Trio Petroleum Corp (TPET): M&A transaction — Trio Petroleum acquires producing heavy oil assets in Saskatchewan for $650K cash + 526K shares

Trio Petroleum Corp

Purchase price: $650K cash (incl. $65K deposit) + 526,536 restricted TPET shares.
First closing on TWP48 assets completed Apr 8, 2025; second closing for TWP47 assets expected by June 30, 2025.
Seven producing wells ~70 bbl/d; lift cost CDN $10/bbl; reserve report: 91.5 MBBL proved+probable.
Trio Canada subsidiary formed; $1.131M promissory note at 12% interest to fund acquisition and operations.
Novacor to operate assets; Trio plans aggressive growth in Saskatchewan heavy oil region.

item 1.01 item 2.01 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Trio Petroleum Corp completed an acquisition involving Novacor Exploration Ltd. (closed 2025-04-08).

Action: acquisition
Counterparty: Novacor Exploration Ltd.
Closing: 2025-04-08

Exact text from the filing

The first closing of the Transaction was consummated on April 8, 2025

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Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001641172-25-003622

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