Trio Petroleum Corp.

What they do

Trio holds an approximate 85.775% working interest (68.62% net revenue interest) in the roughly 9,300-acre South Salinas Project in Monterey County, California, where the HV-3A discovery well at Presidents Field has produced oil and is currently idled pending permitting and production-enhancement work. It also holds an interest in the Asphalt Ridge Project in Uintah County, Utah, and producing heavy oil assets in west-central Saskatchewan acquired from Novacor (April 2025) and Capital Land (November 2025). The company generates revenue from oil sales, with the McCool Ranch Oil Field restart in February 2024 producing its first revenues in the quarter ended April 30, 2024, and Canadian properties contributing from the period ended April 30, 2025.

Revenue drivers

• Saskatchewan heavy oil (Novacor and Capital Land assets) — Producing heavy oil wells in the Lloydminster region and County of Vermilion River acquired in April 2025 and November 2025; management describes Canada as the primary growth driver, supported by planned workovers to enhance production.
• South Salinas Project, California (McCool Ranch and Presidents Field) — Approximately 9,300 acres in Monterey County with an approximate 68.62% net revenue interest; oil sales from the HV-3A well began in the third calendar quarter of 2024 but the well is currently idled, and full development depends on Monterey County and CalGEM permits.
• Asphalt Ridge Project, Uintah County, Utah — An interest in oil properties acquired as part of the shift away from California; no production volumes or revenue contribution for this asset are disclosed in the excerpts.

Recent performance

Annual revenue grew from $213,204 in fiscal 2024 to $398,734 in fiscal 2025, while net loss narrowed from $9.6M in 2024 to $7.3M in 2025 and diluted EPS improved from -$4.32 to -$0.80. Operating cash flow remained negative but improved from -$3.8M in 2024 to -$2.6M in 2025. Recent quarterly revenue rose sequentially through fiscal 2026, from $172,249 in the quarter ended 2025-10-31 to $122,193, $208,257 and $348,581 in the quarters ended 2026-01-31, 2026-04-30 and 2026-07-31. At 2026-07-31 the company reported total assets of $37.9M, total liabilities of $1.4M, shareholder equity of $36.5M and cash and equivalents of $23.2M.

Strategy

Management states it has shifted focus away from California, citing rising drilling costs and negative impacts on potential profitability, toward more economically viable opportunities such as Utah and Saskatchewan. The stated strategy is to acquire assets that generate immediate cash flow, provide long-term development potential and offer transformative value through targeted strategic investment. In Canada, the company began a workover program immediately after the April 2025 Novacor acquisition and expanded in November 2025 with the Capital Land acquisition. In California, it continues to pursue Monterey County conditional use and full field development permits and CalGEM and California Water Boards permits for a water disposal project at South Salinas, while assessing adding up to 650 feet of perforations and/or acidizing the HV-3A well.

Risks

• Going concern and operating losses — Management concluded that factors raise substantial doubt about the company's ability to continue as a going concern, and the auditor included an explanatory paragraph on going concern for fiscal years 2025 and 2024; net losses were $9.6M in 2024 and $7.3M in 2025.
• Permitting and development delays — Full development of the South Salinas Project depends on Monterey County conditional use and full field development permits and CalGEM and California Water Boards approvals for water disposal, which the company describes as still in progress.
• Contractor-model drilling dependence — The company states that its contractor model for drilling operations leaves it vulnerable to any inability to engage one or more drilling rigs and associated drilling personnel.
• Commodity price and capital access exposure — Revenue comes from oil sales; the company cites volatility of oil and natural gas prices and its ability to obtain financing when needed, and on what terms, among the risks affecting results and plans.

Outlook

Management describes the Canadian projects as a significant growth opportunity driven primarily by planned workovers intended to enhance production across the acquired assets. In California, permitting efforts for South Salinas continue while the HV-3A well is idled and the company assesses production-enhancement options such as added perforations or acidizing. The stated priority is acquiring cash-flowing assets with long-term development potential, funded from a balance sheet showing $23.2M of cash and equivalents at 2026-07-31 against $1.4M of total liabilities.