secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2025-05-20T23:59:59+00:00
Accession:  0001641172-25-011613
Event type: m_and_a
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Trio Petroleum signs LOI to acquire 2,000 acres in Utah with 6.75B bbl OOIP
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- Non-binding LOI for 2,000 acres at P.R. Spring, Utah; estimated 6.75B barrels OOIP; up to 1,000 wells possible.
- Consideration: $150k non-refundable option paid; at closing $850k cash + 1,492,272 restricted shares to HSO.
- Trio to provide 100% of capex; 50/50 net profit split with HSO on project development.
- Closing contingent on proof of 40 bbl/day sustained for 30 days from each of two Asphalt Ridge wells.
- Trio allowed its option for additional 77.75% in Asphalt Ridge to expire.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000164117225011613/0001641172-25-011613-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000164117225011613/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-011613

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