Trio Petroleum Corp
For the period ended Oct 31, 2025. Filed Jan 20, 2026.
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FY2025 · Filed Jan 20, 2026
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Item 2. PROPERTIES
Our principal properties consist of interests in oil and natural gas projects in California and Canada.
South Salinas Project (California)
We hold a working interest of approximately 85.775% in the South Salinas Project located in Monterey County, California. The Project currently consists of seven wells, of which six are inactive and temporarily shut-in. The HV-3A well was restarted on March 22, 2024 and is producing under our exploration/testing permits. We have drilling permits for two additional wells, HV-2 and HV-4, which may be drilled in 2026. We are also evaluating re-entry and sidetrack opportunities for certain existing wells based on 3D seismic data, as well as pursuing permits for full field development and water disposal operations.
Our evaluation of reserves and future net revenue attributable to the South Salinas Project is based on independent analyses prepared by KLS Petroleum Consulting LLC (“KLSP”), Denver, Colorado. KLSP has provided an updated reserve report with an effective date of April 30, 2024, entitled*“Reserve Attributable to Trio Petroleum Corp South Salinas Area for Phased and Full Development”*, which is filed as Exhibit 99.3 to this Annual Report.
Saskatchewan Properties (Canada)
****In April 2025, we acquired working interests in certain natural gas and mineral leases located in Saskatchewan, Canada. These properties consist of leasehold interests in Township 47, Range 26 W3M and Township 48, Range 24 W3M. The leases are held by production or have primary terms extending to 2027. Our interests are subject to customary royalties and overriding royalty interests. These acquisitions expand our portfolio of oil and gas properties and are expected to contribute to future exploration and development activities.
Alberta Properties (Canada)
****In November 2025, subsequent to our fiscal year end of October 31, 2025, we completed the acquisition of certain mineral leasehold interests and related rights located in Alberta, Canada. This acquisition is disclosed as a subsequent event in the notes to our financial statements and will be reflected prospectively in fiscal 2026.
Other than the properties described above, we do not own any material real property.
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