TRIO PETROLEUM Stock Price, News & Analysis

Trio Petroleum Corp. (NYSE American: TPET) is an oil and gas exploration and development company focused on crude petroleum and natural gas extraction. According to company disclosures, Trio is headquartered in Bakersfield, California and describes itself as a California-based oil and gas company with operations in Monterey County, California and Uintah County, Utah. Through its wholly owned Canadian subsidiary, Trio Petroleum Canada, Corp., the company is also expanding into heavy oil and conventional oil projects in Saskatchewan and Alberta, Canada.

Core business and operating areas

Trio states that its business centers on acquiring, developing, and optimizing oil and gas assets. In Monterey County, California, the company reports an 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields within its South Salinas Project, and a 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Utah, Trio reports a 2.25% working interest in 960 acres at Asphalt Ridge, along with options to increase its working interest and participate in additional acreage in that heavy-oil and tar-sand development area.

Trio has also disclosed a strategic focus on heavy oil assets in western Canada. In multiple press releases and Form 8-K filings, the company describes acquisitions of petroleum and natural gas properties and mineral leasehold interests in the Lloydminster heavy oil region of Saskatchewan and in Alberta, Canada. These acquisitions include producing heavy oil wells, associated infrastructure, and mineral leases that the company characterizes as cash-flow-positive or cash-flow-positive potential, with third-party operators such as Novacor Exploration Ltd. and other experienced operators engaged under contract to operate certain assets.

South Salinas Project in Monterey County, California

The South Salinas Project is a key California asset for Trio. The company reports that this project covers approximately 9,300 acres at the Presidents and Humpback oilfields and includes existing wells and development locations. Trio has referenced six existing idle wells and one active well (the HV-1 well) in earlier descriptions of the South Salinas Project, and has highlighted the potential to develop probable and possible reserves based on third-party reserve reports. Trio LLC, described as a licensed operator in California, operates the South Salinas Project on behalf of Trio Petroleum Corp.

Within the South Salinas Project, Trio has discussed a Bradley Water Disposal Project Application with the California Geologic Energy Management Division (CalGEM). The company’s stated objective is to utilize an existing wellbore for produced-water disposal to reduce water disposal costs once the field is in production. Trio has cited independent reserve estimates for the South Salinas Project that describe probable and possible undeveloped reserves in terms of barrels of oil and natural gas volumes, along with associated undiscounted net cash flow estimates, based on reports prepared by external petroleum engineering consultants.

Asphalt Ridge and P.R. Spring heavy-oil and tar-sand interests in Utah

In Uintah County, Utah, Trio has disclosed interests and options related to heavy-oil and tar-sand projects. At Asphalt Ridge, the company reports a 2.25% working interest in 960 acres and options to acquire additional working interests in that acreage and adjacent lands, as well as rights of first refusal on further acreage. Trio has described Asphalt Ridge as one of the largest heavy-oil and tar-sand deposits in North America outside of Canada, citing external geological and resource studies. Typical project wells at Asphalt Ridge are described in company materials as having estimated ultimate recoveries and initial production rates based on independent optimization studies.

Separately, Trio has announced a letter of intent to acquire 2,000 acres at P.R. Spring in the Uintah Basin from Heavy Sweet Oil LLC. Company communications reference third-party geological reports that estimate original oil in place within the basin boundary and describe the potential for numerous wells supported by that acreage. Trio has also described expectations, based on external technical studies and project developer input, that initial production at P.R. Spring could yield commercial-grade asphalt and a diesel-range product with low sulfur content, subject to project development and operating performance.

Canadian heavy oil and conventional oil expansion

Trio has reported a series of transactions that expand its footprint into Canadian oil and gas basins. In Saskatchewan’s Lloydminster heavy oil region, the company has entered into and completed asset purchase transactions with Novacor Exploration Ltd. for petroleum and natural gas properties. Company disclosures describe these assets as including producing heavy crude oil wells in formations such as McLaren, Sparky, and Lloydminster, along with additional re-entry and optimization opportunities and multi-lateral drilling potential identified by the operator.

In Alberta, Trio has disclosed that its Canadian subsidiary has acquired a mineral lease covering a quarter section at NW 7-50-1W4, including four fully equipped producing wells and associated surface facilities. The company reports that this acquisition is intended to provide immediate production and revenue, with further re-entry and drilling opportunities on the lease. Trio has also reported that the Alberta Energy Regulator (AER) has determined that its Canadian subsidiary meets eligibility requirements to acquire and hold energy licences and approvals, which the company describes as an essential step in its expansion plans in Alberta.

Produced-water disposal and third-party service revenues

Beyond upstream oil production, Trio has described certain infrastructure assets that may provide service-based revenue. In Saskatchewan, the company has reported entering into an agreement to acquire a produced-water disposal facility intended to operate as a fee-for-service business serving area operators. Trio states that this facility is expected to generate recurring disposal revenues and may provide additional upside from skim oil recovery, based on performance and third-party volumes. The company has also described water disposal as a significant operating cost factor in its California projects and has sought regulatory approval for produced-water disposal solutions at its South Salinas Project.

Financing, capital markets activity, and corporate structure

Trio Petroleum Corp. is incorporated in Delaware and trades on the NYSE American under the ticker symbol TPET. The company has reported using a mix of equity, convertible notes, and asset-level transactions to fund its operations and acquisitions. In various Form 8-K filings, Trio has disclosed private placements of unsecured convertible promissory notes to institutional investors, registration rights agreements for the resale of conversion shares, and the retirement of certain senior secured convertible promissory notes.

In January 2026, the company reported entering into an At Market Issuance Sales Agreement with a sales agent, allowing it to issue and sell shares of common stock from time to time under an existing shelf registration statement. Trio has also disclosed issuing restricted shares of common stock as part of purchase consideration in asset acquisitions and as compensation under consulting and investor relations agreements. Corporate governance disclosures include stockholder approvals of amendments to the company’s certificate of incorporation and equity incentive plan, including changes to authorized share counts and share reserves under the plan.

Strategic focus and growth approach

Across its public communications, Trio consistently describes a strategy focused on acquiring projects that generate immediate cash flow or offer what it characterizes as transformative growth potential with strategic investment. The company emphasizes heavy oil and tar-sand projects in resource-rich basins, along with conventional oil assets that have existing production and identified optimization or development opportunities. Trio also highlights relationships with experienced operators in Canada and technical consultants in the United States as part of its approach to field development, reserve evaluation, and project optimization.

Frequently asked questions (FAQ)

• What does Trio Petroleum Corp. do?
  Trio Petroleum Corp. describes itself as an oil and gas exploration and development company. It focuses on crude petroleum and natural gas extraction through working interests in oilfields and heavy-oil or tar-sand projects in California, Utah, Saskatchewan, and Alberta.
• Where is Trio Petroleum Corp. headquartered?
  The company states that it is headquartered in Bakersfield, California, and also lists corporate offices in Malibu, California in its SEC filings.
• On which exchange does TPET trade?
  Trio Petroleum Corp.’s common stock trades on the NYSE American exchange under the ticker symbol TPET, as noted in its news releases and SEC filings.
• What are Trio’s main assets in California?
  In Monterey County, California, Trio reports an 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in its South Salinas Project, and a 21.92% working interest in 800 acres in the McCool Ranch Field.
• What interests does Trio have in Utah heavy-oil and tar-sand projects?
  In Uintah County, Utah, Trio reports a 2.25% working interest in 960 acres at Asphalt Ridge, with options to acquire additional working interests in that acreage and adjacent lands, and rights of first refusal on further acreage. It has also announced a letter of intent to acquire 2,000 acres at P.R. Spring in the Uintah Basin.
• How is Trio expanding into Canada?
  Through its wholly owned subsidiary Trio Petroleum Canada, Corp., the company has entered into asset purchase agreements for petroleum and natural gas properties in the Lloydminster heavy oil region of Saskatchewan and has acquired a mineral lease and producing wells in Alberta. It has also reported that the Alberta Energy Regulator has determined that the subsidiary meets eligibility requirements to acquire and hold energy licences and approvals.
• Who operates Trio’s Canadian heavy oil assets?
  Company disclosures state that Novacor Exploration Ltd. acts as operator for certain heavy oil assets in the Lloydminster, Saskatchewan region, and that Novacor also serves as an Alberta Energy Regulator agent in connection with certain Alberta assets.
• How does Trio describe its growth strategy?
  In its press releases, Trio states that its focus is on acquiring projects that generate immediate cash flow or offer significant growth potential with strategic investment, including heavy oil, tar-sand, and conventional oil assets with identified development or optimization opportunities.
• What types of financing has Trio used?
  Trio has reported using unsecured convertible promissory notes, equity issuances under registration statements, private placements of restricted common stock, and at-the-market equity offerings under a sales agreement, as well as issuing shares as part of acquisition consideration and service agreements.
• Does Trio have any service-oriented energy infrastructure?
  The company has reported entering into an agreement to acquire a produced-water disposal facility in Saskatchewan intended to operate as a fee-for-service business, with anticipated recurring water disposal revenues and potential skim oil recovery, subject to facility performance and third-party volumes.