Trio Petroleum acquires 21.9% working interest in McCool Ranch oil field for up to $500K from affiliate

Trio Petroleum Corp

Acquired 21.918315% undivided interest in McCool Ranch Oil Field (Hangman Hollow) from Trio Petroleum LLC, an affiliate of Chairman, President, and COO.
Total purchase price up to $500,000: $100,000 upfront plus $400,000 contingent on water disposal well refurbishment.
Payout structure: 80% to Trio until $500k recouped, then 40% until $871,642 WI indebtedness repaid, then 50/50 working interest.
Transaction evaluated by independent Special Acquisitions Committee and KLS Petroleum Consulting for fair market value.
Field currently idle; proceeds intended to restart production and generate cash flow.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Trio Petroleum Corp entered into Agreement for Purchase and Sale of an Undivided Interest in the McCool Ranch Oil Field with Trio Petroleum LLC valued at $500,000.00 (effective 2023-10-16).

Action: entry
Agreement: asset purchase
Counterparty: Trio Petroleum LLC
Value: $500,000.00
Effective: 2023-10-16

Exact text from the filing

On October 16, 2023, Trio Petroleum Corp (the “Company”, “Trio”, “we” and “us”), entered into an Agreement for Purchase and Sale of an Undivided Interest in the McCool Ranch Oil Field (the “Purchase Agreement”) with Trio Petroleum LLC (“Trio LLC” or the “Seller”), which agreement contains customary representations and warranties of the parties, and indemnification requirements.

View on SEC.gov

197 material agreements filed in the last 30 days. Browse all material agreements →

Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-037521

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.