Here are 1-3 brief analogies for Trio Petroleum:

• A small, independent oil and gas exploration and production (E&P) company, like a regional-focused ConocoPhillips operating solely in California.
• Think of it as a local 'wildcatter' aiming to develop specific oil fields in California, rather than a global integrated major like ExxonMobil.
• An independent company focused purely on finding and extracting oil, similar to a boutique, California-specific version of an upstream specialist like EOG Resources.

• Crude Oil: Trio Petroleum engages in the exploration, development, and production of crude oil, which it then sells as a raw fossil fuel commodity.
• Natural Gas: Trio Petroleum also explores for and produces natural gas, which it sells as a gaseous fossil fuel commodity.

Major Customers of Trio Petroleum (TPET)

Trio Petroleum (TPET) is an independent oil and gas exploration and production company. As such, it sells its primary products, crude oil and natural gas, to other companies rather than directly to individuals.

Based on their latest public filings, Trio Petroleum's revenues are highly concentrated with a very small number of customers. Their annual report (Form 10-K) for the fiscal year ended December 31, 2023, states:

• For the year ended December 31, 2023, one customer accounted for 100% of Trio Petroleum's revenue.
• For the year ended December 31, 2022, two customers accounted for 98% and 2% of their revenue, respectively.

While the company explicitly details this customer concentration, **Trio Petroleum's public filings do not disclose the specific names of these major customer companies.** In the oil and gas industry, it is common for producers to sell their commodities to refiners, marketers, or pipeline operators, and the identity of these buyers is often not publicly detailed, especially when dealing with commodity sales under standard terms.

Robin Ross, Chairman and Chief Executive Officer

Mr. Ross is a co-founder of Trio Petroleum Corp.. He possesses 45 years of experience in financial services and merchant banking, having been instrumental in syndicating funds for both private and public companies with combined present-day market capitalizations approaching $1 billion. Mr. Ross is also a founder, co-founder, and principal investor in numerous public and private companies. He co-founded Canada Potash Corporation (CPC) and was a co-founder and president of 180 Degrees Capital Corporation, a private merchant bank focused on restructuring and turn-around management transactions. Mr. Ross previously held management positions at major Canadian investment dealers for over 18 years.

Gregory L. Overholtzer, Chief Financial Officer and Principal Accounting Officer

Mr. Overholtzer is an experienced Chief Financial Officer with a strong background in publicly traded oil and gas companies. He has served as part-time CFO of Indonesia Energy Corporation (NYSE: INDO) since 2019. From January 2012 to December 2018, Mr. Overholtzer served as the Chief Financial Officer, Chief Accounting Officer, and Controller of Pacific Energy Development (NYSE American: PED).

Stan Eschner, Vice Chairman

Mr. Eschner is a co-founder of Trio Petroleum Corp.. He is a registered geologist, an honorary lifetime member of the Pacific Section of the American Association of Petroleum Geologists, and a current and long-time Director of the California Independent Petroleum Association. Mr. Eschner is recognized as a proven resource finder and developer. Earlier in his career, he was a Production Geologist with Shell, where he discovered and developed the prolific Belgian Anticline PML Oceanic sand oil pool.

Terry Eschner, President

Mr. Eschner is a registered geologist with expertise in identifying and developing oil and gas opportunities. His career began at Occidental. He spent 10 years with Chevron as an exploration and production geologist, geophysicist, and project manager. Since leaving Chevron in 1992, he has been the owner and President of Sarlan Resources Inc. and the owner and manager of Core Description LLC. Mr. Eschner has been an integral part of Trio Petroleum LLC's oil and gas exploration and development operations since 2014.

The primary clear emerging threats for Trio Petroleum (TPET) are:

• California's accelerating regulatory and policy environment aimed at phasing out fossil fuel production. The state is implementing increasingly stringent regulations, including significant setbacks for new and existing oil and gas wells (e.g., 3,200 feet from sensitive receptors), moratoriums on new drilling permits, and a long-term commitment to ending oil production. These measures directly threaten TPET's ability to explore, develop, and produce within its primary operational area, effectively eroding its asset base and future operational capacity.

• The global energy transition away from fossil fuels. The rapid expansion of renewable energy sources, electrification of transportation (electric vehicles), and advancements in energy storage are fundamentally shifting global energy demand. This systemic change reduces the long-term market for crude oil and natural gas, impacting future pricing and demand for TPET's core products. Concurrently, increasing ESG (Environmental, Social, and Governance) pressures from investors and financial institutions are leading to reduced access to capital for fossil fuel projects, making it more challenging for TPET to secure funding for development and operations.

Trio Petroleum (TPET) operates as an oil and gas exploration, development, and production company, primarily focusing on its South Salinas Project in California, with additional operations in Saskatchewan, Canada, and Utah, U.S.. Therefore, their main products are crude oil and natural gas.

The addressable market sizes for oil and gas exploration and production are as follows:

• U.S. Market: The market size for Oil Drilling & Gas Extraction in the U.S. is estimated at approximately $484.6 billion in 2025.
• Global Market: The global oil & gas exploration & production market was valued at around $5,832.37 billion in 2024. This market is projected to grow to approximately $17,926.77 billion by 2034.

Trio Petroleum (TPET) anticipates several key drivers for future revenue growth over the next two to three years:

1. Increased Production and Development at McCool Ranch Oil Field: Trio Petroleum restarted production at its 22% working interest in the McCool Ranch Oil Field in February 2024 and has plans for further development, which is expected to contribute to increased revenue.
2. Development and Permitting of the South Salinas Project: The company holds an 85.75% working interest in approximately 9,300 acres within the South Salinas Project and is actively engaged in efforts to obtain necessary permits for its development.
3. Potential Acquisition and Development of the Union Avenue Field: Trio Petroleum holds an option agreement to acquire a 100% working interest in the Union Avenue Field, which, if exercised and developed, could become a significant source of future revenue.
4. Favorable Commodity Price Environment: As an oil and gas exploration and development company, Trio Petroleum's revenue is directly influenced by the market prices of crude oil and natural gas. Sustained or increasing commodity prices would positively impact its top line.

Share Issuance

• Trio Petroleum issued 104,227 restricted shares of common stock, valued at CD$150,000, in November 2025 as part of the acquisition of Canadian oil and gas assets.
• The company reported common stock issuances of $4.65 million as of July 31, 2025, and $1.17 million for fiscal year 2024.
• Share issuances also included $8.55 million for fiscal year 2023 and $0.06 million for fiscal year 2022.

Inbound Investments

• In April 2025, Trio Petroleum entered into a convertible note financing agreement, issuing an Unsecured Convertible Promissory Note with a principal amount of $321,176.

Outbound Investments

• In November 2025, Trio Petroleum's Canadian subsidiary acquired a mineral lease in Alberta for CD$150,000 in cash and CD$150,000 in restricted shares, including four fully equipped wells.
• The company signed a Letter of Intent in May 2025 to acquire 2,000 acres in the P.R. Spring area of Utah from Heavy Sweet Oil LLC, with plans for significant investment in well development.
• In October 2023, TPET agreed to acquire a 22% working interest in the McCool Ranch Oil Field in Monterey County, California.

Capital Expenditures

• Trio Petroleum reported capital expenditures of -$0.93 million as of July 31, 2025, -$1.17 million for fiscal year 2024, and -$4.11 million for fiscal year 2023.
• Significant investment is planned for well development within the P.R. Spring project in Utah.
• Funds were advanced for the development of roads and related infrastructure for the Asphalt Ridge Leases, with an initial amount of $200,000 towards a $2,000,000 purchase price.