---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-001423"
form_type: "8-K"
ticker: "TPET"
cik: "0001898766"
company_name: "Trio Petroleum Corp"
filed_at: "2024-01-05T23:59:59+00:00"
generated_at: "2026-06-07T03:31:58.085659+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Trio Petroleum secures option for 20% stake in Utah heavy oil project with 42-92M bbl contingent resources

## Summary
- Option to acquire 20% working interest in Asphalt Ridge heavy oil project near Vernal, Utah; initial $200k of $2M paid Dec 29, 2023.
- Independent reserve auditor estimates gross contingent resources: 42M bbl (low), 66M bbl (best), 92M bbl (high) for Phase 1 (240 acres).
- Phase 1 development starts January 2024 with three initial wells; operator Heavy Sweet Oil/Valkor Group plans cyclic-steam with CO2 injection.
- Option covers Phase 1 (240 acres) and Phase 2 (~30,000 acres); Phase 1 has estimated 119 wells with 2.5-acre spacing.

## SEC filing metadata
- accession: 0001493152-24-001423
- form_type: 8-K
- ticker: TPET
- cik: 0001898766
- company_name: Trio Petroleum Corp
- filed_at: 2024-01-05T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1898766/000149315224001423/0001493152-24-001423-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1898766/000149315224001423/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-001423
- JSON: https://secwatch.observer/filing/0001493152-24-001423.json
- Plain text: https://secwatch.observer/filing/0001493152-24-001423.txt

## Key facts
- Material Agreements
  Trio Petroleum Corp amended Amendment to Leasehold Acquisition and Development Agreement with Heavy Sweet Oil LLC valued at $200,000 (effective 2023-12-29).
  - Action: amendment
  - Agreement: asset purchase
  - Counterparty: Heavy Sweet Oil LLC
  - Value: $200,000
  - Effective: 2023-12-29
  source text: On December 29, 2023, the Company and Heavy Sweet entered into an Amendment to Leasehold Acquisition and Development Agreement (the “ Amendment ”), pursuant to which the Company and Heavy Sweet amended the Asphalt Ridge Option Agreement to provide that, within three (3) business days of the effective date of the Amendment, the Company would fund $200,000 of the $2,000,000 total Purchase Price in advance of Heavy Sweet satisfying the closing conditions set forth in the Asphalt Ridge Option Agreement, in exchange for the Company receiving an immediate 2% interest in the Asphalt Ridge Leases, which advanced funds would be used solely for the building of roads and related infrastructure in furtherance of the development plan.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1898766/000149315224001423/0001493152-24-001423-index.htm
- Material Agreements
  Trio Petroleum Corp entered into Asphalt Ridge Option Agreement with Heavy Sweet Oil LLC valued at $2,000,000 (effective 2023-11-10).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Heavy Sweet Oil LLC
  - Value: $2,000,000
  - Effective: 2023-11-10
  source text: On November 10, 2023, Trio Petroleum Corp (the “ Company ”) entered into a Leasehold Acquisition and Development Option Agreement (the “ Asphalt Ridge Option Agreement ”) with Heavy Sweet Oil LLC (“ Heavy Sweet ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1898766/000149315224001423/0001493152-24-001423-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.