Trio Petroleum Corp Completes Transformational $19 Million Raise Under ATM Program

Rhea-AI Summary

Trio Petroleum (NYSE American: TPET) completed an at-the-market equity raise, generating $19,017,527 in gross proceeds as of March 18, 2026, and $18,446,993 in net cash after commissions.

The Company sold 19,202,455 shares and says the capital will support expansion in Canada and the U.S., targeting 500–1,000 barrels-per-day oil and gas projects and workovers across existing assets.

Positive

• Gross proceeds $19,017,527
• Net cash proceeds $18,446,993
• Shares sold 19,202,455
• Capital earmarked for 500–1,000 bpd project acquisitions

Negative

• Issuance of 19,202,455 shares creates dilution risk for existing holders
• Company cites oil price volatility, which could affect near-term cash flows
• Prospectus amendments increased placement capacity, implying potential for further dilution

Key Figures

ATM gross proceeds: $19,017,527 ATM net proceeds: $18,446,993 Shares sold via ATM: 19,202,455 shares +5 more

8 metrics

ATM gross proceeds $19,017,527 Gross raised under ATM program as of Mar 18, 2026

ATM net proceeds $18,446,993 Net cash to Trio after commissions

Shares sold via ATM 19,202,455 shares Total common shares sold under ATM to date

Initial ATM capacity $3,600,000 Aggregate offering price in Jan 9, 2026 prospectus supplement

Quarterly revenue $122,193 Revenue for quarter ended Jan 31, 2026

Prior-year revenue $10,819 Revenue same quarter a year earlier

Net loss $1,012,629 Quarter ended Jan 31, 2026

Total assets $14.2M As of Jan 31, 2026

Market Reality Check

Price: $1.05 Vol: Volume 11,463,001 is only...

low vol

$1.05 Last Close

Volume Volume 11,463,001 is only 0.12x the 20-day average of 94,182,349, indicating relatively subdued trading. low

Technical Price at $1.05 is slightly above the 200-day MA of $1.02, despite a -9.48% daily decline.

Peers on Argus

TPET fell 9.48% with several peers also weak: EONR -10.68%, BATL -6.71%, INDO -2...

1 Up 3 Down

TPET fell 9.48% with several peers also weak: EONR -10.68%, BATL -6.71%, INDO -2.93%, while MXC gained 2.73%. This mix suggests both company-specific dilution and broader sector softness.

Common Catalyst No same-day peer news; momentum data and sector scanner point to broader Oil & Gas E&P weakness.

Historical Context

5 past events · Latest: Feb 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 18	Debt retirement	Positive	+10.8%	Convertible notes of <b>$1.2M</b> fully converted and retired, plus asset updates.
Feb 05	Operations update	Positive	-3.6%	Alberta approvals completed with near-term production of <b>30–40 bbl/d</b> targeted.
Jan 05	Asset acquisition	Positive	+1.1%	Saskatchewan heavy-oil acquisition for <b>$1,000,000 CAD</b> and revenue from disposal facility.
Nov 04	Asset acquisition	Positive	-4.5%	Alberta mineral lease with multiple wells and modest purchase consideration disclosed.
Oct 09	Regulatory approval	Positive	-1.8%	Alberta Energy Regulator eligibility under Directive 067 for acquiring energy licenses.

Pattern Detected

Across the last five primarily positive operational and acquisition updates, TPET showed 3 divergences and 2 alignments between news tone and next-day price, often selling off on constructive announcements.

Recent Company History

Over the past six months, Trio Petroleum has focused on Canadian expansion and balance-sheet cleanup. It secured Alberta regulatory eligibility on Oct 9, 2025, followed by cash-flow-positive acquisitions in Alberta and Saskatchewan with production in the 30–70 bbl/d range. Recent updates included operational progress in Alberta and retirement of $1.2M in convertible notes. Today’s ATM capital raise builds on that sequence of acquisitions and debt reduction by adding substantial equity funding for further growth.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-09-04

The company has an active Form S-3 shelf dated Sep 4, 2025, with at least 5 prospectus supplements (Form 424B5) filed, indicating repeated use of the registration for at-the-market equity sales.

Market Pulse Summary

This announcement details completion of an at-the-market equity program, raising $19,017,527 in gros...

Analysis

This announcement details completion of an at-the-market equity program, raising $19,017,527 in gross proceeds and $18,446,993 in net cash through 19,202,455 new shares. Management frames the capital as fuel for larger Canadian and U.S. projects and workovers across existing assets. In context of recent acquisitions and improved but still negative earnings, investors may watch how efficiently this capital converts into sustainable production and cash flow.

Key Terms

atm program, atm offering, prospectus supplement, aggregate offering price, +1 more

5 terms

atm program financial

"the Company had raised $19,017,527 in gross proceeds under its ATM program"

An ATM program is a plan or arrangement that allows a company to sell its shares directly to investors over time, often through automated systems like online platforms. It provides a flexible way for companies to raise money gradually without needing a full public offering each time. For investors, it can offer easier access to buying or selling shares and can help companies manage their fundraising more efficiently.

atm offering financial

"in connection with the ATM Offering. Subsequent to the period ended January 31, 2026"

An at-the-market offering is a way for a company to sell new shares of its stock directly into the stock market over time, usually through a designated sales program. This approach allows the company to raise funds gradually as needed, similar to adding small amounts of fuel to a car rather than filling the tank all at once. For investors, it can influence the company's stock price and provide insights into its financing plans.

prospectus supplement regulatory

"On January 9, 2026, the Company filed a prospectus supplement with the SEC"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

aggregate offering price financial

"covering the sale of shares of common stock having an aggregate offering price of up to $3,600,000"

The aggregate offering price is the total dollar amount that will be raised if all the securities in an offering are sold at the stated offering price, before fees or expenses are taken out. Investors use it to gauge the size of the fundraising and its potential effects—such as how much cash the company will get and how much existing ownership might be reduced—similar to totaling every item’s price in a shopping cart to see the full bill.

placement shares financial

"aggregate offering price of up to $3,600,000 (the “Placement Shares”), in connection with the ATM Offering"

Placement shares are shares sold directly to a small group of selected investors, often institutions or accredited individuals, rather than to the public on an exchange. They matter because they bring quick capital to the company but increase the total number of shares outstanding and can reduce each existing shareholder's percentage ownership and shift who benefits from future profits—like taking a private loan from a few lenders that changes who has a stake in the business.

AI-generated analysis. Not financial advice.

Malibu, CA, March 18, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), an oil and gas company, announced that as of March 18, 2026, the Company had raised $19,017,527 in gross proceeds under its ATM program, resulting in net cash proceeds to Trio of $18,446,993, after payment of commissions.

Commented Robin Ross, Chief Executive Officer, "This first quarter has been transformational for Trio as we successfully raised nearly $19 million through our ATM program. Management believes this capital provides a significant opportunity to accelerate our expansion plans in both Canada and the U.S., with a focus on acquiring larger, higher-impact oil and gas projects in the 500 to 1,000 barrels per day range, as well as advancing workover opportunities across our existing assets. While we expect oil prices to remain volatile, we continue to see an upward bias supported by global energy demand. Taken together, we believe that these factors place Trio on a strong trajectory for meaningful production and cash-flow growth.”

ATM Offering

On January 9, 2026, the Company filed a prospectus supplement with the SEC covering the sale of shares of common stock having an aggregate offering price of up to $3,600,000 (the “Placement Shares”), in connection with the ATM Offering. Subsequent to the period ended January 31, 2026, we filed several amendments to the prospectus supplement related to the ATM Offering to increase the dollar amount of Placement Shares that may be offered pursuant to the ATM Offering. The Company has sold, to date, 19,202,455 shares of common stock for aggregate gross proceeds of $19,017,527.

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

How much did TPET raise under its ATM program on March 18, 2026?

The company raised $19,017,527 in gross proceeds, with $18,446,993 net after commissions. According to the company, 19,202,455 shares were sold under the ATM as of March 18, 2026.

How many TPET shares were sold in the ATM offering and what was the impact?

Trio sold 19,202,455 shares under the ATM, increasing share count and dilution risk. According to the company, the share sales produced net cash proceeds of $18,446,993 to fund growth initiatives.

What will TPET use the ATM proceeds for and which assets are targeted?

Proceeds will fund expansion and acquisitions focused on 500–1,000 bpd oil and gas projects and workovers. According to the company, capital will support growth in both Canada and the U.S.

Does the ATM raise change TPET’s funding flexibility or dilution potential?

The ATM provides near-term funding flexibility but increases dilution because 19,202,455 shares were issued. According to the company, prospectus amendments also raised the offering capacity, allowing additional share sales if utilized.

When was the ATM prospectus filed and were there subsequent changes for TPET?

The company filed a prospectus supplement on January 9, 2026 and later filed amendments to increase the Placement Shares' dollar amount. According to the company, those amendments expanded the ATM offering capacity.

How might oil price volatility affect TPET after the March 18, 2026 raise?

Oil price volatility could affect near-term production revenue and cash flows despite new capital. According to the company, management sees an upward bias in prices but acknowledges continued volatility risks.