Trio Petroleum Corp (NYSE American: TPET) is an oil and gas exploration and production company focused on acquiring and developing oil and gas properties in California and Canada. Revenue is generated through the sale of produced crude oil and natural gas, with first oil sales from the HV-3A discovery well at the South Salinas Project's Presidents Field occurring in the third calendar quarter of 2024. The company holds approximately 9,245 gross undeveloped acres (7,927 net) in California as of the FY2025 10-K filing, with additional mineral leasehold interests acquired in Vermilion River County, Alberta, Canada in November 2025. Trio Petroleum carries a going concern qualification as of October 31, 2025, with auditors citing losses from operations and a net capital deficiency. The company is pre-scale, capital-intensive, and dependent on external drilling contractors and ongoing permit approvals from California and Canadian regulators.

Revenue model

Transactional: revenue from sale of produced crude oil and natural gas. First oil sales from the HV-3A well occurred in the third calendar quarter of 2024, though that well was subsequently idled as of the FY2025 10-K filing date.

Products and services

Crude oil and natural gas production. Key assets include the South Salinas Project (California), the HV-3A discovery well at Presidents Field (California), and the McCool Ranch Oil Field (~22% working interest acquired effective October 1, 2023). Mineral leasehold interests in Vermilion River County, Alberta, Canada acquired November 2025 via Trio Canada subsidiary.

Customers and end markets

Oil and gas commodity markets. No specific customer names or concentration data disclosed in the filing excerpts.

Value-chain role

Upstream oil and gas: exploration, leasehold acquisition, permitting, and production. Operates through working interests, with Trio LLC serving as operator of the South Salinas Project. Uses independent drilling contractors including Ensign Energy. Pursuing joint venture arrangements for the South Salinas Project as of the FY2025 filing.

Geographic exposure

California (South Salinas Project, McCool Ranch Oil Field, Presidents Field) and Alberta, Canada (Vermilion River County, acquired November 2025 via wholly owned subsidiary Trio Petroleum Canada Corp).

Source: SEC 10-K, filed 2026-01-20

Industry: Crude Petroleum & Natural Gas Peers: ABRAXAS PETROLEUM CORP Chesapeake Granite Wash Trust ConocoPhillips Hugoton Royalty Trust VIKING ENERGY GROUP, INC. Reserve Petroleum Co US Energy Corp Zion Oil & Gas Inc