TRIO PETROLEUM CORP.

Trio Petroleum LLC ("Trio LLC") owns the majority share in a large project covering approximately 8,600 acres in Southern Salinas ("Southern Salinas Project").

The company may occupy a profitable niche in oil and gas production due to the unique characteristics of the Southern Salinas project and the stability of California's energy market. As of 2021, California ranks sixth in the country in terms of oil production and eighth in the world in terms of oil and gas production. Additionally, it is the second-largest energy consumer in the country and the largest consumer of gasoline and jet fuel. However, despite California's abundant oil and gas resources, it imports approximately 70% of the oil it needs, with foreign sources supplying nearly 60% compared to 15% just 20 years ago.

The company is working on drilling the HV-1 well with an estimated oil reserve ranging from 1 million to 5 million barrels. A successful result from the HV-1 well could confirm the existence of a profitable new major oil and gas deposit. Trio expects to begin drilling the HV-1 well in early Q4 2022.