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1. Imagine Occidental Petroleum in its initial exploration phase, focused on one California field and not yet producing revenue.

2. A startup Chevron, but focused solely on exploring and developing a single California oil field, without current production.

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• Oil and Gas Exploration: Identifying potential crude oil and natural gas reserves through geological studies and surveying in the South Salinas Project area.
• Oil and Gas Development: Preparing identified oil and gas assets for future production, including drilling and infrastructure setup within their South Salinas Project.

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Based on the provided information, Trio Petroleum (TPET) has no revenue-generating operations as of the date of the prospectus. Therefore, the company currently has no major customers.

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Robin Ross, Chairman & Chief Executive Officer

Robin Ross is a co-founder of Trio Petroleum Corp. and a 45-year veteran in financial services and merchant banking. He has been instrumental in raising funds for both private and public companies globally, with combined market capitalizations approaching $1 billion. Ross is a founder, co-founder, and principal investor of numerous public and private companies, focusing on early-stage investments where capital and strategic assistance can significantly enhance success. His corporate finance activities have spanned various industries, including oil & gas, technology, and finance. He co-founded Canada Potash Corporation (CPC) and was a co-founder and president of 180 Degrees Capital Corporation, a private merchant bank specializing in restructuring and turnaround management transactions. Ross previously held management positions at major Canadian investment dealers for over 18 years and gained experience at Price Waterhouse and Merrill Lynch.

Gregory L. Overholtzer, Chief Financial Officer

Gregory L. Overholtzer has served as the Chief Financial Officer of Trio Petroleum Corp. since February 2022. He possesses a wealth of experience in financial management and strategic planning within the energy sector. Overholtzer previously held CFO and accounting leadership roles at several public energy companies and consulting firms. His experience includes serving as part-time CFO of Indonesia Energy Corporation (NYSE: INDO) since 2019, a Consulting Director of Ravix Consulting Group since November 2019, and a Field Consultant at Resources Global Professionals from December 2018 to November 2019. From January 2012 to December 2018, he served as Chief Financial Officer, Chief Accounting Officer, and Controller of Pacific Energy Development (NYSE:AMERICAN PED). He holds an MBA in Finance from the University of California, Berkeley.

Steven A. Rowlee, Chief Operating Officer

Steven A. Rowlee holds the position of Chief Operating Officer at Trio Petroleum Corp. He is a seasoned professional with extensive experience in overseeing the operational activities of the company, including exploration, production, and development of petroleum resources. Rowlee entered the oil industry in 1980 as Manager of Leasing for Bakersfield-based Fuller Oil Company, where he supervised lease brokers. He later served as a West Coast Division Land Manager for Hanna Petroleum Company, coordinating and implementing division policy and managing land operations.

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1. Significant Unprofitability and Liquidity Issues: Trio Petroleum faces severe financial challenges, evidenced by highly negative profitability ratios such as an EBIT margin of -1674.5% and a pre-tax profit margin of -3483.3%. The company reports substantial net losses and negative operational cash flows, indicating an ongoing cash burn problem. Its current ratio of 0.6 suggests significant liquidity constraints, raising concerns about its ability to meet short-term liabilities and sustain long-term operations.
2. Low Revenue and High Dependence on Successful Exploration and Development: While Trio Petroleum has reported some revenue, approximately $398.73 thousand for the trailing 12 months ending October 31, 2025, this amount is comparatively low against industry averages. This low revenue, coupled with high operational expenses, contributes to substantial net losses. The company's business model is fundamentally dependent on the successful acquisition, funding, and development of oil exploration and production assets, which are inherently capital-intensive and uncertain endeavors.
3. High Stock Volatility and Dependence on External Market Conditions: Trio Petroleum's stock exhibits a very high volatility profile. Its market movements are described as highly speculative and are significantly influenced by external factors, such as fluctuations in global oil prices due to geopolitical tensions. This dependency on external market shocks and the stock's inherent volatility classify it as a very high-risk investment.

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The rapidly accelerating regulatory and political environment in California aimed at phasing out fossil fuel production and promoting renewable energy presents a clear emerging threat. As an early-stage oil and gas exploration and development company with no revenue-generating operations, Trio Petroleum's ability to obtain necessary permits, secure funding, and ultimately develop its assets in California is directly undermined by the state's aggressive stance against new fossil fuel projects and its long-term decarbonization goals. This represents a fundamental shift in the operating environment, akin to how streaming services challenged physical media or ride-sharing disrupted traditional taxi services, by making the established business model increasingly difficult or unviable within that specific market.

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Trio Petroleum (TPET) is poised for future revenue growth over the next 2-3 years, driven primarily by the commencement and expansion of production from its key oil and gas assets and favorable market conditions.

Here are the expected drivers of future revenue growth:

1. Initiation and Ramp-Up of Production at the South Salinas Project: Trio Petroleum's core asset, the South Salinas Project in Monterey County, California, is a significant expected driver of future revenue. The company has conducted production tests on discovery wells, such as HV-1, which confirmed a major accumulation of oil and gas. Future plans include drilling additional wells (HV-2 and HV-4) and progressing through multiple development phases to fully exploit the estimated 40 million barrels of oil and 42 billion cubic feet of gas in Probable Undeveloped reserves, along with substantial Possible Undeveloped reserves. The company anticipates achieving cash-flowing operations from this asset.
2. Expansion of Production from Canadian Heavy Oil Assets: Trio Petroleum has strategically acquired and is developing heavy oil assets in both Alberta and Saskatchewan, Canada. As of early 2026, the company completed regulatory approvals for its Alberta assets, allowing for active field operations with two initial wells expected to produce 30-40 barrels of oil per day. Additionally, the acquisition of assets in Saskatchewan, including four wells, is expected to contribute approximately 30 barrels per day with further upside potential. Bringing these newly acquired assets online and optimizing production from existing wells will contribute to revenue growth.
3. Development of the Asphalt Ridge Project in Utah: Trio Petroleum has secured an option to acquire an interest in the Asphalt Ridge heavy-oil and tar-sand development project in Utah. The successful drilling and completion of exploratory wells (HSO 2-4 and HSO 8-4) at this project, which encountered substantial oil-bearing pay zones, indicate a future revenue stream as this project moves towards further development and production.
4. Favorable Global Oil Prices: As an oil and gas exploration and development company, Trio Petroleum's revenue is highly sensitive to fluctuations in global commodity prices. A sustained period of rising or high global oil prices can significantly enhance the profitability and revenue generated from its produced barrels of oil and gas. Recent periods have seen the company's stock respond positively to increases in global oil prices, indicating this external factor's crucial role in its financial outlook.

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Share Issuance

• Trio Petroleum has actively utilized an "at-the-market" (ATM) equity offering program. As of March 6, 2026, the company had sold approximately $13.38 million worth of shares through this facility over the preceding 12 months, with an additional $4 million available for sale, bringing the maximum aggregate offering amount under the program to $17.377 million.
• During the fiscal year ended April 30, 2025, Trio Petroleum raised approximately $4.65 million through an ATM agreement and secured additional funds through convertible debt financing.
• Significant share issuances have also occurred in connection with acquisitions, such as 912,875 restricted shares (valued at CDN $1,000,000) for Saskatchewan heavy oil assets in January 2026 and 104,227 restricted shares to Capital Land in November 2025.

Inbound Investments

• Trio Petroleum has secured funding through convertible debt financing, as evidenced by the retirement of $1.2 million in outstanding convertible investments in February 2026.
• The company has issued unsecured convertible promissory notes to institutional investors.

Outbound Investments

• In January 2026, Trio Petroleum, through its Canadian subsidiary, acquired Saskatchewan heavy oil assets from NovaCor Exploration Ltd. for a purchase price of CDN $1,000,000, paid in common stock.
• In November 2025, Trio Petroleum acquired cash-flow-positive production assets in Alberta.
• The company acquired oil and gas lease rights for four proved properties located in Saskatchewan, Canada, in April 2025.

Capital Expenditures

• Capital expenditures for unproved oil and gas properties were approximately $1.14 million for the year ended October 31, 2024, and $893,149 for the year ended October 31, 2025.
• The primary focus of capital expenditures includes the development of the South Salinas Project in California, with ongoing efforts to obtain necessary permits for full field development.
• Capital is also allocated to the P.R. Spring Project in Utah, with initial drilling and completion costs estimated at less than $800,000 per well.