Company retires remaining Outstanding Convertible Investments
Rhea-AI Summary
Trio Petroleum (NYSE American: TPET) announced that on Feb 13, 2026 convertible promissory notes with aggregate principal of $1.2 million were fully converted into common shares and the Notes have been retired.
The Notes were issued in Aug 2025 to three institutional investors; the related resale registration was declared effective on Sept 11, 2025. The company said it is bringing newly acquired Alberta assets online this week and reworking Saskatchewan wells acquired last summer.
Positive
- $1.2M of convertible notes fully converted on Feb 13, 2026
- Related resale registration declared effective on Sept 11, 2025
- Alberta assets expected to be online this week
Negative
- Common shares issued upon conversion, increasing outstanding share count
News Market Reaction – TPET
On the day this news was published, TPET gained 10.81%, reflecting a significant positive market reaction. Argus tracked a peak move of +18.2% during that session. Our momentum scanner triggered 27 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $569K to the company's valuation, bringing the market cap to $6M at that time. Trading volume was exceptionally heavy at 5.3x the daily average, suggesting very strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
TPET fell 6.18% while peers were mixed: BRN down 6.18%, EONR down 3.72%, but BATL up 7.6%, MTR up 1.92%, and MXC up 1.42%, suggesting company-specific pressure rather than a clear sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 05 | Operations update | Positive | -3.6% | Alberta approvals completed with initial wells targeting near-term production start-up. |
| Jan 05 | Saskatchewan acquisition | Positive | +1.1% | Acquisition of Saskatchewan heavy oil wells and disposal facility with revenue potential. |
| Nov 04 | Alberta acquisition | Positive | -4.5% | Purchase of Alberta mineral lease with existing and future oil production. |
| Oct 09 | Regulatory approval | Positive | -1.8% | Alberta Energy Regulator eligibility enabling pursuit of targeted energy assets. |
Recent positive operational and acquisition updates have often coincided with negative price reactions, indicating a pattern of weak market confidence in new developments.
Over the last several months, Trio Petroleum has pivoted toward Canadian heavy-oil assets and regulatory positioning in Alberta. Key steps include Alberta regulator eligibility on Oct 9, 2025, an Alberta acquisition on Nov 4, 2025, and a Saskatchewan asset purchase on Jan 5, 2026. An Alberta operations update on Feb 5, 2026 outlined imminent production. Despite generally constructive fundamentals in these releases, shares often reacted negatively, echoing the pre-news weakness seen around this balance sheet-focused announcement.
Regulatory & Risk Context
The company has an active Form S-3 shelf filed on September 4, 2025, with selling stockholders and related arrangements disclosed. It has been used at least once, as indicated by a 424B5 prospectus supplement on January 9, 2026, but no total dollar capacity is specified in the provided summary.
Market Pulse Summary
The stock surged +10.8% in the session following this news. A strong positive reaction aligns with the balance sheet improvement from fully converting $1.2 million of convertible notes into equity. This removed a debt overhang and followed a series of Canadian asset acquisitions and regulatory approvals. However, investors would need to weigh ongoing equity issuance capacity under the active S-3 and ATM program, as well as recent insider sales disclosed in multiple Form 4 filings, when assessing durability of any upside.
Key Terms
convertible promissory notes financial
private placement financial
registration statement regulatory
AI-generated analysis. Not financial advice.
Malibu, CA, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California oil and gas company, announced that as of February 13 ,2026, convertible promissory notes with an aggregate principal of
"We are happy the notes were fully converted putting the company in a better cash position and strengthening the Company’s balance sheet." stated Robin Ross Chief Executive Officer.
Alberta assets about to come online
The Company is focused on bringing our newly acquired Alberta assets online this week, and reworking some of our existing Saskatchewan wells bought last summer. "We continue to believe acquiring undervalued Canadian cash flow positive assets will reap dividends as the demand for energy grows.” stated Robin Ross Chief Executive Officer.
About Trio Petroleum Corp
Trio Petroleum Corp is an oil and gas exploration and development company with operations in California, Saskatchewan, Alberta, and Utah. The Company is focused on acquiring and developing high-quality producing assets that offer near-term cash flow and long-term growth potential.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding anticipated timing of surface lease execution, commencement of production, expected production rates, perforation of additional zones, operational performance, and timing for integration of additional wells. These statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including regulatory processes, surface access, operational execution, equipment performance, reservoir response, commodity prices, and other risks described in the Company’s filings with the U.S. Securities and Exchange Commission. Trio undertakes no obligation to update forward-looking statements except as required by law.
Investor Relations Contact
Redwood Empire Financial Communications
Michael Bayes (404) 809-4172
michael@redwoodefc.com
FAQ
What did Trio Petroleum (TPET) announce about the $1.2M convertible notes on Feb 18, 2026?
Who held the convertible notes that Trio Petroleum (TPET) converted in February 2026?
How does the Feb 2026 conversion affect Trio Petroleum's (TPET) balance sheet?
When was the resale registration for the shares issued in the TPET conversion declared effective?
What operational moves did Trio Petroleum (TPET) report alongside the Feb 2026 conversion?
