Company retires remaining Outstanding Convertible Investments

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.

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

Argus Feb 18 session

+10.81% close to close Open Argus

Details

News Market Reaction – TPET

On Feb 18, the day this news came out, TPET closed 10.81% above the previous close.

Data tracked by StockTitan Argus for the Feb 18 session.

Key Figures

Convertible notes retired: $1.2 million principal Institutional investors: 3 investors

Convertible notes retired

$1.2 million principal

Aggregate principal of convertible promissory notes fully converted as of Feb 13, 2026

Institutional investors

3 investors

Number of institutional investors holding the August 2025 convertible notes

Historical Context

4 past events · Latest: Feb 05

4 events

1. Feb 05

   Operations update

   24h Move

   -3.6%

   Alberta approvals completed with initial wells targeting near-term production start-up.

2. Jan 05

   Saskatchewan acquisition

   24h Move

   +1.1%

   Acquisition of Saskatchewan heavy oil wells and disposal facility with revenue potential.

3. Nov 04

   Alberta acquisition

   24h Move

   -4.5%

   Purchase of Alberta mineral lease with existing and future oil production.

4. Oct 09

   Regulatory approval

   24h Move

   -1.8%

   Alberta Energy Regulator eligibility enabling pursuit of targeted energy assets.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible promissory notes, private placement, registration statement

3 terms

convertible promissory notes financial

"convertible promissory notes with an aggregate principal of $1.2 million"

A convertible promissory note is a loan a company takes that can later be turned into shares instead of being paid back in cash; think of lending money now in exchange for a voucher that can become ownership later. Investors care because it mixes credit risk and potential ownership upside—it can protect lenders if a company struggles while also diluting existing shareholders when converted, affecting future share value and investor returns.

private placement financial

"in connection with a private placement of convertible debt financing"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

registration statement regulatory

"registered for resale by the Company in a registration statement filed"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 $1.2 million (the “Notes”) had been fully converted into shares of Trio common stock. The Notes were issued to three institutional investors (the “Investors”) in August 2025, in connection with a private placement of convertible debt financing. The shares of common stock issued to the Investors upon their conversions of the Notes were all registered for resale by the Company in a registration statement filed by the Company with the Securities and Exchange Commission on September 4. 2025, which was declared effective on September 11, 2025. The Notes have been retired.

"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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Trio Petroleum (TPET) announce about the $1.2M convertible notes on Feb 18, 2026?

The company said the convertible promissory notes with aggregate principal of $1.2 million were fully converted into common shares on Feb 13, 2026. According to the company, the Notes have been retired and the shares were registered for resale effective Sept 11, 2025.

Who held the convertible notes that Trio Petroleum (TPET) converted in February 2026?

According to the company, the Notes were issued to three institutional investors in August 2025 as part of a private placement. The investors received registered common shares upon conversion, per the company.

How does the Feb 2026 conversion affect Trio Petroleum's (TPET) balance sheet?

The company said conversion put it in a better cash position and strengthened its balance sheet. According to the company, retiring the Notes removed related convertible debt obligations from liabilities.

When was the resale registration for the shares issued in the TPET conversion declared effective?

According to the company, the registration statement covering the shares was declared effective on Sept 11, 2025. The registration was originally filed on Sept 4, 2025, enabling resale of converted shares.

What operational moves did Trio Petroleum (TPET) report alongside the Feb 2026 conversion?

The company said it is bringing newly acquired Alberta assets online this week and reworking Saskatchewan wells bought last summer. According to the company, these activities target near-term Canadian cash flow generation.