Recent developments include leadership changes, suspension of McCool Ranch operations, completion of key acquisitions, and progress on strategic projects.

• Trio Petroleum announced executive leadership changes as of March 18, 2026 [N1].
• The company suspended operations at McCool Ranch Oil Field to pursue more economically feasible projects as of May 23, 2025 [N2].
• Trio Petroleum completed the acquisition of Novacor Exploration assets in Saskatchewan's heavy oil region on May 21, 2025 [N3].
• The company entered a letter of intent to acquire 2,000 acres at P.R. Spring, Utah, to develop a major oil project as of May 20, 2025 [N4].
• Updates were provided on the Asphalt Ridge project and Novacor acquisition plans as of March 5, 2025 [N5].
• Trio Petroleum announced full repayment of $1.6 million in convertible promissory notes as of January 16, 2025 [N6].

Trio Petroleum's acquisitions in Saskatchewan and Utah position it to capitalize on lower-cost heavy oil production and favorable regulatory environments compared to California. The company's strategy to acquire assets with immediate cash flow and growth potential, along with its Carbon Capture and Storage initiative, aligns with evolving industry trends toward sustainability. Strong liquidity and recent capital raises support ongoing operations and development. Successful execution of its growth strategy and regulatory approvals could enhance operational scale and profitability.

The company continues to operate at a net loss with recurring negative cash flows, raising concerns about long-term financial sustainability. Regulatory challenges and rising costs in California have led to suspension of operations at McCool Ranch and a strategic shift away from that region. Competition from larger, more established oil and gas companies may limit acquisition opportunities and operational scale. The company's ability to secure joint venture partners and regulatory permits remains uncertain. Liquidity, while currently strong, depends on continued access to capital markets, which may not be assured.

Trio Petroleum's moat is primarily based on its strategic acquisitions of producing heavy oil assets in low-cost regions such as Saskatchewan, Canada, and its significant working interest in the South Salinas Project. The company's focus on assets with immediate cash flow and long-term development potential, combined with its efforts to develop a Carbon Capture and Storage project, may provide differentiation. However, the company operates in a highly competitive industry with many established players and faces regulatory challenges, particularly in California, which may limit its competitive advantage.

• Regulatory Risks: Trio Petroleum operates in multiple jurisdictions with complex and evolving regulations that can increase costs, delay projects, or restrict operations, particularly in California.
• Financial Sustainability: The company has experienced recurring losses and negative cash flows, raising concerns about its ability to sustain operations without additional capital.
• Operational Risks: Suspension of operations at McCool Ranch due to economic infeasibility highlights risks related to operational costs and commodity price fluctuations.
• Competition: The company faces competition from larger and more established oil and gas companies with greater resources and operational history.
• Execution Risks: The success of growth strategies depends on acquiring suitable assets, securing joint venture partners, obtaining regulatory approvals, and effectively managing projects.

• Trio Petroleum Corp is a California-based oil and gas exploration and development company headquartered in Malibu, California, with operations in Monterey County, California; Uintah County, Utah; and Lloydminster, Saskatchewan, Canada.
• The company has had revenue-generating operations since February 22, 2024, starting with the McCool Ranch Oil Field, and began generating revenue from newly acquired properties in Saskatchewan during the period ended April 30, 2025.
• Trio Petroleum acquired heavy oil assets in west-central Saskatchewan from Novacor in April 2025 and expanded with a second Canadian project acquisition from Capital Land in November 2025.
• The company holds approximately 85.775% working interest in the South Salinas Project in Monterey County, California, with a net revenue interest of approximately 68.62% after royalties.
• Due to rising drilling costs and profitability challenges in California, the company has shifted focus to more economically viable opportunities in Utah and Canada.
• Trio Petroleum has an option to acquire 2,000 acres at P.R. Spring, Uintah Basin, Utah, contingent on production milestones at the Asphalt Ridge project.
• The company is pursuing a Carbon Capture and Storage (CCS) project as part of the South Salinas Project to reduce carbon footprint and potentially establish a CO2 storage hub.
• The company’s strategy focuses on acquiring assets that generate immediate cash flow, offer long-term development potential, and provide transformative value through strategic investment.
• Trio Petroleum’s revenue for the year ended October 31, 2025 was $398,734, an 87% increase from the prior year, with net loss of $7,282,133 for the same period.
• As of April 30, 2026, the company had cash and cash equivalents of $21,020,685 and a current ratio of 22.48, indicating strong liquidity.
• The company has experienced recurring losses and negative cash flows but has raised capital through equity and convertible debt financings.
• Recent business developments include suspending McCool Ranch operations due to economic infeasibility, completing the Novacor acquisition, entering a letter of intent for the P.R. Spring acquisition, and executive leadership changes.
• The company’s oil sales revenue is generated primarily from California and Saskatchewan, with oil sold to one customer who is a marketer.
• Trio Petroleum is subject to extensive federal, state, county, and local regulations affecting oil and natural gas operations, which can increase costs and impact profitability.
• The company is seeking joint venture partners to operate in California and is pursuing permits for water disposal and full field development at South Salinas.
• The company’s financial statements are prepared under U.S. GAAP and include consolidated accounts of the parent and its wholly owned Canadian subsidiary, Trio Canada.