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Friday 9 October 2026 · Oil, gas and mining explorers, from their own disclosures

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Trio Petroleum Corp

NYSE:TPET · 25 story beats from 2023 to 2026

What it holds, and what it is worth

0mmbbl oil

prospective · P90 0.3 / P50 0.3 / P10 0.3

Valued at: Trio Petroleum Corp 2.25%Permit: ASPHALT RIDGE PROJECT
2 notes for review
  • liquids: single estimate 0.3 mmbbl used for P90/P50/P10
  • liquids: no SPE-PRMS class stated; risked as prospective
0mmbbl oil

reserve · P90 0.0915 / P50 0.0915 / P10 0.0915

Valued at: Trio Petroleum Corp 100%Permit: NOVACOR LLOYDMINSTER ASSETS
1 note for review
  • liquids: single estimate 0.0915 mmbbl used for P90/P50/P10
42bcf gas

reserve · P90 42.4 / P50 42.4 / P10 42.4

40mmbbl oil

reserve · P90 40.2 / P50 40.2 / P10 40.2

Valued at: Trio Petroleum Corp 100% of volumes already stated netPermit: SOUTH SALINAS PROJECT
2 notes for review
  • gas: single estimate 42.4 bcf used for P90/P50/P10
  • liquids: single estimate 40.2 mmbbl used for P90/P50/P10
50%
Probability of
83
mmbbl
99.5%
Value retained
$178,426,000.00
AUD

Leverage per instrument

NYSE:TPET
192%
$1.59 → $3.06

The story so far

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

20269.0m shares · US$798k market cap

  1. 5 Jan

    Signed and immediately closed a third, separate deal with Novacor Exploration -- another CD$1 million (~US$730,300) Canadian asset purchase, this time paid entirely in 912,875 shares with no cash component.

    asset acquisition disposition

    9.0m shUS$798k

20258.4m shares · US$985k market cap

  1. 27 Oct

    Agreed to a second Canadian acquisition -- Alberta mineral leases from Capital Land Services Ltd. for CD$150,000 cash plus CD$150,000 in shares -- contingent on a separate receivership-related transaction (Revitalize Energy Inc., under PwC as court-appointed receiver) closing first.

    material agreement

    8.4m shUS$985k
  2. 18 Aug

    Raised $1.2 million from three institutional investors via unsecured convertible notes (15% OID, $1.02 million net), with a new placement agent (Ladenburg Thalmann, replacing Spartan on this deal) and restrictive covenants requiring 25% of any future equity-financing proceeds go toward repaying these notes.

    capital raising announcement

    8.4m shUS$1.1m
  3. 29 May

    Walked away entirely from the McCool Ranch related-party deal with Trio Petroleum LLC, mutually terminating it with no refund of the money already paid -- the October 2023 insider transaction failed to pan out.

    material agreement termination

    7.5m shUS$1000k
  4. 21 May

    Closed the Novacor Lloydminster acquisition in full (US$650,000 total: cash plus 526,536 shares) and separately amended its bylaws to lower the shareholder-meeting quorum to just one-third of voting power.

    asset acquisition disposition

    7.5m shUS$1000k
  5. 20 May

    Signed a non-binding LOI to acquire Heavy Sweet's separate 2,000-acre P.R. Spring, Utah acreage for $150,000 upfront plus 1,492,272 shares and $850,000 cash at closing, contingent on its existing Asphalt Ridge wells reaching 40 barrels/day sustained production by May 2026. (This filing's cover page lists TPET as trading on Nasdaq rather than NYSE American -- inconsistent with every surrounding filing and likely a template error, not an actual listing change; logged as an issue.)

    material agreement

    7.5m shUS$1000k
  6. 17 Apr

    Opened a new convertible note ($321,176 face, 15% OID) that it amended and restated four days later to $712,941 face / $606,000 funded, at a $0.48 conversion floor, maturing October 2025 -- financing the Canadian expansion.

    capital raising announcement

    7.5m shUS$1.2m
  7. 10 Apr

    Made its first international move: formed subsidiary Trio Petroleum Canada Corp to buy Novacor Exploration Ltd.'s heavy-oil assets in Lloydminster, Saskatchewan, funding the purchase with a US$1,131,000, 3-year, 12% loan from the parent company to the new subsidiary.

    asset acquisition disposition

    6.7m shUS$1.0m

20243.2m shares · US$45k market cap

  1. 6 Nov

    NYSE American halted trading in TPET on November 5, 2024 over its sustained low share price; the company resolved it with a 1-for-20 reverse stock split effective November 14, 2024, and trading resumed the next day.

    listing compliance notice

    3.2m shUS$45k
  2. 27 Sept

    A three-part filing: extended the personal loan from Michael Peterson -- now described as a consultant and former CEO, confirming a leadership change since his April 2024 loan -- to October 28, 2024 for a $5,000 fee; opened a new $4.8 million at-the-market equity sales facility with Spartan Capital Securities; and extended the Heavy Sweet option again, to December 10, 2024.

    material agreement

    50.3m shUS$1.1m
  3. 28 June

    Raised $720,000 from two more institutional investors via matching $400,000, 10%-OID convertible notes and warrants at $0.39525/share -- and gave both investors the right to participate in up to 100% of any future debt financing.

    capital raising announcement

    50.3m shUS$1.7m
  4. 7 May

    Dismissed BF Borgers CPA PC as auditor -- timing that coincides with the SEC's May 2024 enforcement action barring BF Borgers from public-company audit work industry-wide, though this filing itself cites only routine reasons (no disagreements; going-concern doubt already flagged in its prior reports).

    auditor change

    50.3m shUS$1.8m
  5. 17 Apr

    Raised another $360,000 gross ($310,000 net) via a new $400,000 senior secured convertible note (10% OID, $0.25 conversion price, 750,000 commitment shares), maturing August 2024.

    capital raising announcement

    36.9m shUS$347k
  6. 8 Apr

    Paid off both tranches of the October 2023 financing in full by issuing 8,926,664 shares at the $0.15 floor price plus a 3% premium -- closing out that note, at a heavy dilution cost.

    material agreement

    36.9m shUS$347k
  7. 8 Apr

    Opened a new, much smaller and far harsher note -- $184,500 gross, a $211,500 face amount (13% OID), 12% interest -- convertible at the lower of 25% of market price or a $0.07117 floor, reflecting how much tougher its financing terms had become in just months.

    material agreement

    36.9m shUS$347k
  8. 1 Apr

    CEO Michael Peterson personally lent the company $125,000 (10% interest, due September 2024) and had the vesting of 1,000,000 of his own restricted shares accelerated as extra consideration -- the company's first insider loan.

    material agreement

    36.9m shUS$347k
  9. 1 Mar

    Received a NYSE American notice for falling out of compliance with the exchange's minimum-price listing standard; trading continued under a compliance plan due by August 26, 2024.

    listing compliance notice

    32.4m shUS$346k
  10. 5 Feb

    Amended the October note again, cutting its conversion floor from $0.35 to $0.15 and issuing 2,395,611 more shares in lieu of a cash payment -- deepening dilution just four months after the original financing.

    material agreement

    32.4m shUS$589k
  11. 5 Jan

    Took an option (from Heavy Sweet Oil LLC) to acquire up to 20% of production from 960 acres of long-developed Uinta Basin, Utah oil leases -- a $5 million, three-well development plan -- and, per this filing, Heavy Sweet struck a parallel deal with Lafayette Energy Corp, a company where Trio's own CEO Michael Peterson also serves as CEO; funded $200,000 toward the option in a December 2023 amendment.

    material agreement

    1.6m shUS$53k
  12. 2 Jan

    Closed the second tranche of October's note financing, but only after cutting the conversion and warrant prices from $1.20 to $0.50 -- a $550,000 note plus 445,561 warrants at the new price, another sign of a falling stock.

    capital raising announcement

    1.6m shUS$53k

202329.6m shares · US$1.9m market cap

  1. 17 Oct

    Agreed to buy a 21.9% undivided interest in the McCool Ranch Oil Field from Trio Petroleum LLC -- a company owned by Trio's own Chairman, President and COO -- for $100,000 upfront plus up to $400,000 more if a water-disposal-well refurbishment succeeds; the deal was reviewed and negotiated by an independent Special Acquisitions Committee with the insiders recused.

    material agreement

    29.6m shUS$1.9m
  2. 4 Oct

    Opened its first convertible note financing -- up to $3.5 million in two tranches -- funding the first ($2 million note, $1.86 million net after 7% OID) alongside a warrant on 866,702 shares at $1.20, both priced at $1.20/share.

    capital raising announcement

    29.6m shUS$1.9m
  3. 25 Apr

    Signed a drilling contract with Ensign United States Drilling to drill and complete the HV-1 confirmation well at Presidents Oilfield (part of the flagship South Salinas Project), ~$18,250/day, starting May 3, 2023; also hired Apollo Shareholder Relations for investor communications.

    material agreement

    17.0m sh
  4. 20 Apr

    Completed its IPO on NYSE American (ticker TPET): 2,000,000 shares at $3.00 via underwriter Spartan Capital Securities, with a 45-day over-allotment option on 300,000 more, a 7.5% underwriting discount, and a representative's warrant on 115,000 shares -- proceeds earmarked for drilling wells.

    material agreement

    17.0m sh
  5. 14 Mar

    the exchange certified Trio Petroleum Corp's securities for listing, clearing them to begin trading.

    listing compliance notice

    17.0m sh