secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2023-10-17T23:59:59+00:00
Accession:  0001493152-23-037521
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000149315223037521/0001493152-23-037521-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000149315223037521/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-037521

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