Trio Petroleum Corp. Files 2023 10-K Report

TL;DR

<b>Trio Petroleum Corp. has submitted its 2023 10-K, detailing its operations in crude petroleum and natural gas.</b>

AI Summary

Trio Petroleum Corp. (TPET) filed a Annual Report (10-K) with the SEC on January 29, 2024. Trio Petroleum Corp. filed its annual 10-K report for the fiscal year ending October 31, 2023. The company is engaged in the Crude Petroleum & Natural Gas industry, SIC code 1311. Incorporated in Delaware, Trio Petroleum Corp. is headquartered in Bakersfield, California. The filing covers the period from November 1, 2022, to October 31, 2023. Key agreements and financial instruments like Purchase and Sale Agreements, warrants, and convertible notes are referenced.

Why It Matters

For investors and stakeholders tracking Trio Petroleum Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Trio Petroleum Corp.'s financial performance, operational activities, and strategic direction for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, understand its market position within the oil and gas sector, and evaluate potential risks and opportunities.

Risk Assessment

Risk Level: medium — Trio Petroleum Corp. shows moderate risk based on this filing. The company's financial status and operational details are presented in a 10-K filing, which typically contains forward-looking statements and risk factors inherent to the oil and gas industry, requiring careful analysis.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Trio Petroleum Corp.'s current financial health and future prospects in the energy sector.

Key Numbers

• 2023-10-31 — Fiscal Year End (Reported fiscal year end)
• 2024-01-29 — Filing Date (Date the 10-K was filed)
• 1311 — SIC Code (Standard Industrial Classification for Crude Petroleum & Natural Gas)

Key Players & Entities

• Trio Petroleum Corp. (company) — Filer of the 10-K report
• Bakersfield, CA (location) — Business and mailing address
• DE (location) — State of incorporation
• 10-K (document) — Form type filed
• 2023-10-31 (date) — Fiscal year end
• 2024-01-29 (date) — Filing date

Forward-Looking Statements

• Trio Petroleum Corp. will continue to focus on its crude petroleum and natural gas operations, particularly the South Salinas Project, as its primary revenue driver. (Trio Petroleum Corp.) — high confidence, target: 2024-10-31

FAQ

Risk Factors

• Financial Performance [medium — financial]: The 10-K report details the company's financial performance for the fiscal year ending October 31, 2023, including various financial instruments and agreements.
• Operational Activities [medium — operational]: The filing outlines the company's operational activities within the Crude Petroleum & Natural Gas sector.
• Regulatory Compliance [low — regulatory]: As a publicly traded company, Trio Petroleum Corp. must comply with SEC regulations and reporting requirements.

Key Dates

• 2023-10-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-01-29: Filing Date — Date Trio Petroleum Corp. filed its 10-K report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides detailed financial and operational information about Trio Petroleum Corp. for the fiscal year.)

SIC Code

Standard Industrial Classification code used to classify businesses. (Identifies Trio Petroleum Corp.'s primary industry as Crude Petroleum & Natural Gas.)

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share TPET NYSE American LLC
• $100,000 — ment provided for an initial payment of $100,000 to Trio LLC (the "Stage 1 Purchase Pric
• $400,000 — to an additional payment to Trio LLC of $400,000 (the "Stage 2 Purchase Price") of work-
• $500,000.00 — Purchase and Stage 2 Purchase Price of $500,000.00 (the "Total Purchase Price"), shall be
• $870,000.00 — ch Purchase Agreement was approximately $870,000.00. Trio LLC shall be reimbursed no more t
• $2,000,000 — nterest in the Asphalt Ridge Leases for $2,000,000 (the "Purchase Price"), which may be in
• $5,000,000 — Heavy Sweet agreed to fund a maximum of $5,000,000 of the first funding required for the d
• $3,000,000 — s not exercised), from Heavy Sweet, for $3,000,000 cash. The exercise of the Asphalt Rid
• $200,000 — f the Amendment, the Company would fund $200,000 of the $2,000,000 total Purchase Price

Filing Documents

• form10-k.htm (10-K) — 1829KB
• ex4-2.htm (EX-4.2) — 14KB
• ex19-1.htm (EX-19.1) — 116KB
• ex23-1.htm (EX-23.1) — 4KB
• ex23-2.htm (EX-23.2) — 6KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 8KB
• ex97.htm (EX-97.1) — 24KB
• 0001493152-24-004144.txt (&nbsp;) — 8201KB
• tpet-20231031.xsd (EX-101.SCH) — 56KB
• tpet-20231031_cal.xml (EX-101.CAL) — 51KB
• tpet-20231031_def.xml (EX-101.DEF) — 316KB
• tpet-20231031_lab.xml (EX-101.LAB) — 475KB
• tpet-20231031_pre.xml (EX-101.PRE) — 403KB
• form10-k_htm.xml (XML) — 1007KB

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 33 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 42 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA

FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA. 42 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 42 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 42 ITEM 9B. OTHER INFORMATION. 43 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 43 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. 43 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION. 49 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. 58 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 60 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 64 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES 65 ITEM 1. BUSINESS. Overview We are a California-focused oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund, and operate oil exploration and production from assets in California. We have no revenue-generating operations as of the date of this Annual Report. The Company was formed to acquire an approximate 82.75% (which was subsequently increased to approximately an 85.75% working interest) working interest in the large, approximately 9,300-acre South Salinas Project located in Monterey, California (the "South Salinas Project"), and subsequently partner with certain members of Trio LLC's management team to develop and operate those assets. Trio LLC holds an approximate 3.8% working interest in the South Salinas Project. We hold an approximate 68.6% interest after the application of royalties ("net revenue interest") in the South Salinas Project. California is a significant part of our geographic focus currently and we recently acquired an interest in the McCool Ranch Oil Field in Monterey County, California, whereas recently we expanded our focus by acquiring an interest in the Asphalt Ridge Project in Utah. We may acquire additional assets both inside and outside of California. Trio LLC is a licensed Operator in California and operates the South Salinas Project and the McCool Ranch Oil Field on behalf of us and of the other working interest partners pursuant to Joint Operating Agreements. Trio LLC operates the South Salinas Project pursuant to a Joi

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View this 10-K filing on SEC EDGAR