to unlock significant shareholder value in the immediate term, and regaining NYSE American listing compliance should help shift investor focus back onto our positive business activities instead of listing compliance. We look forward to sharing additional updates on our operations in California and Utah in the coming weeks, concluded Mr. Peterson”. Tillkännagivande • Apr 26
Trio Petroleum Corp. announced that it has received $0.36 million in funding Trio Petroleum Corp. announced that it has entered into a amended and restated securities purchase agreement with institutional investor to issue 750,000 and a Senior Secured Convertible Promissory Note at a principal amount of $400,000 having an original issue discount of $40,000, or 10% for the gross proceeds of $360,000; aggregate gross proceeds of $360,000 on April 24, 2024. There is no interest payable on the outstanding balance of the Investor Note, unless an Event of Default has occurred, in which case interest will accrue on the outstanding balance of the Investor Note at a rate of 15% per annum until cured (the “Default Interest”). The Company may prepay all or any portion of the Investor Note at any time and must prepay the Investor Note in full from the proceeds of any debt or equity financing of the Company generating, in a single transaction or a series of related transactions, gross proceeds of not less than $1,000,000, during any time that the Investor Note remains outstanding. The maturity date of the Investor Note is August 16, 2024. The Investor Note is convertible into shares common stock of the Company (the “Conversion Shares”) at a per share conversion price of $0.25, subject to certain adjustments. The Investor Note also contains certain beneficial ownership limitations prohibiting the Investor from converting the Investor Note, if any such conversion would result in the Investor’s ownership of shares in excess of the applicable beneficial ownership limitation. The information contained above under Item 1.01, to the extent applicable, is hereby incorporated by reference herein. Based in part upon the representations of the Investor in the SPA, the offering and sale of the Investor Note and the issuance of the Commitment Shares was made in a private placement transaction exempt for registration in reliance on the exemption afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and corresponding provisions of state securities or “blue sky” laws. The Company and the Purchasers are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by the provisions of Section 4(a)(2) or Section 4(a)(6) of the Securities Act (as defined below), and/or Regulation D promulgated thereunder. Tillkännagivande • Apr 24
Trio Petroleum Corp. Provides Updates on its Petroleum Assets in Monterey County, California, and Uintah County, Utah Trio Petroleum Corp. provided updates on its petroleum assets in Monterey County, California, and Uintah County, Utah. The Company also announced the commencement of drilling activities on the Asphalt Ridge project in Uintah County, UT. A rig is scheduled to be on site this Sunday, and to drill and complete the Company’s first well on this asset in the next two weeks. Drilling results are expected to be readily available shortly after the well is drilled to a total estimated depth of 1,200 feet. The project targets a highly promising heavy-oil tar sand field that is expected to be densely developed at scale, with as low as 2.5 acre spacing for future wells. Through existing working interests and option agreements, the Company has the ability to take up to a 20% working interest in this project. On March 26, 2024, the Company brought the HV-3A well in the Presidents Field back into production at a previously-reported oil production rate of 30 barrels of oil per day (BOPD). This well was drilled and completed in 2018 as an exploratory well, and in 2018-2019 it was briefly production-tested, during which peak production was 154 BOPD and average production was 33 BOPD. This well is producing from 125 feet of perforations in the Yellow Zone, which is also commonly referred to as the Yellow Chert, and from an additional 125 feet of perforations in the overlying Upper Monterey Clay. The Monterey Formation is one of California’s major oil and gas producing zones. Operations at HV-3A do not require steam due to the favorable viscosity of the mid-gravity oil. TPET believes that production at HV-3A can be significantly increased over current and previous levels, for example by:,adding up to 650 feet of additional perforations in the currently-producing oil zone .opening deeper behind-pipe oil zones, portions of which are already perforated, acidizing the well for borehole cleanup other methods and operations under consideration TPET will produce and monitor the HV-3A well as currently completed and when appropriate will take steps to increase production. There are potentially up to 50 development-well locations at Presidents on 40 acre well spacing, as indicated in the Company’s reserve report as filed with the SEC. McCool Ranch Field: On February 22, 2024, the Company brought the HH-1 well at McCool Ranch back into production at a previously-reported oil production rate of 47 BOPD. The HH-1, 35X and 58X wells at McCool are now all producing with the HH-1, which started production late February, accounting for the majority of the approximate 2,100 barrels of oil that are being sold and shipped this week. As it did with the HH-1 well, The Company is currently taking steps to optimize the oil production from the 35X and 58X wells, including possibly employing cyclic steam and is also taking steps to bring the additional shut-in oil wells in this field back online. Tillkännagivande • Apr 22
Trio Petroleum Corp., Annual General Meeting, Jun 27, 2024 Trio Petroleum Corp., Annual General Meeting, Jun 27, 2024. Tillkännagivande • Apr 17
Trio Petroleum Corp. announced that it has received $0.72 million in funding Trio Petroleum Corp. announced that it has entered into a securities purchase agreement with institutional investor to issue 750,000 common shares at an issue price of $0.48 per share for gross proceeds of $360,000 and a Senior Secured Convertible Promissory Note for the gross proceeds of $360,000; aggregate gross proceeds of $720,000 on April 16, 2024. There is no interest payable on the outstanding balance of the Investor Note, unless an Event of Default has occurred, in which case interest will accrue on the outstanding balance of the Investor Note at a rate of 15% per annum until cured (the “Default Interest”). The Company may prepay all or any portion of the Investor Note at any time and must prepay the Investor Note in full from the proceeds of any debt or equity financing of the Company generating, in a single transaction or a series of related transactions, gross proceeds of not less than $1,000,000, during any time that the Investor Note remains outstanding. The maturity date of the Investor Note is August 16, 2024. The Investor Note is convertible into shares common stock of the Company (the “Conversion Shares”) at a per share conversion price of $0.25, subject to certain adjustments. The Investor Note also contains certain beneficial ownership limitations prohibiting the Investor from converting the Investor Note, if any such conversion would result in the Investor’s ownership of shares in excess of the applicable beneficial ownership limitation. The information contained above under Item 1.01, to the extent applicable, is hereby incorporated by reference herein. Based in part upon the representations of the Investor in the SPA, the offering and sale of the Investor Note and the issuance of the Commitment Shares was made in a private placement transaction exempt for registration in reliance on the exemption afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and corresponding provisions of state securities or “blue sky” laws. Tillkännagivande • Mar 04
Trio Petroleum Announces Notice of Noncompliance with NYSE American Listing Standards Trio Petroleum Corp. announced that on February 26, 2024, it received a deficiency letter (the “Notice”) from the NYSE American LLC (the “NYSE American”) indicating that the Company is not in compliance with the continued listing standards as set in Section 1003(f)(v) of the NYSE American Company Guide (the “Company Guide”). Specifically, the Notice informed the Company that the NYSE American has determined that the shares of the Company's common stock have been selling for a low price per share for a substantial period of time, and pursuant to Section 1003(f)(v) of the Company Guide, the Company's continued listing is predicated on it demonstrating sustained price improvement by no later than August 26, 2024. The Company intends to begin the operations in the McCool field, which we expect to be in operation soon, and then monitor the price of its common stock and consider available options, including conducting a reverse stock split, if its common stock does not trade at a consistent level likely to result in the Company regaining compliance by August 26, 2024. The Company’s receipt of the Notice does not affect the Company’s business, operations or reporting requirements with the Securities and Exchange Commission. New Risk • Jan 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$8.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.1m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (US$6.35m market cap). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Tillkännagivande • Jan 05
Trio Petroleum Corp Announces the Restart of the McCool Ranch Oil Field Trio Petroleum Corp. provided an update on the restart of the McCool Ranch Oil Field (“McCool Ranch”). On October 18, 2023, the Company announced its acquisition of an approximate 22% working interest in McCool Ranch, which is located in Monterey County seven miles north of the Company’s South Salinas Project. The Company is acquiring McCool Ranch primarily through work commitment expenditures. The restarting of McCool Ranch is currently in-progress and is proceeding favorably. The water disposal well at the field, the San Ardo WD-1 well, has been refurbished and tested and is in excellent condition, with water disposal by injection at this well able to commence as soon as needed. The testing and repairs of equipment and facilities, idle since about 2018, are well-advanced and also proceeding favorably. While there was concern that the boiler at the field -- an important piece of equipment that helps maintain the heat of produced oil at an appropriate temperature (e.g., for moving through lines and loading to trucks for delivery to market) -- might require fairly expensive repairs, the Company was able to return it to service at minimal cost and it is now up and running properly and efficiently. Oil production from the six wells collectively peaked at about 400 barrels per day before the wells were idled in 2015 due to oil prices dropping below $30 per barrel. Returning the field to production will occur in steps with the 58X-23 and the HH-1-ST2 wells being the first two of the six previously producing oil wells to be returned to production. The Company anticipates that each well will initially be produced cold (i.e., without heating with steam) and subsequently put on production using the cyclic steam method. There are three developed areas at McCool Ranch and the Company’s ownership is in the so-called Hangman Hollow Area that is relatively new and developed with four horizontal oil wells, two vertical oil wells, one water-disposal well, one freshwater well, and the capacity to drill approximately an additional 25 wells. In addition, a steam generator, boiler, three 5,000 barrel tanks, a 250 barrel test tank, water softener facilities, two fresh water tanks, two soft water tanks, in-field steam pipelines, oil pipelines and other facilities are installed at the site. The property is fully and properly permitted for oil and gas production, cyclic-steam injection and water disposal and is being restarted after having been idle since about 2015. Board Change • Oct 31
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Executive Chairman Stan Eschner is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Oct 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$8.70m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (US$8.70m market cap). Minor Risk Less than 3 years of financial data is available. Tillkännagivande • Oct 05
Trio Petroleum Corp. announced that it has received $2 million in funding Trio Petroleum Corp. announced that it has entered into a a securities purchase agreement with an institutional investor and it issued a senior secured convertible promissory note in the aggregate principal amount of $2,000,000 and a warrant to purchase up to 866,702 shares of Common Stock at an initial exercise price of $1.20 per share of Common Stock, subject to certain adjustments on October 4, 2023. The note is initially convertible into shares of common stock at conversion price of $1.20, subject to certain adjustments, provided that the conversion price shall not be reduced below $0.35. The note does not bear any interest and matures on April 4, 2025. The interest shall accrue on the Note at a rate equal to 10% per annum or, if less, the highest amount permitted by law. Tillkännagivande • Sep 22
Trio Petroleum Corp Provides Update on Testing of the HV-1 Discovery Well Trio Petroleum Corp. provided an update on the testing of the HV-1 discovery well at the Company's South Salinas Project. The Brown Zone (aka Brown Chert) in the HV-1 well was perforated on September 7 with 350 feet of perforations across a gross interval from 5,465 to 5,850 feet measured depth and then acidized for borehole clean-up. The well was then tested by swabbing for seven days during the September 8-18 timeframe. A pumping unit is now being installed at the HV-1 well for further testing of the Brown Zone and temporary tanks and other facilities are also being installed at the well site. Results of pumping will be announced when available. The Brown Zone in the HV-1 Well is mechanically isolated from the deeper Mid-Monterey Clay zone that previously tested with results previously announced. Swab testing to-date suggests that the Brown Zone and the Mid-Monterey Clay collectively, if commingled, might deliver approximately 145 barrels of oil per day (BOPD), with potentially significantly higher oil production rates when the well is on pump. Tillkännagivande • Aug 24
Trio Petroleum Corp Announces Selection of the Monterey Formation Brown Zone as the Second Test Interval At Its HV-1 Discovery Well Trio Petroleum Corp. announced that the second test interval at the HV-1 discovery well of the South Salinas Project will be the Brown Zone, of the Miocene Age Monterey Formation. The Brown Zone (aka Brown Chert) and the overlying Yellow Zone (aka Yellow Chert) are the primary reservoir objectives of the HV-1 well and both are attributed oil and gas reserves in the Company’s Reserve Report as filed with the SEC. The first test interval, the Mid-Monterey Clay, is a deeper stratigraphic interval (i.e., below the Brown Chert) that is not attributed oil and/or gas reserves in the Company’s Reserve Report but which, nevertheless, and importantly, appears to potentially be capable of commercial oil and gas production at the HV-1 well. Thus, the Brown-Zone test will be the first test in the HV-1 well of the Company’s reserves as delineated in the Company’s Reserve Report as filed with the SEC. The current plan is to perforate and acidize (for borehole clean-up) approximately 350 feet of the Brown Zone in an interval from approximately 5,465 to 5,850 feet measured depth and to then test the well via swabbing operations. Operations may commence during the week of August 28, with initial production results estimated one or two weeks thereafter. The Company believes the Yellow Zone to be the best oil and gas reservoir target in the HV-1 well. It will be tested shortly after the test of the Brown Zone, unless the underlying Brown Zone, and/or the Brown Zone commingled with the Mid-Monterey Clay, is put on production, in which case the test of the Yellow Zone will be put on-hold until an appropriate time. New Risk • Jun 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$2.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.5m free cash flow). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (US$31.0m market cap). 