Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended April 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ________.

Commission file number: 001-41643

TRIO PETROLEUM CORP.

(Exact name of Registrant as specified in its charter)

Delaware		87-1968201
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

23823 Malibu Road, Suite 304
Malibu, CA		90265
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (661) 324-3911

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		TPET		NYSE American LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller Reporting Company	☒
		Emerging Growth Company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of June 9, 2025, there were 7,522,499 shares of the registrant’s common stock outstanding.

TRIO PETROLEUM CORP.

FORM 10-Q

For the Three and Six Months Ended April 30, 2025

		Page

PART I. FINANCIAL INFORMATION		3

ITEM 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets as of April 30, 2025 (unaudited) and October 31, 2024	3

	Condensed Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended April 30, 2025 and 2024	4

	Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the Three and Six Months Ended April 30, 2025 and 2024	5

	Condensed Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended April 30, 2025 and 2024	6

	Notes to Unaudited Condensed Consolidated Financial Statements	7

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	36

ITEM 4.	Controls and Procedures	36

PART II. OTHER INFORMATION		36

ITEM 1.	Legal Proceedings	36

ITEM 1A.	Risk Factors	36

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

ITEM 3.	Defaults Upon Senior Securities	37

ITEM 4.	Mine Safety Disclosures	37

ITEM 5.	Other Information	37

ITEM 6.	Exhibits	37

SIGNATURES		38

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TRIO PETROLEUM CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

	April 30,			October 31,
	2025			2024
		(unaudited)
ASSETS
Current assets:
Cash	$	1,457,056		$	285,945
Prepaid expenses		250,051			279,274
Accounts receivable		31,571			-
Total current assets		1,738,678			565,219

Oil and gas properties - not subject to amortization		12,032,132			11,119,119
Total assets	$	13,770,810		$	11,684,338

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities		1,137,168			1,036,291
Asset retirement obligations - current		2,778			2,778
Convertible note, net of discounts		573,770			-
Due to operators		46,967			103,146
Promissory notes, net of discounts		15,361			742,852
Payable - related party		-			115,666
Note payable - related party		-			135,000
Deferred consideration payable		335,314			-
Other current liabilities		159,303			454,966
Total current liabilities		2,270,661			2,590,699

Long-term liabilities:
Asset retirement obligations, net of current portion		52,480			51,091
Total non-current liabilities		52,480			51,091
Total liabilities		2,323,141			2,641,790

Commitments and Contingencies(Note 8)		-			-

Stockholders’ Equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at April 30, 2025 and October 31, 2024, respectively		-			-
Common stock, $0.0001 par value; 490,000,000 shares authorized; 7,498,855 and 3,203,068 shares issued and outstanding as of April 30, 2025 and October 31, 2024, respectively		750			320
Stock subscription receivable		(10,010	)		(10,010	)
Additional paid-in capital		34,675,039			29,125,917
Accumulated other comprehensive income		34,846			-
Accumulated deficit		(23,252,956	)		(20,073,679	)
Total stockholders’ equity		11,447,669			9,042,548

Total liabilities and stockholders’ equity	$	13,770,810		$	11,684,338

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

TRIO PETROLEUM CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	2025			2024			2025			2024
	For the Three Months Ended April 30,						For the Six Months Ended April 30,
	2025			2024			2025			2024

Revenues, net	$	23,271		$	72,923		$	34,090		$	72,923
Cost of goods sold		9,262			-			9,262			-
Gross profit		14,009			72,923			24,828			72,923


Operating expenses:
Exploration expense		11,161			40,223			35,882			124,817
General and administrative expense		755,481			1,475,685			1,467,027			2,433,375
Stock-based compensation expense		115,652			504,912			605,966			912,530
Accretion expense		694			694			1,389			1,389
Total operating expenses		882,988			2,021,514			2,110,264			3,472,111

Loss from operations		(868,979	)		(1,948,591	)		(2,085,436	)		(3,399,188	)

Other expenses:
Interest expense		30,154			982,691			348,520			1,141,989
Settlement fees		-			10,500			-			10,500
Loss on abandonment of oil and gas properties		574,419			-			574,419			-
Loss on extinguishment		90,200			-			90,200			-
Loss on conversion		-			1,104,153			80,702			1,196,306
Total other expenses		694,773			2,097,344			1,093,841			2,348,795

Loss before income taxes		(1,563,752	)		(4,045,935	)		(3,179,277	)		(5,747,983	)
Provision for income taxes		-			-			-			-

Net loss	$	(1,563,752	)	$	(4,045,935	)	$	(3,179,277	)	$	(5,747,983	)

Basic and Diluted Net Loss per Common Share
Basic	$	(0.22	)	$	(1.98	)	$	(0.53	)	$	(3.18	)
Diluted	$	(0.22	)	$	(1.98	)	$	(0.53	)	$	(3.18	)

Weighted Average Number of Common Shares Outstanding
Basic		7,069,202			2,043,843			6,000,152			1,808,201
Diluted		7,069,202			2,043,843			6,000,152			1,808,201

Comprehensive loss:
Net loss		(1,563,752	)		(4,045,935	)		(3,179,277	)		(5,747,983	)
Foreign currency translation adjustment		34,846			-			34,846			-
Comprehensive loss	$	(1,528,906	)	$	(4,045,935	)	$	(3,144,431	)	$	(5,747,983	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

TRIO PETROLEUM CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED APRIL 30, 2025 AND 2024

(Unaudited)

	Shares			Amount			Receivable			Capital			Income		Deficit			Equity
													Accumulated
							Stock			Additional			Other					Total
	Common Stock						Subscription			Paid-in			Comprehensive		Accumulated			Stockholders’
	Shares			Amount			Receivable			Capital			Income		Deficit			Equity

Balance at October 31, 2023		1,552,328		$	155		$	(10,010	)	$	20,200,121		$	-	$	(10,446,882	)	$	9,743,384
Issuance of common shares in lieu of cash payments on convertible note		55,179			6			-			344,676			-		-			344,682
Issuance of common shares to consultants		10,000			1			-			95,199			-		-			95,200
Issuance of equity warrants in connection with convertible note		-			-			-			151,490			-		-			151,490
Stock-based compensation		-			-			-			407,618			-		-			407,618
Net loss		-			-			-			-			-		(1,702,048	)		(1,702,048	)
Balance at January 31, 2024		1,617,507		$	162		$	(10,010	)	$	21,199,104		$	-	$	(12,148,930	)	$	9,040,326
Issuance of common shares in lieu of cash payments on convertible note		761,502			76			-			2,978,829			-		-			2,978,905
Issuance of commitment shares in connection with the April 2024 Financings		75,000			8			-			667,492			-		-			667,500
Issuance of common shares to consultants		85,000			9			-			599,291			-		-			599,300
Adjustment to common stock for warrants related to the Resale S-1/A		(22,590	)		(3	)		-			3			-		-			-
Stock-based compensation		-			-			-			504,912			-		-			504,912
Net loss		-			-			-			-			-		(4,045,935	)		(4,045,935	)
Balance at April 30, 2024		2,516,419		$	252		$	(10,010	)	$	25,949,631		$	-	$	(16,194,865	)	$	9,745,008

Balance at October 31, 2024		3,203,068		$	320		$	(10,010	)	$	29,125,917		$	-	$	(20,073,679	)	$	9,042,548
Issuance of common shares to executives and board members		210,000			21			-			(21	)		-		-			-
Issuance of common shares in connection with ATM agreement, net		2,951,169			295			-			3,475,353			-		-			3,475,648
Issuance of common shares in lieu of cash payments on promissory notes		340,419			34			-			299,535			-		-			299,569
Issuance of beneficial ownership round-up shares for participants		21,046			2			-			(2	)		-		-			-
Stock-based compensation		-			-			-			490,314			-		-			490,314
Net loss		-			-			-			-			-		(1,615,525	)		(1,615,525	)
Balance at January 31, 2025		6,725,702		$	672		$	(10,010	)	$	33,391,096		$	-	$	(21,689,204	)	$	11,692,554
Balance		6,725,702		$	672		$	(10,010	)	$	33,391,096		$	-	$	(21,689,204	)	$	11,692,554
Issuance of common shares in connection with asset acquisition		526,536			53			-			747,628			-		-			747,681
Issuance of common shares in connection with Note Exchange Agreement		230,992			23			-			392,665			-		-			392,688
Issuance of common shares to a consultant		20,000			2			-			27,998			-		-			28,000
Reduction in shares due to option forfeitures		(4,375	)		-			-			-			-		-			-
Stock-based compensation		-			-			-			115,652			-		-			115,652
Net loss		-			-			-			-			-		(1,563,752	)		(1,563,752	)
Other comprehensive income		-			-			-			-			34,846		-			34,846
Balance at April 30, 2025		7,498,855		$	750		$	(10,010	)	$	34,675,039		$	34,846	$	(23,252,956	)	$	11,447,669
Balance		7,498,855		$	750		$	(10,010	)	$	34,675,039		$	34,846	$	(23,252,956	)	$	11,447,669

The accompanying notes are an integral part of these unaudited condensed financial statements.

TRIO PETROLEUM CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	2025			2024
	For the Six Months Ended April 30,
	2025			2024

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(3,179,277	)	$	(5,747,983	)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Issuance of common shares for services		28,000			694,500
Issuance of equity warrants in connection with convertible note		-			151,490
Conversion of convertible note payments into common shares		-			3,323,587
Accretion expense		1,389			1,389
Amortization of debt discounts		344,775			1,140,753
Payable to related party		-			185,066
Bad debt expense		-			-
Stock-based compensation		605,966			912,530
Debt discounts - convertible note		-			(322,366	)
Loss on issuance of common shares in lieu of cash principal payments on debt		80,702			-
Loss on abandonment of oil and gas properties		574,419
Loss on debt extinguishment		90,200			-
Changes in operating assets and liabilities:
Accounts receivable		(31,571	)		-
Prepaid expenses and other receivables		22,223			(450,812	)
Accounts payable and accrued liabilities		98,368			392,714
Other liabilities		(295,663	)		401,657
Net cash (used in)/provided by operating activities		(1,660,469	)		682,525

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for unproved oil and gas properties		(397,437	)		(1,060,931	)
Due to operators		(56,179	)		42,227
Advances to operators		-			-
Net cash used in investing activities		(453,616	)		(1,018,704	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares in connection with ATM agreement		3,475,648			-
Payment of convertible note payable		-			(2,550,000	)
Proceeds from promissory notes		-			1,036,880
Proceeds from note payable - related party		-			125,000
Payment for debt issuance costs		(43,330	)		(166,978	)
Payment of related party debt		(199,332	)		-
Proceeds from issuance of convertible debt		606,000			550,000
Payment of promissory notes		(588,636	)		-
Net cash provided by/(used in) financing activities		3,250,350			(1,005,098	)

Effect of foreign currency exchange		34,846			-

NET CHANGE IN CASH		1,171,111			(1,341,277	)
Cash - Beginning of period		285,945			1,561,924
Cash - End of period	$	1,457,056		$	220,647

Supplemental disclosures of cash flow information:
Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-

SUPPLEMENTAL CASH FLOW INFORMATION:
Non-cash investing and financing activities:
Issuance of shares to executives and directors	$	21		$	-
Issuance of warrants	$	-		$	151,490
Issuance of commitment shares	$	-		$	667,500

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

TRIO PETROLEUM CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED APRIL 30, 2025

NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS

Company Organization

Trio Petroleum Corp. (“Trio Petroleum”, the “Company” or “TPET”) is a California-based oil and gas exploration and development company headquartered in Malibu, California, with its principal executive offices located at 23823 Malibu Road, Suite 304, Malibu, California 90265, and with operations in Monterey County, California, Uintah County, Utah and Lloydminster, Saskatchewan. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund, and operate oil and gas exploration, development and production projects, initially focusing on one major asset in California, the South Salinas Project (“South Salinas Project”). The Company has since acquired interests in the McCool Ranch Oil Field in Monterey County, California, in the Asphalt Ridge Project in Uintah County, Utah and in the heavy oil region of Saskatchewan, Canada. The Company has had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and recognized its first revenues in the fiscal quarter ended April 30, 2024, and received the proceeds from these operations in June 2024. Most recently, it has recognized initial revenues from its Saskatchewan assets during the quarter ended April 30, 2025.

Formation of a Canadian Wholly-Owned Subsidiary

On March 28, 2025, the Company formed Trio Petroleum Canada, Corp., an Alberta, Canada corporation and its wholly owned subsidiary (“Trio Canada”). The Company’s Chief Executive Officer, Robin Ross, is also the Chief Executive Officer of Trio Canada and also serves as Secretary/Treasurer. The Company’s Chief Financial Officer, Greg Overholtzer, is also the Chief Financial Officer of Trio Canada. Robin Ross also serves as the sole director of Trio Canada.

Acquisition of South Salinas Project

The Company was initially formed to acquire from Trio LLC (“Trio LLC”) an approximate 82.75% working interest (which was subsequently increased to an approximate 85.775% working interest in April 2023), in the large, approximately 9,300-acre South Salinas Project that is located in Monterey County, California, and subsequently partner with certain members of Trio LLC’s management team to develop and operate those assets. In September 2021, the Company entered into a Purchase and Sale Agreement (“Trio LLC PSA”) with Trio LLC to acquire the purchased percentage of the South Salinas Project’s leases, wells and inventory in exchange for $300,000 cash, a non-interest-bearing note payable of $3,700,000 and 245,000 shares of the Company’s $0.0001 par value common stock (which constituted 45% of the total number of issued shares of the Company at that time). The Company accounted for the purchase as an asset acquisition, as prescribed in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 – Business Combinations. The assets and associated asset retirement obligations (“ARO”) were recorded based on relative fair value at the estimated fair value of the consideration paid. The Company holds an approximate 68.62% interest after the application of royalties (“net revenue interest”) in the South Salinas Project, while Trio LLC holds an approximate 3.8% working interest in the South Salinas Project; the Company and Trio LLC are separate and distinct companies.

There are two contiguous areas of notable oil/gas accumulations in the South Salinas Project; the first is the Humpback Area that occurs in the northern part of the project and the second is the Presidents Area (“Presidents Oil Field”) that occurs in the southern part of the project. As of April 30, 2025 and October 31, 2024, there were no proved reserves attributable to the approximate 9,300 acres of the property. Since it was returned to production in March 2024, the HV-3A well or discovery well at the South Salinas Project has been producing oil with a generally favorable oil-water ratio but is currently idled pending an assessment of the viability of increasing the well’s gross production rate.

Additional Acquisitions - Novacor Acquisition

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make a comparison of the Company’s condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

NOTE 2 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Consolidation

The condensed consolidated financial statements of Trio Petroleum, Corp. include the accounts of TPET and our wholly owned Canadian subsidiary Trio Canada. All significant intercompany profits, losses, transactions and balances have been eliminated in consolidation in the condensed consolidated financial statements.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Amounts presented in the balance sheet as of October 31, 2024 are derived from our audited financial statements as of that date. The unaudited condensed consolidated financial statements as of and for the three and six month periods ended April 30, 2025 and 2024 have been prepared in accordance U.S. GAAP and the interim reporting rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K/A filed with the SEC on February 27, 2025. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity-based transactions and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the revenue and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Some of the more significant estimates required to be made by management include estimates of oil and natural gas reserves (when and if assigned) and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, accounts receivable, bad debt expense, ARO and the valuation of equity-based transactions. Accordingly, actual results could differ significantly from those estimates.

Foreign Currency Translation

The Company’s reporting currency is the United States dollar. The functional currency of the Company’s Canadian subsidiary is the Canadian Dollar (“CAD”) for balance sheet accounts (0.7247 and 0.7177 CAD to 1 US dollar, each as of April 30, 2025 and October 31, 2024, respectively), while expense accounts are translated at the weighted average exchange rate for the period (0.7043 and 0.7370 CAD to 1 US dollar for each of the three months ended April 30, 2025 and 2024, respectively, and 0.7039 and 0.7386 CAD to 1 US dollar each for the six months ended April 30, 2025 and 2024, respectively). Equity accounts are translated at historical exchange rates. The resulting translation adjustments are recognized in stockholders’ equity as a component of accumulated other comprehensive income.

Comprehensive income is defined as the change in equity of an entity from all sources other than investments by owners or distributions to owners and includes foreign currency translation adjustments as described above. During the three and six months ended April 30, 2025, the Company recorded $34,846 and $34,846, respectively, in other comprehensive income, and no other comprehensive income or loss as a result of foreign currency translation adjustments during the three and six months ended April 30, 2024.

Foreign currency gains and losses resulting from transactions denominated in foreign currencies, including intercompany transactions, are included in results of operations. The Company recognized no foreign currency transaction gains or losses for the three and six months ended April 30, 2025 and 2024. Such amounts are classified within general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

Cash and cash equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of April 30, 2025 and October 31, 2024.

Prepaid Expenses

Prepaid expenses consist primarily of prepaid services which will be expensed as the services are provided within twelve months. As of April 30, 2025 and October 31, 2024, the balances of the prepaids account were $250,051 and $279,274, respectively.

Loan Receivables

Loan receivables are recorded at their outstanding principal balance, net of any allowance for credit losses. The Company evaluates the collectability of loan receivables based on historical experience, current economic conditions, and the creditworthiness of borrowers. The Company maintains an allowance for credit losses to cover estimated losses; the allowance is determined based on historical loss experience, current economic conditions and specific borrower risk assessments. Adjustments to the allowance are recorded through provision for credit losses in the statement of operations. Interest income on loan receivables is recognized using the effective interest method. Loans are placed on nonaccrual status when collection of principal or interest is uncertain. Loan receivables are reviewed periodically for impairment. If a loan is deemed uncollectible, the Company records a charge-off against the allowance for credit losses.

Debt Issuance Costs

Costs incurred in connection with the issuance of the Company’s debt have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as a component of interest expense. As of April 30, 2025 and October 31, 2024, the Company recorded $43,330 and $259,903 in debt issuance costs, respectively.

Oil and Gas Assets and Exploration Costs – Successful Efforts

The Company’s projects are in exploration and/or early production stages and the Company began generating revenue from its operations during the quarterly period ended April 30, 2024. It applies the successful efforts method of accounting for crude oil and natural gas properties. Under this method, exploration costs such as exploratory, geological, and geophysical costs, delay rentals and exploratory overhead are expensed as incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of all suspended exploratory property costs considering ongoing exploration activities; in particular, whether the Company is making sufficient progress in its ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or development activities are unlikely to occur, associated exploratory well costs are expensed.

Costs to acquire mineral interests in crude oil and/or natural gas properties, drill and equip exploratory wells that find proved reserves and drill and equip development wells are capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the holding period and transferred to proven crude oil and/or natural gas properties to the extent associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated. Capitalized costs from successful exploration and development activities associated with producing crude oil and/or natural gas leases, along with capitalized costs for support equipment and facilities, are amortized to expense using the unit-of-production method based on proved crude oil and/or natural gas reserves on a field-by-field basis, as estimated by qualified petroleum engineers.

As of April 30, 2025, the Company had five wells that are producing, all of which are located in the newly acquired Saskatchewan property, plus two workovers. The Company expects to add the reserve value of such fields to the Company’s reserve report after a further period of observation and review of the oil production; once this has been determined, it will estimate the necessary depreciation, depletion and amortization (“DD&A”) for such wells.

Proved and unproved oil and natural gas properties

Unproved oil and natural gas properties have unproved lease acquisition costs, which are capitalized until the lease expires or otherwise until the Company specifically identifies a lease that will revert to the lessor, at which time the Company charges the associated unproved lease acquisition costs to exploration costs.

Unproved oil and natural gas properties are not subject to amortization and are assessed periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future development plans. As of April 30, 2025 and October 31, 2024, such oil and gas properties were classified as unproved properties and were not subject to DD&A.

Proved oil and natural gas properties include developed and undeveloped reserves that have been confirmed through drilling and production activities. These properties are subject to DD&A, which is calculated using the unit-of-production method based on total proved reserves.

	●	Proved developed reserves are amortized over the expected production life of the wells.
	●	Proved undeveloped reserves remain capitalized until development activities commence.
	●	The Company assesses impairment of proved properties periodically based on commodity prices, production forecasts, and reserve estimates.

As of April 30, 2025, the Company has proved reserves in the newly acquired Saskatchewan properties and expects to add the reserves values of such fields to the Company’s reserve report; once this has been done, it will estimate the necessary DD&A for such wells.

Impairment of Other Long-lived Assets

The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition. If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment applies to proved properties.

Asset Retirement Obligations

ARO consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project (“SSP”) acquisition described above, the Company acquired the plugging and abandonment liabilities associated with six non-producing wells. The fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the carrying amount of oil and natural gas properties not subject to impairment. The Company plans to utilize the six wellbores acquired in the SSP acquisition in future exploration, production and/or disposal (i.e., disposal of produced water or CO2 by injection) activities. The liability is accreted for the change in its present value each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

Components of the changes in ARO are shown below:

ARO, ending balance – October 31, 2024	$	53,869
Accretion expense		1,389
ARO, ending balance – April 30, 2025		55,258
Less: ARO – current		2,778
ARO, net of current portion – April 30, 2025	$	52,480

Revenue Recognition

ASU 2014-09, “Revenue from Contracts with Customers” (“Topic 606”) requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services; refer to Note 4 – Revenue from Contracts with Customers for additional information.

The Company’s revenue is comprised of revenue from exploration and production activities to produce oil. The Company’s oil is sold to one customer who is a marketer, and payment is received in the month following delivery.

The Company recognizes sales revenues from oil when control transfers to the customer at the time of delivery. Revenue is measured based on the contract price, which may include adjustments for market differentials and downstream costs incurred by the customer, including gathering, transportation or short load fees.

Revenues are recognized for the sale of the Company’s percentage of working interest, adjusted for any incoming and outstanding expenses and oil and gas assessments.

Related Parties

Related parties are directly or indirectly related to the Company, through one or more intermediaries and are in control, controlled by, or under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. On September 14, 2021, the Company acquired an 82.75% working interest (which was subsequently increased to an 85.775% working interest as of April 2023) in the SSP from Trio LLC in exchange for cash, a note payable to Trio LLC and the issuance of 245,000 shares of common stock. As of the date of the acquisition, Trio LLC owned 45% of the outstanding shares of the Company and was considered a related party. As of April 30, 2025 and October 31, 2024, Trio LLC owned less than 1% and 1%, respectively, of the outstanding shares of the Company.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company utilizes ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is “more likely than not” that a deferred tax asset will not be realized. At April 30, 2025 and October 31, 2024, the Company’s net deferred tax asset has been fully reserved.

For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the condensed consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the statements of operations when a determination is made that such expense is likely. The Company is subject to income tax examinations by major taxing authorities since inception.

The Company’s wholly owned Canadian subsidiary is subject to taxation under Canadian federal and provincial tax laws. The subsidiary’s income tax provision is calculated based on applicable Canadian tax rates, and any differences between U.S. and Canadian tax treatments are considered in the condensed consolidated financial statements. The Company also considers the impact of the U.S.-Canada Tax Treaty in determining its tax obligations, including withholding taxes on intercompany transactions.

Fair Value Measurements

The carrying values of financial instruments comprising cash and cash equivalents, payables, and notes payable-related party approximate fair values due to the short-term maturities of these instruments. The notes payable- related party is considered a level 3 measurement. As defined in ASC 820, Fair Value Measurements and Disclosures, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This fair value measurement framework applies to both initial and subsequent measurement.

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques.

There are no assets or liabilities measured at fair value on a recurring basis. Assets and liabilities accounted for at fair value on a non-recurring basis in accordance with the fair value hierarchy include the initial allocation of the asset acquisition purchase price, including asset retirement obligations, the fair value of oil and natural gas properties and the assessment of impairment.

The fair value measurements and allocation of assets acquired are measured on a nonrecurring basis on the acquisition date using an income valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs used to determine the fair value include estimates of: (i) reserves; (ii) future commodity prices; (iii) operating and development costs; and (iv) a market-based weighted average cost of capital rate. The underlying commodity prices embedded in the Company’s estimated cash flows are the product of a process that begins with NYMEX forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors that the Company’s management believes will impact realizable prices. These inputs require significant judgments and estimates by the Company’s management at the time of the valuation.

The fair value of additions to the asset retirement obligation liabilities is measured using valuation techniques consistent with the income approach, which converts future cash flows to a single discounted amount. Significant inputs to the valuation include: (i) estimated plug and abandonment cost per well for all oil and natural gas wells and for all disposal wells; (ii) estimated remaining life per well; (iii) future inflation factors; and (iv) the Company’s average credit-adjusted risk-free rate. These assumptions represent Level 3 inputs.

If the carrying amount of its proved oil and natural gas properties, which are assessed for impairment under ASC 360 – Property, Plant and Equipment, exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value. The fair value of its oil and natural gas properties is determined using valuation techniques consistent with the income and market approach. The factors used to determine fair value are subject to management’s judgment and expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates of proved reserves, future commodity pricing, future production estimates, anticipated capital expenditures, and various discount rates commensurate with the risk and current market conditions associated with the expected cash flow projected. These assumptions represent Level 3 inputs.

Net Loss Per Share

Basic and diluted net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic loss per share, except the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options, warrants and convertible notes, if dilutive.

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive:

Six Months Ended

April 30, 2025

Six Months Ended

April 30, 2024

Warrants

17,240

⁽¹⁾

19,186

⁽¹⁾

Total potentially dilutive securities

17,240

19,186

⁽¹⁾	Balance consists of potentially dilutive shares based on 171,994 and 117,530 outstanding, equity classified warrants, respectively.

Environmental Expenditures

The operations of the Company have been, and may in the future be, affected from time to time to varying degrees by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company’s policy is to meet or, if possible, surpass standards set by relevant legislation by application of technically proven and economically feasible measures.

Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. All of these types of expenditures incurred since inception have been charged against earnings due to the uncertainty of their future recoverability. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries.

Recent Accounting Pronouncements

All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Reclassification of Expenses

Certain amounts in the prior periods presented have been reclassified to a current period financial statement presentation. This reclassification has no effect on previously reported net income.

Subsequent Events

The Company evaluated all events and transactions that occurred after April 30, 2025 through the date of the filing of this report. See Note 10 for such events and transactions.

NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

As of April 30, 2025, the Company had $1,457,056 in its operating bank account and working capital deficit of $531,983. To date, the Company has been funding operations through proceeds from the issuance of common stock, financing through certain investors, the consummation of its initial public offering (“IPO”) in April 2023, and convertible note financing under two tranches in October 2023 and December 2023, pursuant to which the Company raised total gross proceeds of $2,371,500. Additionally, in 2024 the Company received funds in the amount of $125,000 from an unsecured promissory note from its former CEO, gross proceeds of $543,500 from promissory notes with investors, gross proceeds of $1,440,000 from convertible debt financing with investors and net proceeds of approximately $4,650,000 in connection with an “at-the-market” agreement entered into in September 2024. In April 2025, the Company received gross proceeds in the amount of $606,000 from a convertible debt financing provided by one investor.

The accompanying condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of issuance of these condensed consolidated financial statements, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. As of April 30, 2025, the Company has an accumulated deficit of $23,252,956 and has experienced losses from continuing operations. Based on the Company’s cash balance as of April 30, 2025 and projected cash needs for the twelve months following the issuance of these condensed consolidated financial statements, management estimates that it will need to generate sufficient sales revenue and/or raise additional capital to cover operating and capital requirements. Management will need to raise the additional funds by issuing additional shares of common stock or other equity securities or obtaining additional debt financing. Although management has been successful to date in raising necessary funding and obtaining financing through investors, there can be no assurance that any required future financing can be successfully completed on a timely basis, or on terms acceptable to the Company. Based on these circumstances, management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these condensed consolidated financial statements.

Accordingly, the accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue from Contracts with Customers

The following table disaggregates revenue by significant product type for the periods below:

SCHEDULE OF DISAGGREGATES REVENUE

	Three Months Ended April 30, 2025		Three Months Ended April 30, 2024		Six Months Ended April 30, 2025		Six Months Ended April 30, 2024
Oil sales	$	23,271	$	72,923	$	34,090	$	72,923

Total revenue from customers	$	23,271	$	72,923	$	34,090	$	72,923

There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of April 30, 2025.

Significant concentrations of credit risk

The Company’s revenue is primarily generated from oil and gas sales in California, United States, and Saskatchewan, Canada. As of April 30, 2025, 100% of total revenue comes from customers located in these regions. Changes in state and provincial regulations, market conditions, or environmental policies could significantly impact the Company’s financial performance. Additionally, fluctuations in commodity pricing and regional demand trends within California and Saskatchewan may affect future revenues.

NOTE 5 – OIL AND NATURAL GAS PROPERTIES

The following tables summarize the Company’s oil and gas activities.

	As of April 30, 2025		As of October 31, 2024

Oil and gas properties – not subject to amortization	$	12,032,132	$	11,119,119
Accumulated impairment		—		—
Oil and gas properties – not subject to amortization, net	$	12,032,132	$	11,119,119

During the three and six months ended April 30, 2025, the Company incurred aggregated exploration costs of $11,161 and $35,882, respectively, and during the three and six months ended April 30, 2024, the Company incurred aggregated exploration costs of $40,223 and $124,817, respectively; these expenses were exploratory, geological and geophysical costs and were expensed on the statement of operations during the applicable periods.

For capitalized costs, the Company incurred approximately $1.5 million and approximately $1.2 million for the six months ended April 30, 2025 and 2024, respectively; these expenses were related to drilling exploratory wells and acquisition costs, both of which were capitalized and are reflected in the balance of the oil and gas property as of April 30, 2025 and 2024, respectively.

Leases

South Salinas Project

As of April 30, 2025, the Company holds interests in various leases related to the unproved properties of the South Salinas Project (see Note 7); two of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide for an extension of then-current force majeure status for an additional, uncontested twelve months, during which the Company would be released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension, the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022 and currently, the “force majeure” status has been extinguished by the drilling of the HV-1 well. The ongoing operations and oil production at the HV-3A well maintains the validity of the lease.

The second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, the Company is required to make delay rental payments of $30/acre per year. The Company is currently in compliance with this requirement and has paid in advance the delay rental payment for the period from October 2024 through October 2025.

During the current reporting period, the Company made the strategic decision to abandon the additional oil and gas leases. As a result, all associated costs related to exploration and development activities, including any capitalized costs for support equipment and facilities, have been expensed in accordance with applicable accounting standards. This decision was based on a comprehensive evaluation of the economic viability and future potential of the leases, considering market conditions, regulatory factors, and operational constraints. The total expense recognized in connection with this abandonment totals $73,806 and is reflected in the Company’s statement of operations for the period.

McCool Ranch Oil Field

In October 2023, the Company entered into the McCool Ranch Purchase Agreement with Trio LLC for the purchase of a 21.918315% working interest in the McCool Ranch Oil Field, located in Monterey County near the Company’s flagship South Salinas Project. The Company initially recorded a payment of $100,000 upon execution of the agreement, at which time Trio LLC began refurbishment operations on the San Ardo WD-1 water disposal well to assess its ability to serve the produced water needs for the assets.

On May 27, 2025, the Company made the decision to abandon the McCool Ranch Oil Field leases. Because the conditions leading to this decision existed as of April 30, 2025, this event qualifies as a recognized subsequent event under ASC 855-10-25-1 and has been reflected in the financial statements for the period ended April 30, 2025. Accordingly, all capitalized costs related to the acquisition, refurbishment, and production restart—including costs for support equipment and facilities—totaling $500,614 have been written off and expensed in the statement of operations for the period ended April 30, 2025.

The Company will not make any further payments under the McCool Ranch Purchase Agreement, and all previously recorded liabilities associated with the project have been recognized as an expense. The Company no longer holds any interests in the McCool Ranch Oil Field, and the abandonment decision will be reflected in the financial statements.

Optioned Assets – Asphalt Ridge Leasehold Acquisition & Development Option Agreement

On November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which gives the Company the exclusive right to acquire up to a 20% interest in a 960 acre drilling and production program in the Asphalt Ridge leases for $2,000,000, which may be invested in tranches by the Company, with an initial tranche closing for an amount no less than $500,000 and paid within seven days subsequent to HSO providing certain required items to the Company.

On December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $200,000 of the $500,000 payable by the Company to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2% interest in the leases; such funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases. As of April 30, 2025, the Company has paid a total of $225,000 to HSO in costs related to infrastructure and has obtained a 2.25% interest in the leases; such costs are capitalized costs and are reflected in the balance of the oil and gas property as of April 30, 2025.

Per the most recent amendment to the ARLO Agreement signed in April 2025, the Company had until May 10, 2025 to pay HSO an additional $1,775,000 to exercise an option for the remaining 17.75% working interest in the initial 960 acres of the Asphalt Ridge Leases. The option expired after the reporting period on May 10, 2025 due to the Company’s failure to exercise it before the expiration date. As a result, the Company forfeited any further right to acquire the additional 17.75% working interest but will retain its existing 2.25% interest in the leases. See Note 10 for additional information.

Novacor Acquisition

As of April 4, 2025, the Company entered into an Asset Purchase Agreement (the “APA”) with Trio Petroleum Canada, Corp., an Alberta, Canada corporation and a wholly owned subsidiary of the Company (“Trio Canada”), and Novacor Exploration Ltd., a corporation incorporated under the Canada Business Corporations Act (“Novacor”), pursuant to which, subject to the terms and conditions set forth in the APA, Trio Canada agreed to acquire certain assets of Novacor relating its oil and gas business, including certain contracts, leases and permits for working interests in petroleum and natural gas and mineral rights located in the Lloydminster, Saskatchewan heavy oil region in Canada (collectively, the “Novacor Assets”), free and clear of any liens other than certain specified liabilities of Novacor that are being assumed (collectively, the “Liabilities” and such acquisition of the Novacor Assets and assumption of the Liabilities together, the “Novacor Acquisition”) for a total purchase price of (i) US$650,000, in cash, US$65,000 of which was previously provided as a deposit to Novacor, and (ii) the issuance to Novacor of 526,536 shares of common stock of common stock (the “Novacor Shares”).

The APA provides for the Novacor Acquisition to be closed in two closings. The first closing of the Novacor Acquisition was consummated on April 8, 2025 (the “First Closing”). At the First Closing, title to certain of the Novacor Assets was delivered to Trio Canada and the Company delivered to Novacor (i) US$260,000, in cash, reflecting the US$325,000 payable for those Assets, less the US$65,000 deposit previously paid by us to Novacor and (ii) the 526,536 shares of common stock. The APA further provides for the second closing of the Novacor Acquisition (“Second Closing”) for the sale of the remaining Assets to take place, subject to the satisfaction or waiver of the applicable closing conditions provided in the APA, including delivery of the applicable deliverables, on the later of (i) May 15, 2025 and (ii) three business days following the date that Novacor has provided written notice to Trio Canada that the right of first refusal with respect the remaining Assets as described in Schedule of the APA has expired or been waived.

The Company has accounted for this transaction as an asset acquisition in accordance with ASC 805 – Business Combinations. As a result, an asset has been recorded on the balance sheet totaling $1,406,081. This amount comprises the following components: a cash payment of $333,400, which includes a capitalizable Canadian Provincial Sales Tax (“PST”) of $8,400, the issuance of 526,536 common shares, valued at $1.42 per share, for a total equity consideration of $747,681, and a deferred consideration payable of $325,000, scheduled for payment upon the second closing.

Following the closings, (i) operating costs for the Novacor Assets will for a period of two (2) years, be held at the levels detailed in the auditor’s report over the eighteen (18) month period prior to the closings, unless otherwise mutually agreed to by the parties (ii) after such two-year period, operating costs will remain competitive with other operators in the area; and (iii) Trio Canada may terminate the Novacor’s post-closings actions at any time on 30 days’ prior written notice to Novacor. After the closings, Novacor will act as the on-site operator of the Novacor Assets and perform all work and services as provided in the APA.

See Note 10 for additional information.

NOTE 6 – RELATED PARTY TRANSACTIONS

South Salinas Project – Related Party

Upon its formation, the Company acquired from Trio LLC a majority working interest in the South Salinas Project and engaged the services of certain members of Trio LLC to manage the Company’s assets (see Note 1 and Note 5). Trio LLC operates the South Salinas Project on behalf of the Company, and as operator, conducts and has full control of the operations within the constraints of the Joint Operating Agreement, and acts in the capacity of an independent contractor. Trio LLC currently holds a 3.8% working interest in the South Salinas Project and the Company holds an 85.775% working interest. The Company provides funds to Trio LLC to develop and operate the assets in the South Salinas Project; such funds are classified in the short-term asset/liability section of the balance sheet as Advance to Operators/Due to Operators, respectively. As of April 30, 2025 and October 31, 2024, the balance of the Due to Operators account is $70,492 and $103,146, respectively.

McCool Ranch Oil Field Asset Purchase – Related Party

On October 16, 2023, the Company entered into the McCool Ranch Purchase Agreement with Trio LLC for purchase of a 21.918315% working interest in the McCool Ranch Oil Field located in Monterey County near the Company’s flagship South Salinas Project (see Note 5); the Assets were situated in what is known as the “Hangman Hollow Area” of the McCool Ranch Oil Field. The Company initially recorded a payment of $100,000 upon execution of the McCool Ranch Purchase Agreement, at which time Trio LLC began refurbishment operations with respect to the San Ardo WD-1 to determine if it was capable of reasonably serving the produced water needs for the assets. Following successful refurbishment, the Company committed to an additional $400,000 payment under the agreement.

Restricted Stock Units (“RSUs”) issued to Directors

On June 19, 2024, the Company agreed to award 50,000 restricted stock units to a newly appointed director under the Plan; as there were only 22,750 shares remaining for issuance under the Plan at that time, 22,500 RSUs were awarded immediately with a fair value of $6.00 per share for a grant date value of $134,550, with the remainder issued in the following quarter at a fair value of $3.32 per share for a grant date value of $91,300. For the three and six months ended April 30, 2025, the Company recognized stock-based compensation for these awards in the amount of $39,488 and $75,760, respectively, within stock-based compensation expenses on the income statement, with $119,432 of unrecognized expense as of the period ended April 30, 2025.

On October 21, 2024, the Company agreed to award 12,500 restricted stock units to a newly appointed director under the Plan; the RSUs vest at a rate of 100% upon the six month anniversary of the commencement date and were recorded at a fair value of $3.13 per share for a grant date value of $39,125. Additionally, on October 21, 2024, the Company agreed to award an aggregate of 37,500 restricted stock units to current directors under the Plan; the RSUs vest at a rate of 100% upon the three month anniversary of the commencement date and were recorded at a fair value of $3.13 per share for an aggregate grant date value of $117,375. For the three and six months ended April 30, 2025, the Company recognized stock-based compensation for these awards in the amount of $17,198 and $141,592, respectively, within stock-based compensation expenses on the income statement, with $0 of unrecognized expense as of the period ended April 30, 2025.

Restricted Shares issued to Executives and Employees

In May 2023, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 35,000 restricted shares pursuant to the Plan. Per the terms of the employee agreements, subject to continued employment, the restricted shares vest as follows: 25% of the shares vested five months after the issuance date, after which the remainder vest in equal tranches every six months until fully vested. The shares were recorded on the date of issuance at a fair value of $43.00 per share for an aggregate fair value of $1,505,000; during the current fiscal year, four employee agreements were not renewed and 4,375 restricted shares were forfeited as a result. For the three and six months ended April 30, 2025, the Company recognized stock-based compensation of $34,785 and $89,027, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $34,785 as of the period ended April 30, 2025. For the three and six months ended April 30, 2024, the Company recognized stock-based compensation of $183,654 and $373,499, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $691,282 as of the period ended April 30, 2025.

On July 11, 2024, the Company and Mr. Peterson (the Company’s former Chief Executive Officer) entered into a three-month consulting agreement, which includes a monthly cash fee of $10,000 and an award of 50,000 RSUs pursuant to the Plan. The units were recorded at a fair value of $3.32 per share for a grant date value of $166,000 and for the three and six months ended April 30, 2025, the Company recognized stock-based compensation for the award of $0 and $68,033, respectively, within stock-based compensation expenses on the income statement, with no unrecognized expense as of the period ended April 30, 2025.

On July 11, 2024, the Company entered into an employment agreement with Mr. Robin Ross, pursuant to which Mr. Ross will serve as Chief Executive Officer of the Company, replacing Mr. Peterson. Pursuant to the Ross Employment Agreement, Mr. Ross will be paid an annual base salary of $300,000. In addition, Mr. Peterson is entitled to receive, subject to his continuing employment with the Company on the applicable date of the bonus payout, an annual target discretionary bonus of up to 100% of his annual base salary, payable at the discretion of the Compensation Committee of the Board based upon the Company’s and Mr. Ross’ achievement of objectives and milestones to be determined on an annual basis by the Board. Pursuant to the Ross Employment Agreement, the Company awarded Mr. Ross 100,000 RSUs pursuant to the Plan; the RSUs were recorded at a fair value of $3.32 per share for a grant date value of $332,000 and for the three and six months ended April 30, 2025, the Company recognized stock-based compensation for the award in the amount of $51,117 and $110,059, respectively, within stock-based compensation expenses on the income statement, with $200,051 of unrecognized expense as of the period ended April 30, 2025.

On October 21, 2024, the Company agreed to award 10,000 restricted stock units to its CFO under the Plan; the RSUs vest at a rate of 100% upon the six month anniversary of the commencement date and were recorded at a fair value of $3.13 per share for a grant date value of $31,300. For the three and six months ended April 30, 2025, the Company recognized stock-based compensation for the award in the amount of $13,758 and $29,580, respectively, within stock-based compensation expenses on the income statement, with $0 of unrecognized expense as of the period ended April 30, 2025.

Note Payable – Related Party

On March 26, 2024, the Company borrowed $125,000 from its former Chief Executive Officer, Michael L. Peterson, in connection with which the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $125,000. The Note is payable on or before September 26, 2024 (the “Peterson Note Maturity Date”), upon which date the principal balance and interest accruable at a rate of 10% per annum is due and payable to Mr. Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the Peterson Note Maturity Date, in whole or in part, without premium or penalty. The Company is also required to prepay the Peterson Note, in full, prior to the Peterson Note Maturity Date from the proceeds of any equity or debt financing received by the Company of at least $1,000,000. As additional consideration for the Peterson Loan, the Company accelerated the vesting of 50,000 shares of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. The Peterson Note also provides for acceleration of payment of the outstanding principal balance and all accrued and unpaid interest in the case of an Event of Default (as such term is defined in the Peterson Note), where there is either a payment default or a bankruptcy event.

On September 26, 2024 and October 28, 2024, the Company entered into the first and second amendments, respectively, to the Peterson Note; each amendment extended the maturity dates to October 28, 2024 and November 30, 2024, respectively, and added a $5,000 extension fee (per amendment) to the principal of the note. On November 25, 2024, the Company paid off the Peterson Note in the amount of $143,516, with $135,000 in satisfaction of the principal amount owed and $8,516 towards accrued interest.

Consulting Agreement

On December 31, 2024, the employment agreement between the Company and Mr. Overholtzer ended, and on January 1, 2025, the Company entered into an independent contractor agreement with Mr. Overholtzer, under which he continues to serve as the Chief Financial Officer of the Company and is paid a monthly fee of $12,500; the initial term of the agreement is for one year and will be automatically renewed unless either party provides a 30-day notice prior to the expiration of the agreement.

Loan to Trio Canada

As of April 4, 2025, the Company entered into a Loan and Note Purchase Agreement (the “Loan Agreement”) with Trio Canada, whereby it made a loan (the “Subsidiary Loan”) to Trio Canada in the amount of $1,131,000 (the “Loan Amount”); in return, Trio Canada issued to the Company a three-year promissory note with a maturity date of April 4, 2028 in the principal amount of $1,131,000 (the “Subsidiary Note”). The outstanding principal amount of the Subsidiary Note accrues interest at a rate of 12% per annum.

Under the terms of the Loan Agreement, $585,000 of the Loan Amount is required to be used to pay the remaining cash amount payable to Novacor in connection with the Novacor Acquisition; the remainder of the Loan Amount is to be used for ongoing operating costs of Trio Canada. As of April 30, 2025, $334,081 has been used for consideration in the Novacor acquisition, and the remaining, unused portion of the subsidiary loan is $796,919.

NOTE 7 – COMMITMENTS AND CONTINGENCIES

From time to time, the Company is subject to various claims that arise in the ordinary course of business. Management believes that any liability of the Company that may arise out of or with respect to these matters will not materially adversely affect the financial position, results of operations, or cash flows of the Company.

Unproved Property Leases

The Company holds various leases related to the unproved properties of the South Salinas Project; two of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide for an extension of then-current force majeure status for an additional, uncontested twelve months, during which we would be released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension, the Company paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022 and currently, the “force majeure” status has been extinguished by the drilling of the HV-1 well. The ongoing operation and oil production at the HV-3A well maintain the validity of the lease.

The second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, the Company is required to make delay rental payments of $30/acre per year. The Company is currently in compliance with this requirement and have paid in advance the delay rental payment for the period from October 2024 through October 2025.

During February and March of 2023, the Company entered into additional leases related to the unproved properties of the South Salinas Project with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; the Company is required to make rental payments of $25/acre per year. The second group of leases covers 307.75 acres and has a term of 20 years; we are required to make rental payments of $30/acre per year. During the current reporting period, the Company made the strategic decision to abandon the additional oil and gas leases. As a result, all associated costs related to exploration and development activities, including any capitalized costs for support equipment and facilities, have been expensed in accordance with applicable accounting standards. This decision was based on a comprehensive evaluation of the economic viability and future potential of the leases, considering market conditions, regulatory factors, and operational constraints.

The Company holds interests in various leases related to the unproved properties of the McCool Ranch Oil Field. These leases occur in two parcels, “Parcel 1” and “Parcel 2”. Parcel 1 comprises ten leases and approximately 480 acres, which are held by delay rental payments that are paid-up and current. Parcel 2 comprises one lease and approximately 320 acres, which is held by production. The total leasehold comprises approximately 800 gross and net acres. As of April 30, 2025, the Company made the decision to abandon all McCool Ranch leases. Accordingly, these leases have been written off and have been expensed on the statement of operations as of April 30, 2025. No further rental payments or development activities will be pursued.

On November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which allows us the exclusive right to acquire up to a 20% interest in a 960 acre drilling and production program in the Asphalt Ridge leases for $2,000,000, which may be invested in tranches, with an initial tranche closing for an amount no less than $500,000 and paid within seven days subsequent to HSO providing certain required items to it.

On December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $200,000 of the $500,000 payable by it to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2% interest in the leases; such funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases. As of April 30, 2025, the Company had paid a total of $225,000 to HSO in costs related to infrastructure and has obtained a 2.25% interest in the leases; such costs are capitalized costs and are reflected in the balance of the oil and gas property as of April 30, 2025.

Proved Property Leases

In April 2025, the Company acquired oil and gas lease rights for four leases related to the proved properties located in Saskatchewan, Canada (see Note 5); the sum total of all four leases is 320 net acres and all are held by production.

Board of Directors Compensation

On July 11, 2022, the Company’s Board of Directors approved compensation for each of the non-employee directors of the Company, which would be effective upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $50,000 cash plus an additional $10,000 for each Board committee upon which the Director serves, each paid quarterly in arrears. Payment for this approved compensation commenced upon successful completion of the Company’s IPO in April 2023, and for the three and six months ended April 30, 2025, the Company recognized $102,508 and $161,675, respectively, in directors’ fees. For the three and six months ended April 30, 2024, the Company recognized $54,000 and $110,685, respectively, in directors’ fees.

Agreements with Advisors

On July 28, 2022, the Company entered into a placement agent agreement with the Placement Agent with Spartan Capital Securities, LLC (“Spartan”), whereby Spartan agreed to serve as the exclusive agent, advisor or underwriter in any offering of securities of the Company for a one-year term. The agreement provided for a $25,000 non-refundable advance upon execution of the agreement and completion of a bridge offering to be credited against the accountable expenses incurred by the Placement Agent upon successful completion of the Company’s IPO, a cash fee of 7.5%, warrants to purchase a number of common shares equal to 5% of the aggregate number of common shares placed in the IPO and reimbursement of other expenses. On April 20, 2023, pursuant to this agreement, the Company issued representative warrants to Spartan to purchase up to an aggregate of 5,000 shares of common stock; such warrants have a 5five-year term with an exercise price of $66.00 and can be exercised any time after the IPO date.

On October 4, 2023 and December 29, 2023, the Company entered into additional placement agent agreements with Spartan, whereby Spartan would serve as the exclusive placement agent in connection with the closing of private placements. The agreements provided the agent with i) a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 4,167 and 2,750 common shares with exercise prices of $26.40 and $11.00 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024. Such warrants may be exercised beginning 6 months after issuance until four- and one-half years thereafter.

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard from the NYSE American

On November 5, 2024, the Company received notice from NYSE American that NYSE American had halted trading in the shares of the Common Stock until the effectiveness of the reverse stock split the Company intended to effect because its common stock was consistently selling at a low selling price per share in violation of Section 1003(f)(v) of the NYSE American Company Guide. NYSE American informed the Company that it would attempt to reopen trading in the Common Stock on November 15, 2024, which is when the common stock is expected to begin trading on a post-split basis, provided that NYSE American no longer deems the selling price of the Common Stock to be too low.

NOTE 8 – NOTES PAYABLE

Notes payable as of April 30, 2025 and October 31, 2024 consisted of the following:

SCHEDULE OF NOTES PAYABLE

	As of April 30, 2025		As of October 31, 2024
Promissory notes, net of discounts		15,361		742,852
Payable – related party		-		115,666
Convertible note, net of discounts		573,770		-
Note Payable, related party		-		135,000
Total Notes payable	$	589,131	$	993,518

Payable – related party

See Note 6 - McCool Ranch Oil Field Asset Purchase – Related Party for further information.

March 2024 Debt Financing

The Company executed a Securities Purchase Agreement, dated March 27, 2024 (the “SPA”) with an institutional investor (the “March 2024 Investor”), which March 2024 Investor signed and funded on April 5, 2024, and pursuant to which the Company raised gross proceeds of $184,500 and received net proceeds of $164,500, after payment of offering expenses (the “March 2024 Debt Financing”). The SPA contains certain representations and warranties by the March 2024 Investor and the Company and customary closing conditions.

In connection with the March 2024 Debt Financing, the Company issued an unsecured promissory note to the March 2024 Investor, dated March 27, 2024, in the principal amount of $211,500, having an original issue discount of $27,000 or approximately 13% (the “March 2024 Investor Note”). Interest accrues on the March 2024 Investor Note at a rate of 12% per annum and the maturity date of the March 2024 Investor Note is January 30, 2025 (the “March 2024 Investor Note Maturity Date”). The March 2024 Investor Note provides for five payments of principal and accrued interest which are payable: (i) $118,440 on September 30, 2024; (ii) $29,610 on October 30, 2024; (iii) $29,610 on November 30, 2024; (iv) $29,610 on December 30, 2024; and (v) $29,610 on January 30, 2025. The Company may prepay the March 2024 Investor Note, in full and not in part, any time during the 180 day period after the issuance date of the Investor Note at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of a prepayment, the Company will still be required to pay the full amount of interest that would have been payable through the term of the March 2024 Investor Note, in the amount of $25,380. The Investor Note contains provisions constituting an Event of Default (as such term is defined in the March 2024 Investor Note) and, upon an Event of Default, the March 2024 Investor Note will be accelerated and become due and payable in an amount equal to 150% of all amounts due and payable under the March 2024 Investor Note with interest at a default rate of 22% per annum. In addition, upon an Event of Default, the March 2024 Investor has the right to convert all or any outstanding amount of the March Investor Note into shares of the Company’s common stock at a conversion price equal to the greater of (i) 75% of the Market Price (as such term is defined in the March 2024 Investor Note) or (ii) the conversion floor price, which is $1.42340 (the “Floor Price”); provided, however, that the Floor Price shall not apply after October 5, 2024, and thereafter, the conversion price will be 75% of the Market Price. Issuance of shares of common stock to the March 2024 Investor is subject to certain beneficial ownership limitations and not more than 19.99% of the shares of common stock outstanding on March 29, 2024 may be issued upon conversion of the March 2024 Investor Note. The conversion price is also subject to certain adjustments or other terms in the event of (i) mergers, consolidations or recapitalization events or (ii) certain distributions made to holders of shares of common stock.

On September 30, 2024, October 30, 2024 and November 30, 2024, the Company made cash payments in the amounts of $118,440, $29,610 and $88,830, respectively, in full satisfaction of the principal balance of the note. As of April 30, 2025, the balance of the promissory note was zero, with total non-cash interest expense related to discounts recognized in the amounts of zero and $21,315 for the three and six months ended April 30, 2025, respectively, and total non-cash interest expense related to discounts recognized in the amounts of $7,964 and $7,964 for the three and six months ended April 30, 2024, respectively, with $72,380 in noncash interest expense related to discounts recognized over the life of the note.

Note Payable – Related Party

On March 26, 2024, the Company borrowed $125,000 from its Chief Executive Officer, Michael L. Peterson, in connection with which the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $125,000. The Note is payable on or before September 26, 2024, upon which date the principal balance and interest accruable at a rate of 10% per annum is due and payable to Mr. Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the Peterson Note Maturity Date, in whole or in part, without premium or penalty. The Company is also required to prepay the Peterson Note, in full, prior to the Peterson Note Maturity Date from the proceeds of any equity or debt financing received by the Company of at least $1,000,000. As additional consideration for the Peterson Loan, the Company accelerated the vesting of 50,000 shares of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. The Peterson Note also provides for acceleration of payment of the outstanding principal balance and all accrued and unpaid interest in the case of an Event of Default (as such term is defined in the Peterson Note), where there is either a payment default or a bankruptcy event.

June 2024 Convertible Debt Financings

On June 27, 2024, the Company entered into a securities purchase agreement (the “June 2024 SPA”) with the same April 2024 Investors (the “June 2024 Investors”). Pursuant to the terms and conditions of the June 2024 SPA, each June 2024 Investor provided financing of $360,000 to the Company (net of a 10% original issuance discount as described below) in the form of the June 2024 Notes (as defined below) for aggregate gross proceeds in the amount of $720,000 (the “June 2024 Financing”) and net proceeds to the Company, after offering expenses, of $676,200. In consideration of the June 2024 Investors’ funding under the June 2024 SPA, on June 27, 2024, the Company issued and sold to each June 2024 Investor: (A) a Senior Secured 10% Original Issue Discount Convertible Promissory Note in the aggregate principal amount of $400,000 (the “June 2024 Notes”) and (B) a warrant to purchase 37,231 shares (the “June 2024 Warrant Shares”) of the company’s Common Stock, at an initial exercise price of $7.90500 per share of Common Stock, subject to certain adjustments (the “June 2024 Warrants”). The June 2024 Warrants (which are for the purchase of an aggregate 74,461 common shares) were recorded as equity warrants with an aggregate relative fair value of $257,701; the factors used to determine fair value were a share price of $6.00, an exercise price of $7.90500, an expected term of 5 years, annualized volatility of 132.52%, a dividend rate of zero percent and a discount rate of 4.29%.

The June 2024 Notes are initially convertible into shares of Common Stock (the “June 2024 Conversion Shares”) at a conversion price of $7.90500 per share, subject to certain adjustments (the “June 2024 Notes Conversion Price”), provided that the June 2024 Conversion Price shall not be reduced below $2.40 (the “June 2024 Floor Price”), and provided further that, subject to the applicable rules of the NYSE American, the Company may lower the June 2024 Floor Price at any time upon written notice to the June 2024 Investors. The June 2024 Notes do not bear any interest, except in the case of an Event of Default (as such term is defined in the June 2024 Notes), and the June 2024 Notes mature on June 27, 2025. Upon the occurrence of any Event of Default, interest shall accrue on the June 2024 Notes at a rate equal to 10% per annum or, if less, the highest amount permitted by law.

Commencing on the 90^thday following the original issue date of the June 2024 Notes, the Company is required to pay to the June 2024 Investors the outstanding principal balance under the June 2024 Notes in monthly installments, on such date and each one (1) month anniversary thereof, in an amount equal to 103% of the total principal amount under the June 2024 Notes multiplied by the quotient determined by dividing one by the number of months remaining until the maturity date of the June 2024 Notes, until the outstanding principal amount under the June 2024 Notes has been paid in full or, if earlier, upon acceleration, conversion or redemption of the June 2024 Notes in accordance with their terms. All monthly payments are payable by the Company in cash, provided that under certain circumstances, as provided in the June 2024 Notes, the Company may elect to pay in shares of Common Stock.

The Company may repay all or any portion of the outstanding principal amount of the June 2024 Notes, subject to a 5% pre-payment premium; provided that (i) the Equity Conditions (as such term is defined in the June 2024 Notes) are then met, (ii) the closing price of the Common Stock on the trading day prior to the date that a prepayment notice is provided by the Company is not below the then June 2024 Conversion Price, and (iii) a resale registration statement registering June 2024 Conversion Shares and June Financing Warrant Shares has been declared effective by SEC. If the Company elects to prepay the June 2024 Notes, the June 2024 Investors have the right to convert all of the principal amount of the June 2024 Notes at the applicable June 2024 Conversion Price into June 2024 Conversion Shares.

On September 26, 2024, October 1, 2024, and October 30, 2024, the Company made principal payments towards the June 2024 Notes in the amounts of $88,888, $50,000 and $88,888, respectively, which it converted into shares at 103% for conversion amounts of $91,556, $51,500 and $91,556, respectively. Conversion shares were issued numbering 30,520, 17,167 and 38,150, respectively, at fair values per share of $3.38, $3.66 and $2.58, respectively, for total amounts of $103,091, $62,830 and $98,422, respectively. Losses in the amounts of $14,203, $12,830 and $9,534, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts. An additional 2,317 shares were issued on October 11, 2024 at a fair value of $3.38 for a total amount of $7,838; the share issuance was made to satisfy a make-whole-share provision which the debtor is entitled to when the effective price of the shares becomes less than the floor price.

On December 2, 2024, December 20, 2024 and January 7, 2025, the Company made principal payments in the amounts of $88,888, $290,844 and $192,492, respectively, in full satisfaction of the principal balance of the notes; the first and third payments were made in cash, with losses resulting from make-whole payments per the terms of the agreement in the amounts of $2,668 and $69,310, respectively. The second payment was converted into shares at 103% for a conversion amount of $299,569, with shares issued numbering 340,419 at a fair value per share of $0.88, which resulted in a loss of $8,725. As of April 30, 2025, the balance of the June 2024 Notes was zero, with noncash interest expense related to discounts recognized in the amounts of zero and $249,805 for the three and six months ended April 30, 2025, respectively, and $381,501 in noncash interest expense related to discounts recognized over the life of the notes.

August 1, 2024 Financing

On August 1, 2024, the Company entered into a Securities Purchase Agreement (the “August 1^st SPA”) with an investor, pursuant to which the Company raised gross proceeds of $134,000 and received net proceeds of $110,625; in connection with the financing, the Company issued an unsecured promissory note to the investor in the principal amount of $152,000 and an original issue discount of $18,000 or approximately 11.8%. Interest accrues on the note at a rate of 12% per annum and the maturity date of the note is May 30, 2025. The note provides for five payments of principal and accrued interest which are payable: (i) $85,120 on January 30, 2025; (ii) $21,280 on February 28, 2025; (iii) $21,280 on March 30, 2025; (iv) $21,280 on April 30, 2025; and (v) $21,280 on May 30, 2025. Subject to certain restrictions, the Company may prepay the note, in full and not in part, any time during the 180 day period after the issuance date at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of a prepayment, the Company will still be required to pay the full amount of interest that would have been payable through the term of the note, in the amount of $18,240.

On January 30, 2025, the Company made a principal payment of $85,120 in cash; during the second quarter, the Company made three additional payments of $21,280 for a total of $63,840, and as of April 30, 2025, the balance of the note was $15,361, with noncash interest expense recognized in the amount of $17,569 and $35,730 for the three and six months ended April 30, 2025, respectively.

August 6, 2024 Financing

On August 6, 2024, the Company entered into a Securities Purchase Agreement (the “August 6^th SPA”) with an investor, pursuant to which the Company raised gross proceeds of $225,000 and received net proceeds of $199,250; in connection with the Financing, the Company issued an unsecured promissory note to the investor in the principal amount of $255,225, having an original issue discount of $30,225 or approximately 11.8%. Interest accrues on the note at a rate of 12% per annum and the maturity date of the note is May 30, 2025. The note provides for five payments of principal and accrued interest which are payable: (i) $142,926 on January 30, 2025; (ii) $35,731.50 on February 28, 2025; (iii) $35,731.50 on March 30, 2025; (iv) $35,731.50 on April 30, 2025; and (v) $35,731.50 on May 30, 2025. Subject to certain restrictions, the Company may prepay the note, in full and not in part, any time during the 180 day period after the issuance date at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of a prepayment, the Company will still be required to pay the full amount of interest that would have been payable through the term of the note, in the amount of $30,627.

Additionally, in conjunction with two prior investors and the April 2024 Debt Financing, the Company will make two payments of $25,000 to each of the prior investors from the net proceeds of this financing.

On January 28, 2025, the Company entered into a Note Exchange Agreement, whereby it and the investor agreed to exchange the outstanding balance of $285,852 for shares of the Company’s common stock. The exchange transaction was completed on February 10, 2025, pursuant to which the Company exchanged 230,992 shares of common stock, based on a price of $1.24 per share, which was the product of the lowest closing price of the Company’s stock during the ten trading days immediately prior to February 10, 2025, and 75%. The Company recorded the exchange as a debt extinguishment and recognized a loss on extinguishment of $141,534.

As of April 30, 2025, the balance of the August 6, 2024 Financing was $0, with noncash interest expense recognized for the amortization of debt discounts of $0 and $26,826 for the three and six months ended April 30, 2025, respectively.

April 2025 Financing

On April 11, 2025, we issued an Unsecured Original Discount Convertible Promissory Note (the “Note”) to an institutional investor (the “Convertible Note Investor”) in a principal amount of $321,176, having an original issue discount of $48,176, resulting in a funding amount of $273,000. After the payment of $10,000 to reimburse the Convertible Note Investor for its legal fees, we received net proceeds of $263,000.

On April 17, 2025, we issued an amended and restated Unsecured Original Discount Convertible Promissory Note (the “Amended and Restated Note”), in an aggregate principal amount, with the principal amount of the Note, of $712,941, having an aggregate original issue discount of $106,941, including the original issue discount of the Note, and resulting in an aggregate funding amount, with the Note, of $606,000. We received additional net proceeds of $333,000 and paid a commission of $33,330 to Spartan Capital Securities, LLC (“Spartan”).

The Amended and Restated Note provides for both voluntary conversion by the Convertible Note Investor and a right for TPET to require conversion, subject to certain conditions into shares of common stock. The Amended and Restated Note also contains “piggyback” registration rights and the shares issuable upon conversion of the Amended and Restated Note are being registered in the registration statement of which this prospectus forms a part in order to comply with such registration obligations.

As of April 30, 2025, the balance of the April 2025 Financing was $573,770, with noncash interest expense recognized for the amortization of debt discounts of $11,100 and $11,100 for the three and six months ended April 30, 2025, respectively.

NOTE 9 – STOCKHOLDERS’ EQUITY

Common Shares

On January 1, 2025, the Company entered into an agreement with a consulting firm to provide investor communications and public relations services. As part of the compensation payable, the Company issued 20,000 common shares at a fair value per share of $1.40 for a total value of $28,000.

On January 28, 2025, the Company entered into a Note Exchange Agreement with the investor from the August 6th Financing, pursuant to which the outstanding balance of $285,852 was exchanged for shares of the Company’s common stock. The transaction was completed on February 10, 2025, with the Company issuing 230,992 shares of common stock at a price of $1.24 per share (determined as 75% of the lowest closing price of the Company’s stock during the ten trading days immediately preceding February 10, 2025) and a fair value of $1.70 for a total fair value amount of $392,686. The Company accounted for the exchange as a debt extinguishment, recognizing a loss of $141,534.

On April 11, 2025, the Company issued 526,536 common shares at a fair value of $1.42 per share for a total value of $747,681 in connection with the first closing of an asset acquisition from Novacor.

Series 1 Preferred Shares

Trio Canada holds an unlimited number of Series 1 Preferred Shares; under the terms of the shares, (i) holders of such shares may require the entity to purchase their shares upon submission of a retraction notice, (ii) Trio Canada is obligated to redeem the shares within 30 days of receiving a retraction notice and (iii) Trio Canada may redeem the shares at its discretion at any time. On April 4, 2025, Trio Canada issued 1,071,886 Series 1 Preferred shares (which are redeemable at CAD$1.00) at a value of US$754,000.

Warrants

A summary of the warrant activity during the six months ended April 30, 2025 is presented below:

SCHEDULE OF WARRANT ACTIVITY

						Weighted
				Weighted		Average
				Average		Remaining
	Number of Warrants			Exercise Price		Life in Years		Intrinsic Value

Outstanding, November 1, 2024		191,994		$	15.24		3.8	$	47,160
Expired		(20,000	)		30.00		-		-
Outstanding, April 30, 2025		171,994		$	13.52		3.7	$	20,000

Exercisable, April 30, 2025		171,994		$	13.52		3.7	$	20,000

A summary of the warrant activity during the three and six months ended April 30, 2024 is presented below:

					Weighted
			Weighted		Average
			Average		Remaining
	Number of Warrants		Exercise Price		Life in Years		Intrinsic Value

Outstanding, November 1, 2023		88,336	$	22.35		7.3	$	-
Issued		29,195		12.43		4.6		-
Outstanding, April 30, 2024		117,531	$	19.89		3.7	$	125,600

Exercisable, April 30, 2024		114,780	$	20.10		3.7	$	125,600

A summary of outstanding and exercisable warrants as of April 30, 2025 is presented below:

Warrants Outstanding				Warrants Exercisable
Exercise Price		Number of Shares		Weighted Average Remaining Life in Years		Number of Shares
$	0.20		20,000		3.0		20,000
$	66.00		5,000		3.0		5,000
$	24.00		43,336		3.4		43,336
$	26.40		4,167		3.4		4,167
$	10.00		22,279		3.7		22,279
$	11.00		2,750		3.7		2,750
$	7.91		74,462		4.2		74,462
			171,994		3.7		171,994

Stock Options

A summary of the option activity during the six months ended April 30, 2025 is presented below:

SCHEDULE OF STOCK OPTION ACTIVITY

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2024		6,000	$	10.46		3.8	$	-
Issued		-		-		-		-
Outstanding, April 30, 2025		6,000	$	10.46		3.3	$	-

Exercisable, April 30, 2025		6,000	$	10.46		3.3	$	-

A summary of the option activity during the six months ended April 30, 2024 is presented below:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2023		6,000	$	10.46		4.8	$	-
Issued		-		-		-		-
Outstanding, April 30, 2024		6,000	$	10.46		4.3	$	-

Exercisable, April 30, 2024		6,000	$	10.46		4.3	$	-

A summary of outstanding and exercisable options as of April 30, 2025 is presented below:

Options Outstanding				Options Exercisable
Exercise Price		Number of Shares		Weighted Average Remaining Life in Years	Number of Shares
$	10.46		6,000	3.3		6,000
			6,000			6,000

On August 15, 2023, the Company issued five-year options to purchase 6,000 shares of the Company’s common stock to a consultant of the Company, pursuant to the Plan. The options have an exercise price of $10.46 per share and vest monthly over a period of 24 months, beginning on the vesting commencement date. The options have a grant date fair value of $55,711, which will be recognized over the vesting term.

The assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:

Risk free interest rate	4.36	%
Expected term (years)	5.0
Expected volatility	137.1	%
Expected dividends rate	0	%

NOTE 10 – SUBSEQUENT EVENTS

In accordance with ASC 855 – Subsequent Events, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before condensed consolidated financial statements are issued, the Company has evaluated all events and transactions that occurred after April 30, 2025, through the date the condensed consolidated financial statements were issued. Except for the following, there are no subsequent events identified that would require disclosure in the condensed consolidated financial statements.

Letter of Intent with HSO

On May 15, 2025, the Company entered into a non-binding Letter of Intent (LOI) with HSO for the potential acquisition of 2,000 acres at P.R. Spring, Uintah Basin, Utah. Under the LOI, the Company would issue 1,492,272 restricted shares and pay $850,000 at closing, subject to execution of definitive agreements. Upon signing the LOI, the Company made a non-refundable $150,000 Option Payment to HSO. The LOI requires evidence of a minimum sustained production rate of 40 barrels per day for a continuous 30-day period from two wells at Asphalt Ridge by May 15, 2026, or the LOI will expire unless extended.

Asphalt Ridge Leasehold Option Not Exercised

Effective as of May 10, 2025, the Company’s option to acquire the remaining 17.75% working interest in the initial 960 acres of the Asphalt Ridge Leases expired, as the Company did not exercise the option before the deadline. As a result, the Company has forfeited any further rights to acquire this interest but will retain its existing 2.25% interest in the leases.

Second Closing of Novacor Acquisition

On May 21, 2025, the Second Closing of the Novacor Acquisition was consummated; title to certain of the assets was delivered to the Buyer, and the Buyer delivered to the Seller $325,000, in cash, reflecting the $325,000 payable such assets.

Abandonment of McCool Ranch Properties

As of May 27, 2025, the Company and Trio LLC executed a Termination Agreement, pursuant to which the Company terminated all operations and abandoned all leases at this location. Because the conditions leading to this decision existed as of April 30, 2025, this event qualifies as a recognized subsequent event under ASC 855-10-25-1 and has been reflected in the financial statements for the period ended April 30, 2025. Accordingly, all capitalized costs related to the acquisition, refurbishment, and production restart—including costs for support equipment and facilities—totaling $500,614 have been written off and expensed in the statement of operations for the period ended April 30, 2025.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of financial condition and operating results together with our condensed consolidated financial statements and the related notes and other financial information included elsewhere in this quarterly report on Form 10-Q, as well as our audited financial statements and related notes as disclosed in our Form 10-K/A for the year ended October 31, 2024, filed with the SEC on April 15, 2025 (“our Form 10-K/A”). This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those in this Quarterly Report on Form 10-Q, as well as the risk factors set forth in the section titled “Risk Factors” included in our Form 10-K/A, our actual results may differ materially from those anticipated in these forward-looking statements. For convenience of presentation some of the numbers have been rounded in the text below.

Throughout this report, the terms “our,” “we,” “us,” and the “Company” refer to Trio Petroleum Corp.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that can involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, prospective products, product approvals, research and development costs, future revenue, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products and prospects, plans and objectives of management are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Risks, risk factors and uncertainties involved in forward-looking statements contained in this Form 10-Q include, but are not limited to, the following:

	●	our ability to find, acquire or gain access to other properties, discoveries and prospects and to successfully develop our current properties, discoveries and prospects;
	●	uncertainties inherent in making estimates of our oil and natural gas resources;
	●	the successful implementation of our prospective discovery, development and drilling plans with the South Salinas Project;
	●	projected and targeted capital expenditures and other costs, commitments and revenues;
	●	our dependence on our key management personnel and our ability to attract and retain qualified technical personnel;
	●	the ability to obtain financing and the terms under which such financing may be available;
	●	the volatility of oil and natural gas prices;
	●	the availability and cost of developing appropriate infrastructure around and transportation to our discoveries and prospects;
	●	the availability and cost of drilling rigs, production equipment, supplies, personnel and oilfield services;
	●	other competitive pressures;

	●	potential liabilities inherent in oil and natural gas operations, including drilling risks and other operational and environmental hazards;
	●	current and future government regulation of the oil and gas industry;
	●	cost of compliance with laws and regulations;
	●	changes in environmental, health and safety or climate change laws, greenhouse gas regulation or the implementation of those laws and regulations;
	●	environmental liabilities;
	●	geological, technical, drilling and processing problems;
	●	military operations, terrorist acts, wars or embargoes;
	●	the cost and availability of adequate insurance coverage;
	●	our vulnerability to severe weather events; and
	●	other risk factors discussed in the “Risk Factors” section of this Quarterly Report and in our Form 10-K/A.

We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of risks, uncertainties and assumptions described in the section titled “Risk Factors” and elsewhere in this Quarterly Report. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein until after we distribute this Quarterly Report, whether as a result of any new information, future events or otherwise.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

Overview

We are a California-based oil and gas exploration and development company headquartered in Malibu, California, with our principal executive offices located at 23823 Malibu Road, Suite 304, Malibu, California 90265, with operations in Monterey County, California, Uintah County, Utah and Lloydminster, Saskatchewan.

We have had revenue-generating operations since the McCool Ranch Oil Field was restarted on February 22, 2024, and recognized our first revenues in our fiscal quarter ended April 30, 2024, and received the proceeds from these operations in June 2024. We have recently generated revenues during the period ended April 30, 2025 from our newly acquired properties in Saskatchewan, Canada.

Our Canadian project has the potential through workovers to double production which we immediately began planning following closing. Novacor, whom we acquired the project from, is one of the lowest cost operators with lift costs of $10 per barrel. Our focus remains on acquiring projects that generate immediate cash flow or offer transformative growth potential with strategic investment.

We were formed to initially acquire an approximate 82.75% working interest (which was subsequently increased to an approximate 85.775% working interest) from Trio LLC (“Trio LLC”) in the large, approximately 9,300-acre South Salinas Project that is located in Monterey County, California, and subsequently partner with certain members of Trio LLC’s management team to develop and operate those assets. We hold an approximate 68.62% interest after the application of royalties (“net revenue interest”) in the South Salinas Project. Trio LLC holds an approximate 3.8% working interest in the South Salinas Project. We and Trio LLC are separate and distinct companies.

Initially, California was a significant part of our geographic focus; however, due to rising drilling costs and the negative impact on potential profitability, we have strategically shifted our efforts beyond California to pursue more economically viable opportunities. This transition is reflected in our acquisition of an interest in the Asphalt Ridge Project in Uintah County, Utah, as well as our recent acquisition of additional oil and gas assets in the prolific Lloydminster, Saskatchewan heavy oil region.

South Salinas Project

Efforts to obtain from Monterey County conditional use permits and a full field development permit for the South Salinas Project are progressing. Efforts to obtain from the California Geologic Energy Management Division (“CalGEM”) and from the California Water Boards a permit for a water disposal project at the South Salinas Project are also progressing. In the meantime, the Company recently determined that existing permits allow production testing to continue at the HV-3A discovery well at Presidents Field and, consequently, testing operations were restarted at this well on March 22, 2024. Oil production from this well has occurred and the Company is assessing steps to attempt to increase the well’s gross production rate, for example by adding up to 650 feet of additional perforations in the oil zone and/or acidizing the well for borehole cleanup. First oil sales from the HV-3A well occurred in the third calendar quarter of 2024 but is currently idled as we further discussions with local oil and gas companies to joint venture the project.

McCool Ranch Oil Field

On October 16, 2023, we entered into a Purchase and Sale Agreement with Trio LLC (the “McCool Ranch Purchase Agreement”) pertaining to the McCool Ranch Oil Field. Pursuant to this agreement, effective October 1, 2023, we entered into an agreement to acquire an approximate 22% working interest in and to certain oil and gas assets at the McCool Ranch Field, located in Monterey County, California, near our flagship South Salinas Project.

The acquired assets included six oil wells, a water-disposal well, a steam generator, boiler, storage tanks, and various operational infrastructure. While initial production was restarted on February 22, 2024, we have subsequently determined that under previously negotiated terms, natural gas prices and water disposal costs, particularly in California, makes it cost prohibitive for the Company to employ cyclic-steam operations to increase production and will not be economically feasible in the long run. On May 27, 2025, we executed a termination agreement with Trio LLC to end operations at the location and abandon all related leases. Capitalized costs totaling $500,614 have been written off and expensed in the statement of operations for the period ended April 30, 2025.

Asphalt Ridge Option Agreement and the Lafayette Energy Leasehold Acquisition and Development Option Agreement

On November 10, 2023, TPET entered into a Leasehold Acquisition and Development Option Agreement (the “Asphalt Ridge Option Agreement”) with Heavy Sweet Oil LLC (“HSO”). Pursuant to the Asphalt Ridge Option Agreement, the Company acquired an option to purchase up to a 20% working interest in certain leases at a long-recognized, major oil accumulation in northeastern Utah, including an initial 960 acres and a subsequent 1,920 acres, as well as a right-of-refusal option on approximately 30,000 acres.

On December 29, 2023, the Company and HSO entered into an Amendment to the Asphalt Ridge Option Agreement, under which the Company funded $200,000 in exchange for an immediate 2% working interest in the initial 960 acres. An additional $25,000 was funded in January 2024, increasing the Company’s working interest to 2.25%. While the Company had the option to acquire an additional 17.75% working interest, it has decided not to exercise this option and will instead retain its existing 2.25% working interest in the initial 960 acres.

Novacor Asset Purchase Agreement

As of April 4, 2025, we entered into an Asset Purchase Agreement (the “APA”) with Trio Petroleum Canada, Corp., an Alberta, Canada corporation and a wholly owned subsidiary of the Company (“Trio Canada”), and Novacor Exploration Ltd., a corporation incorporated under the Canada Business Corporations Act (“Novacor”), pursuant to which, subject to the terms and conditions set forth in the APA, Trio Canada agreed to acquire certain assets of Novacor relating its oil and gas business, including certain contracts, leases and permits for working interests in petroleum and natural gas and mineral rights located in the Lloydminster, Saskatchewan heavy oil region in Canada (collectively, the “Novacor Assets”), free and clear of any liens other than certain specified liabilities of Novacor that are being assumed (collectively, the “Liabilities” and such acquisition of the Novacor Assets and assumption of the Liabilities together, the “Novacor Acquisition”) for a total purchase price of (i) US$650,000, in cash, US$65,000 of which was previously provided as a deposit to Novacor, and (ii) the issuance to Novacor of 526,536 shares of common stock of common stock (the “Novacor Shares”). The Novacor Acquisition was consummated in two closings, which was completed on May 22, 2025. All five of our currently active wells are in the newly acquired Novacor property

P.R. Spring Letter of Intent and Option

On May 15, 2025, the Company entered into a non-binding Letter of Intent (LOI) with Heavy Sweet Oil LLC (“HSO”) for the potential acquisition of 2,000 acres of oil and gas properties at P.R. Spring, Uintah Basin, Utah (“P.R. Spring”), which is adjacent to Asphalt Ridge. The LOI contemplates our issuance of 1,492,272 restricted shares of common stock and the payment of $850,000 at closing, subject to execution of definitive agreements. Upon signing the LOI, we made a non-refundable $150,000 payment to HSO in consideration for the option. The LOI requires evidence of a minimum sustained production rate of 40 barrels per day for a continuous 30-day period from two wells at Asphalt Ridge by May 15, 2026, or the LOI will expire unless extended by us. We are not under any obligation to enter into definitive agreements in connection with an acquisition.

Carbon Capture and Storage Project as part of Company’s South Salinas Project

We are committed to attempting to reduce our own carbon footprint and, where possible, that of others. For this reason, we are taking initial steps to launch a Carbon Capture and Storage (“CCS”) project as part of the South Salinas Project, which appears ideal for such a task. The South Salinas Project covers a vast area and is uniquely situated at a deep depocenter where there are thick geologic zones (e.g., Vaqueros Sand, up to approximately 500’ thick) about two miles deep, which could accommodate and permanently store vast volumes of CO2. Four existing deep wells in the South Salinas Project (i.e., the HV 1-35, BM 2-2, BM 1-2-RD1 and HV 3-6 wells) are excellent candidates for use as CO2 injection wells. A CCS project in the future may help reduce our carbon footprint by sequestering and permanently storing CO2 deep underground at one or more deep wells, away from drinking water sources. Furthermore, three of the aforementioned deep wells are directly located on three idle oil and gas pipelines that could be used to import CO2 to our CCS Project. We have opened discussions with third parties who wish to reduce their own greenhouse gas emissions and who may be interested in participating in our CCS project. We believe it is feasible to develop the major oil and gas resources of the South Salinas Project and to concurrently establish a substantial CCS project and potentially a CO2 storage hub and/or Direct Air Capture (DAC) hub.

Going Concern Considerations

We have only begun to generate revenues in the prior fiscal year and have incurred significant losses since inception. As of April 30, 2025, we have an accumulated deficit of $23,252,956 and a working capital deficit of $531,983, and for the three and six months ended April 30, 2025, net losses of $1,563,752 and $3,179,277, respectively, and cash used in operating activities of $1,660,469. To date, we have been funding operations through proceeds from the issuance of common stock, financing through certain investors, the consummation of our initial public offering (“IPO”) in April 2023, and convertible note financing under two tranches in October 2023 and December 2023, pursuant to which the Company raised total gross proceeds of $2,371,500. Additionally, in 2024 the Company received funds in the amount of $125,000 from an unsecured promissory note from its former CEO, gross proceeds of $543,500 from promissory notes with investors, gross proceeds of $1,440,000 from convertible debt financing with investors and net proceeds of approximately $4,650,000 in connection with an “at-the-market” agreement entered into in September 2024. In April 2025, the Company received gross proceeds in the amount of $606,000 from a convertible debt financing provided by one investor.

There is substantial doubt regarding our ability to continue as a going concern as a result of our accumulated deficit. Our current source of revenue is insufficient to cover our operating costs and we are dependent on private equity and external financing to sustain operations.

The accompanying condensed consolidated financial statements have been prepared assuming we will continue as a going concern. As we have only begun to generate revenues, we need to raise a significant amount of capital to pay for our development, exploration, drilling and operating costs. While we raised capital in April 2023 in our IPO, in October 2023, December 2023, April 2024, June 2024 and April 2025 with convertible debt financing, in March 2024 and August 2024 with promissory notes, September 2024 with an ATM agreement, we expect to require additional funding in the future and there is no assurance that we will be able to raise additional needed capital or that such capital will be available under favorable terms or at all. We are subject to all the substantial risks inherent in the development of a new business enterprise within an extremely competitive industry. Due to the absence of a long-standing operating history and the emerging nature of the markets in which we compete, we anticipate operating losses until we can successfully implement our business strategy, which includes all associated revenue streams. We may never achieve profitable operations or generate significant revenues.

We will require additional capital funding in order to drill additional planned wells at the South Salinas and Asphalt Ridge assets and to pay for additional development costs and other payment obligations and operating costs until our planned revenue streams are fully implemented and begin to offset our operating costs, if ever.

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the condensed consolidated financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should we be unable to continue as a going concern. The condensed consolidated financial statements included in this report also include a going concern footnote (see Note 3).

Factors and Trends Affecting Our Business and Results of Operations

We are mindful of global economic trends and their potential influence on commodity prices. Recent fluctuations in global oil prices, political considerations and tariffs can impact cash flow and ultimately profitability. Mitigating factors include our relatively low lift costs and a continued commitment to cost management and efficient production techniques. Our ability to continue to grow our business will in large part depend on continued access to receptive capital markets.

Emerging Growth Company Status

We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act, and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Results of Operations

Three Months Ended April 30, 2025 compared to the Three Months Ended April 30, 2024 (unaudited)

Our financial results for the three months ended April 30, 2025 and 2024 are summarized as follows:

	For the Three Months Ended April 30,
	2025			2024			Change			% Change
Revenues, net	$	23,271		$	72,923		$	(49,652	)		(68.1	)%
Cost of goods sold		9,262			-			9,262			100.0	%
Gross profit		14,009			72,923			(58,914	)		(80.8	)%

Operating expenses:
Exploration expenses	$	11,161		$	40,223		$	(29,062	)		(72.3	)%
General and administrative expenses		755,481			1,475,685			(720,204	)		(48.8	)%
Stock-based compensation expense		115,652			504,912			(389,260	)		(77.1	)%
Accretion expenses		694			694			-			0.0	%
Total operating expenses		882,988			2,021,514			(1,138,526	)		(56.3	)%
Loss from Operations		(868,979	)		(1,948,591	)		1,079,612			(55.4	)%

Other expenses:
Interest expenses		30,154			982,691			(952,537	)		(96.9	)%
Settlement fees		-			10,500			(10,500	)		(100.0	)%
Loss on abandonment of oil and gas properties		574,419			-			574,419			100.0	%
Loss on extinguishment		90,200			-			90,200			100.0	%
Loss on note conversion		-			1,104,153			(1,104,153	)		(100.0	)%
Total other expenses		694,773			2,097,344			(1,402,571	)		(66.9	)%
Loss before income taxes		(1,563,752	)		(4,045,935	)		2,482,183			(61.4	)%
Income tax benefit		-			-			-			-
Net loss	$	(1,563,752	)	$	(4,045,935	)	$	2,482,183			(61.4	)%

Revenues, net

Revenues, net decreased for the three months ended April 30, 2025 by approximately $50,000 as compared to the prior period; revenues from the prior period were from the sale of approximately 2,100 barrels of oil from our McCool Ranch field, which operations were terminated in May 2025. Current revenues are the sale of approximately 550 barrels of oil from our recently acquired assets in the Lloydminster, Saskatchewan region.

Exploration expenses

Under the successful efforts method of accounting for crude oil and natural gas properties, exploration expenses consist primarily of exploratory, geological and geophysical costs, delay rentals and exploratory overhead, and are expensed as incurred. Exploration expenses decreased by approximately $0.1 million as compared to the prior year period due to a decrease in exploratory, geological, and geophysical costs incurred during the period.

General and administrative expenses

General and administrative expenses consist primarily of personnel expenses, including salaries, benefits and stock-based compensation expense for employees and consultants in executive, finance and accounting, legal, operations support, information technology and human resource functions. General and administrative expenses also include corporate facility costs including rent, utilities, depreciation, amortization and maintenance, as well as legal fees related to intellectual property and corporate matters and fees for accounting and consulting services.

General and administrative expenses decreased for the three months ended April 30, 2025 by approximately $0.7 million as compared to the prior period due to (i) a decrease in advertising and marketing fees of approximately $235,000, (ii) decreased legal fees of approximately $165,000 and (iii) decreased salaries and wages of approximately $245,000, respectively.

Stock-based compensation expense

We record stock-based compensation expenses for costs associated with options and restricted shares granted in connection with the Plan, as well as for shares issued as payment for services. Stock-based compensation expense decreased by approximately $0.4 million for the three months ended April 30, 2025 due to the amortization of approximately 30,000 more options in the prior three month period than in the current period.

Accretion expenses

We have an Asset Retirement Obligation (“ARO”) recorded that is associated with its oil and natural gas properties in the SSP; the fair value of the ARO was recorded as a liability and is accreted over time until the date the ARO is to be paid. For the three months ended April 30, 2025, accretion expenses remained consistent with that of the prior year period.

Other expenses, net

For the three months ended April 30, 2025, other expenses, net decreased by approximately $1.4 million when compared to the prior year period. This decline was primarily driven by (i) an approximate $1.0 million reduction in non-cash interest expense resulting from lower debt levels in the current period (non-cash interest expense is recognized as debt discounts on financings are amortized), as well as (ii) an approximate $1.1 million loss on a note conversion recorded in the prior period, which stemmed from principal payments made via conversion shares under the October 2023 Securities Purchase Agreement. These reductions were partially offset by a $0.6 million loss incurred in the current period due to the abandonment of oil and gas properties.

Six Months Ended April 30, 2025 compared to the Six Months Ended April 30, 2024 (unaudited)

Our financial results for the six months ended April 30, 2025 and 2024 are summarized as follows:

	For the Six Months Ended April 30,
	2025			2024			Change			% Change
Revenues, net	$	34,090		$	72,923		$	(38,833	)		(53.3	)%
Cost of goods sold		9,262			-			9,262			100.0	%
Gross profit		24,828			72,923			(48,095	)		(66.0	)%

Operating expenses:
Exploration expenses	$	35,882		$	124,817		$	(88,935	)		(71.3	)%
General and administrative expenses		1,467,027			2,433,375			(966,348	)		(39.7	)%
Stock-based compensation expense		605,966			912,530			(306,564	)		(33.6	)%
Accretion expenses		1,389			1,389			-			0.0	%
Total operating expenses		2,110,264			3,472,111			(1,361,847	)		(39.2	)%
Loss from Operations		(2,085,436	)		(3,399,188	)		1,313,752			(38.6	)%

Other expenses:
Interest expenses		348,520			1,141,989			(793,469	)		(69.59	)%
Settlement fees		-			10,500			(10,500	)		(100.0	)%
Loss on abandonment of oil and gas properties		574,419			-			574,419			100.0	%
Loss on extinguishment		90,200			-			90,200			100.0	%
Loss on note conversion		80,702			1,196,306			(1,115,604	)		(93.3	)%
Total other expenses		1,093,841			2,348,795			(1,254,954	)		(53.4	)%
Loss before income taxes		(3,179,277	)		(5,747,983	)		2,568,706			(44.7	)%
Income tax benefit		-			-			-			-
Net loss	$	(3,179,277	)	$	(5,747,983	)	$	2,568,706			(44.7	)%

Revenues, net

Revenues, net decreased for the six months ended April 30, 2025 by approximately $0.1 million as compared to the prior period; revenues from the six months ended April 30, 2024 were from the sale of approximately 2,100 barrels of oil from our McCool Ranch field, versus the sale of only (i) approximately 200 barrels of oil from our McCool Ranch location and (ii) approximately 550 barrels of oil produced from our recently acquired oil and gas assets in the Lloydminster, Saskatchewan region for the six months ended April 30, 2025.

Exploration expenses

General and administrative expenses

General and administrative expenses decreased for the six months ended April 30, 2025 by approximately $1.0 million as compared to the prior period due to decreases in salary expenses, advertising and marketing fees, filing fees and legal fees of approximately $330,000, $235,000, $160,000 and $200,000, respectively.

Stock-based compensation expense

We record stock-based compensation expenses for costs associated with options and restricted shares granted in connection with the Plan, as well as for shares issued as payment for services. For the six months ended April 30, 2025, stock-based compensation expense decreased by approximately $0.3 million compared to the prior period. This decrease was primarily due to the final vesting of certain restricted shares in the previous quarter, which resulted in a lower expense allocation for the current six-month period.

Accretion expenses

We have an Asset Retirement Obligation (“ARO”) recorded that is associated with its oil and natural gas properties in the SSP; the fair value of the ARO was recorded as a liability and is accreted over time until the date the ARO is to be paid. For the six months ended April 30, 2025, accretion expenses remained consistent with that of the prior year period.

Other expenses, net

For the six months ended April 30, 2025, other expenses, net decreased by approximately $1.3 million when compared to the prior year period. This decline was primarily driven by (i) an approximate $0.8 million reduction in non-cash interest expense resulting from lower debt levels in the current period (non-cash interest expense is recognized as debt discounts on financings are amortized), as well as (ii) an approximate $1.1 million loss on a note conversion recorded in the prior period, which stemmed from principal payments made via conversion shares under the October 2023 Securities Purchase Agreement. These reductions were partially offset by a $0.6 million loss incurred in the current period due to the abandonment of oil and gas properties.

Liquidity and Capital Resources

Working Capital/(Deficiency)

Our working capital deficiency as of April 30, 2025, in comparison to our working capital deficiency as of October 31, 2024, can be summarized as follows:

	April 30, 2025			October 31, 2024
Current assets	$	1,738,678		$	565,219
Current liabilities		2,270,661			2,590,699
Working capital (deficiency)	$	(531,983	)	$	(2,025,480	)

Current assets increased because of i) an increase to the cash account of approximately $3.4 million due to cash proceeds from the sale of shares related to the ATM agreement. Current liabilities decreased because of (i) a decrease in promissory notes of approximately $0.7 million, (ii) a decrease in notes payable-related parties of $0.2 million and (iii) a decrease in other current liabilities of approximately $0.3 million, offset by increases of approximately $0.6 million and $0.3 million in convertible note debt and deferred consideration payable, respectively.

Cash Flows

Our cash flows for the six months ended April 30, 2025, in comparison to our cash flows for the six months ended April 30, 2024, can be summarized as follows:

	Six months ended April 30,
	2025			2024
Net cash (used in)/provided by operating activities	$	(1,660,469	)	$	682,525
Net cash used in investing activities		(453,616	)		(1,018,704	)
Net cash provided by/(used in) financing activities		3,250,350			(1,005,098	)
Effect of foreign currency exchange		34,846			-
Net change in cash	$	1,171,111		$	(1,341,277	)

Cash Flows from Operating Activities

For the six months ended April 30, 2025 and 2024, cash (used in)/provided by operating activities was ($1,660,469) and $682,525, respectively. The cash used in operations for the six months ended April 30, 2025 was primarily attributable to our net loss of $3,179,277, adjusted for non-cash expenses in the aggregate amount of $1,725,452, as well as $206,644 of net cash used to fund changes in the levels of operating assets and liabilities. The cash provided by operations for the six months ended April 30, 2024 was primarily attributable to our net loss of $5,747,983, adjusted for non-cash expenses in the aggregate amount of $6,086,949, as well as $343,559 of net cash provided to fund changes in the levels of operating assets and liabilities.

Cash Flows from Investing Activities

For the six months ended April 30, 2025 and 2024, cash used in investing activities was $453,616 and $1,018,704, respectively. The cash used in investing activities during the six months ended April 30, 2025 is attributable to approximately $0.4 million for assets acquired at the Lloydminster, Saskatchewan properties. The cash used for the six months ended April 30, 2024 is attributable to approximately $1.1 million related to costs for capital expenditures, which were capitalized and are reflected in the balance of the oil and gas property as of April 30, 2024. These amounts were offset by approximately $50,000 in amounts due to operators for costs for the South Salinas Project and the McCool Ranch Option.

Cash Flows from Financing Activities

For the six months ended April 30, 2025 and 2024, cash provided by/(used in) financing activities was $3,250,350 and ($1,005,098), respectively. Cash provided by financing activities during the six months ended April 30, 2025 was primarily attributable to (i) proceeds from the issuance of common shares in connection with an ATM agreement, (ii) proceeds from the issuance of convertible debt of approximately $0.6 million, offset by repayments of related party debt and promissory notes of approximately $0.2 million and $0.6 million, respectively. Cash provided by financing activities during the six months ended April 30, 2024 was primarily attributable to approximately $0.6 million in net proceeds from the issuance of convertible debt and approximately $1.0 million from the issuance of promissory notes and related party notes, offset by payments for the convertible debt in the amount of approximately $2.6 million and debt issuance costs of $0.2 million.

Capital Resources

Since our inception, we have funded our operations with the proceeds from equity and debt financing. We have experienced liquidity issues due to, among other reasons, our limited ability to raise adequate capital on acceptable terms. We have historically relied upon the issuance of equity and promissory notes that are convertible into shares of our common stock to fund our operations and have devoted significant efforts to reduce that exposure. Unless we are able to raise additional capital through equity and/or debt financing, we believe our existing cash and cash flow from operations will be sufficient to meet our working capital and capital expenditure needs for not more than six months from the date of this report. Future capital requirements will depend on many factors, including the time period in which we are able to ramp up the operation of wells and the acquisition of additional properties. To the extent that existing capital and revenue growth are not sufficient to fund future activities, we will need to raise capital through additional equity or debt financings. Additional funds may not be available on terms favorable to us or at all. Failure to raise additional capital, if needed, could have a material adverse effect on our financial position, results of operations and cash flows.

Contractual Obligations and Commitments

Unproved Property Leases

We hold various leases related to the unproved properties of the South Salinas Project; two of the leases are held with the same lessor. The first lease, which covers 8,417 acres, was amended on May 27, 2022 to provide for an extension of then-current force majeure status for an additional, uncontested twelve months, during which we would be released from having to evidence to the lessor the existence of force majeure conditions. As consideration for the granting of the lease extension, we paid the lessor a one-time, non-refundable payment of $252,512; this amount was capitalized and reflected in the balance of the oil and gas property as of October 31, 2022. The extension period commenced on June 19, 2022 and currently, the “force majeure” status has been extinguished by the drilling of the HV-1 well. The ongoing operation and oil production at the HV-3A well maintain the validity of the lease.

The second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, we are required to make delay rental payments of $30/acre per year. We are currently in compliance with this requirement and have paid in advance the delay rental payment for the period from October 2024 through October 2025.

During February and March of 2023, we entered into additional leases related to the unproved properties of the South Salinas Project with two groups of lessors. The first group of leases covers 360 acres and has a term of 20 years; we are required to make rental payments of $25/acre per year. The second group of leases covers 307.75 acres and has a term of 20 years; we are required to make rental payments of $30/acre per year. During the current reporting period, we made the strategic decision to abandon the additional oil and gas leases. As a result, all associated costs related to exploration and development activities, including any capitalized costs for support equipment and facilities, have been expensed in accordance with applicable accounting standards. This decision was based on a comprehensive evaluation of the economic viability and future potential of the leases, considering market conditions, regulatory factors, and operational constraints.

We hold interests in various leases related to the unproved properties of the McCool Ranch Oil Field. These leases occur in two parcels, “Parcel 1” and “Parcel 2”. Parcel 1 comprises ten leases and approximately 480 acres, which are held by delay rental payments that are paid-up and current. Parcel 2 comprises one lease and approximately 320 acres, which is held by production. The total leasehold comprises approximately 800 gross and net acres. As of April 30, 2025, we made the decision to abandon all McCool Ranch leases. Accordingly, these leases have been written off and have been expensed on the statement of operations as of April 30, 2025. No further rental payments or development activities will be pursued.

On November 10, 2023, we entered into the ARLO Agreement with HSO for a term of nine months which allows us the exclusive right to acquire up to a 20% interest in a 960 acre drilling and production program in the Asphalt Ridge leases for $2,000,000, which may be invested in tranches, with an initial tranche closing for an amount no less than $500,000 and paid within seven days subsequent to HSO providing certain required items to us.

On December 29, 2023, we entered into an amendment to the ARLO Agreement, whereby we funded $200,000 of the $500,000 payable by us to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2% interest in the leases; such funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases. As of April 30, 2025, we have paid a total of $225,000 to HSO in costs related to infrastructure and have obtained a 2.25% interest in the leases; such costs are capitalized costs and are reflected in the balance of the oil and gas property as of April 30, 2025.

Per the most recent amendment to the ARLO Agreement signed in April 2025, we had until May 10, 2025 to pay HSO an additional $1,775,000 to exercise an option for the remaining 17.75% working interest in the initial 960 acres of the Asphalt Ridge Leases. The option expired after the reporting period on May 10, 2025 due to our failure to exercise it before the expiration date. As a result, we forfeited any further right to acquire the additional 17.75% working interest but will retain our existing 2.25% interest in the leases.

Proved Property Leases

Board of Directors Compensation

On July 11, 2022, our Board of Directors approved compensation for each of the non-employee directors of the Company, which would be effective upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $50,000 cash plus an additional $10,000 for each Board committee upon which the Director serves, each paid quarterly in arrears. Payment for this approved compensation commenced upon successful completion of the Company’s IPO in April 2023, and for the three and six months ended April 30, 2025, we recognized $102,508 and $161,675, respectively, in directors’ fees. For the three and six months ended April 30, 2024, we recognized $54,000 and $110,685, respectively, in directors’ fees.

Agreements with Advisors

On October 4, 2023 and December 29, 2023, we entered into placement agent agreements with Spartan Capital Securities, LLC (“Spartan”), whereby Spartan has served as the exclusive placement agent in connection with the closing of private placements. The agreements provide the agent with i) a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 4,167 and 2,750 common shares with exercise prices of $26.40 and $11.00 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024. Such warrants may be exercised beginning 6 months after issuance until four and one-half years thereafter.

Critical Accounting Policies and Estimates

Basis of Presentation

We prepare our condensed consolidated financial statements in conformity with GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the condensed consolidated financial statements are prepared, and actual results could differ from our estimates and such differences could be material. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation of our condensed consolidated financial statements, as well as the sufficiency of the disclosures pertaining to our accounting policies in the footnotes accompanying our condensed consolidated financial statements. Described below are the most significant policies we apply in preparing our condensed consolidated financial statements, some of which are subject to alternative treatments under GAAP. We also describe the most significant estimates and assumptions we make in applying these policies. See “Note 2 - Summary of Significant Accounting Policies” to our condensed consolidated financial statements.

Oil and Gas Assets and Exploration Costs – Successful Efforts

Our projects are in exploration and/or early production stages and we began generating revenue from its operations during the quarterly period ended April 30, 2024. We apply the successful efforts method of accounting for crude oil and natural gas properties. Under this method, exploration costs such as exploratory, geological, and geophysical costs, delay rentals and exploratory overhead are expensed as incurred. If an exploratory property provides evidence to justify potential development of reserves, drilling costs associated with the property are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. At the end of each quarter, management reviews the status of all suspended exploratory property costs considering ongoing exploration activities; in particular, whether we are making sufficient progress in our ongoing exploration and appraisal efforts. If management determines that future appraisal drilling or development activities are unlikely to occur, associated exploratory well costs are expensed.

Costs to acquire mineral interests in crude oil and/or natural gas properties, drill and equip exploratory wells that find proved reserves and drill and equip development wells are capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the holding period and transferred to proven crude oil and/or natural gas properties to the extent associated with successful exploration activities. Significant undeveloped leases are assessed individually for impairment, based on our current exploration plans, and a valuation allowance is provided if impairment is indicated. Capitalized costs from successful exploration and development activities associated with producing crude oil and/or natural gas leases, along with capitalized costs for support equipment and facilities, are amortized to expense using the unit-of-production method based on proved crude oil and/or natural gas reserves on a field-by-field basis, as estimated by qualified petroleum engineers.

As of April 30, 2025, we had five wells that are producing, all of which are located in the newly acquired Saskatchewan property, plus two workovers. We expect to add the reserve value of such fields to our reserve report after a further period of observation and review of the oil production; once this has been determined, we will estimate the necessary depreciation, depletion and amortization (“DD&A”) for such wells.

Proved and unproved oil and natural gas properties

Unproved oil and natural gas properties have unproved lease acquisition costs, which are capitalized until the lease expires or otherwise until we specifically identify a lease that will revert to the lessor, at which time we charge the associated unproved lease acquisition costs to exploration costs.

Unproved oil and natural gas properties are not subject to amortization and are assessed periodically for impairment on a property-by-property basis based on remaining lease terms, drilling results or future plans to develop acreage. As of April 30, 2025 and October 31, 2024, such oil and gas properties were classified as unproved properties and were not subject to depreciation, depletion and amortization.

	●	Proved developed reserves are amortized over the expected production life of the wells.
	●	Proved undeveloped reserves remain capitalized until development activities commence.
	●	The Company assesses impairment of proved properties periodically based on commodity prices, production forecasts, and reserve estimates.

As of April 30, 2025, we have proved reserves in the newly acquired Saskatchewan properties and expect to add the reserves values of such fields to our reserve report; once this has been done, we will estimate the necessary DD&A for such wells.

Impairment of Other Long-lived Assets

We review the carrying value of our long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost-carrying value of an asset may no longer be appropriate. We assess the recoverability of the carrying value of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition. If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and estimated fair value. With regards to oil and gas properties, this assessment applies to proved properties; unproved properties are assessed for impairment either at an individual property basis or a group basis.

Asset Retirement Obligations

ARO consists of future plugging and abandonment expenses on oil and natural gas properties. In connection with the South Salinas Project acquisition described above, we acquired the plugging and abandonment liabilities associated with six temporarily shut-in, idle wells. The fair value of the ARO was recorded as a liability in the period in which the wells were acquired with a corresponding increase in the carrying amount of oil and natural gas properties. We plan to utilize the six wellbores acquired in the South Salinas Project acquisition in future production, development and/or exploration activities. The liability is accreted for the change in its present value each period based on the expected dates that the wellbores will be required to be plugged and abandoned. The capitalized cost of ARO is included in oil and gas properties and is a component of oil and gas property costs for purposes of impairment and, if proved reserves are found, such capitalized costs will be depreciated using the units-of-production method. The asset and liability are adjusted for changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

Fair Value Measurements

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques.

Recent Accounting Pronouncements

All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to us.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not Applicable. As a smaller reporting company, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, have evaluated our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our second fiscal quarter ended April 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any legal proceedings.

Item 1A. Risk Factors

There have been no other material changes to the risk factors set forth in the section titled “Risk Factors” included in our Amendment No. 3 to our Annual Report on Form 10-K/A for the year ended October 31, 2024, which was filed with the SEC on April 15, 2025 (“2024 Annual Report”). Our business involves significant risks. You should carefully consider the risks and uncertainties described in our 2024 Annual Report, together with all of the other information in our 2024 Annual Report and in this Quarterly Report on Form 10-Q, as well as our audited financial statements and related notes as disclosed in our 2024 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None, except as reported on Current Reports on Form 8-K filed by the Company during the quarterly period covered by this report.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit No.		Description
31.1*		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

*	Filed herewith.

**	Furnished, not filed

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRIO PETROLEUM CORP.

By:	/s/ Robin Ross
	Robin Ross
	Chief Executive Officer (Principal Executive Officer)

	Date: June 10, 2025

By:	/s/ Greg Overholtzer
	Greg Overholtzer
	Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

	Date: June 10, 2025

Exhibit 31.1

SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Robin Ross, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Trio Petroleum Corp.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed each internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Robin Ross
Date: June 10, 2025	Robin Ross
	Principal Executive Officer

Exhibit 31.2

SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Greg Overholtzer, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Trio Petroleum Corp.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed each internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 10, 2025	/s/ Greg Overholtzer
Date: June 10, 2025	Greg Overholtzer
	Principal Financial Officer

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officers of Trio Petroleum Corp. (the “Company”) hereby certify that the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 10, 2025	/s/ Robin Ross
Date: June 10, 2025	Robin Ross
	Principal Executive Officer

	/s/ Greg Overholtzer
	Greg Overholtzer
	Principal Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

Cover - shares	6 Months Ended
Cover - shares	Apr. 30, 2025	Jun. 09, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 30, 2025
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--10-31
Entity File Number	001-41643
Entity Registrant Name	TRIO PETROLEUM CORP.
Entity Central Index Key	0001898766
Entity Tax Identification Number	87-1968201
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	23823 Malibu Road,
Entity Address, Address Line Two	Suite 304
Entity Address, City or Town	Malibu
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90265
City Area Code	(661)
Local Phone Number	324-3911
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	TPET
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,522,499

Condensed Consolidated Balance Sheets - USD ($)	Apr. 30, 2025	Oct. 31, 2024
Current assets:
Cash	$ 1,457,056	$ 285,945
Prepaid expenses	250,051	279,274
Accounts receivable	31,571
Total current assets	1,738,678	565,219
Oil and gas properties - not subject to amortization	12,032,132	11,119,119
Total assets	13,770,810	11,684,338
Current liabilities:
Accounts payable and accrued liabilities	1,137,168	1,036,291
Asset retirement obligations - current	2,778	2,778
Convertible note, net of discounts	573,770
Due to operators	46,967	103,146
Promissory notes, net of discounts	15,361	742,852
Other current liabilities	159,303	454,966
Total current liabilities	2,270,661	2,590,699
Long-term liabilities:
Asset retirement obligations, net of current portion	52,480	51,091
Total non-current liabilities	52,480	51,091
Total liabilities	2,323,141	2,641,790
Commitments and Contingencies(Note 8)
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at April 30, 2025 and October 31, 2024, respectively
Common stock, $0.0001 par value; 490,000,000 shares authorized; 7,498,855 and 3,203,068 shares issued and outstanding as of April 30, 2025 and October 31, 2024, respectively	750	320
Stock subscription receivable	(10,010)	(10,010)
Additional paid-in capital	34,675,039	29,125,917
Accumulated other comprehensive income	34,846
Accumulated deficit	(23,252,956)	(20,073,679)
Total stockholders’ equity	11,447,669	9,042,548
Total liabilities and stockholders’ equity	13,770,810	11,684,338
Related Party [Member]
Current liabilities:
Payable - related party		115,666
Note payable - related party		135,000
Deferred consideration payable	$ 335,314

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2025	Oct. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares issued	7,498,855	3,203,068
Common stock, shares outstanding	7,498,855	3,203,068

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Income Statement [Abstract]
Revenues, net	$ 23,271	$ 72,923	$ 34,090	$ 72,923
Cost of goods sold	9,262		9,262
Gross profit	14,009	72,923	24,828	72,923
Operating expenses:
Exploration expense	11,161	40,223	35,882	124,817
General and administrative expense	755,481	1,475,685	1,467,027	2,433,375
Stock-based compensation expense	115,652	504,912	605,966	912,530
Accretion expense	694	694	1,389	1,389
Total operating expenses	882,988	2,021,514	2,110,264	3,472,111
Loss from operations	(868,979)	(1,948,591)	(2,085,436)	(3,399,188)
Other expenses:
Interest expense	30,154	982,691	348,520	1,141,989
Settlement fees		10,500		10,500
Loss on abandonment of oil and gas properties	574,419		574,419
Loss on extinguishment	90,200		90,200
Loss on conversion		1,104,153	80,702	1,196,306
Total other expenses	694,773	2,097,344	1,093,841	2,348,795
Loss before income taxes	(1,563,752)	(4,045,935)	(3,179,277)	(5,747,983)
Provision for income taxes
Net loss	$ (1,563,752)	$ (4,045,935)	$ (3,179,277)	$ (5,747,983)
Basic and Diluted Net Loss per Common Share
Basic	$ (0.22)	$ (1.98)	$ (0.53)	$ (3.18)
Diluted	$ (0.22)	$ (1.98)	$ (0.53)	$ (3.18)
Weighted Average Number of Common Shares Outstanding
Basic	7,069,202	2,043,843	6,000,152	1,808,201
Diluted	7,069,202	2,043,843	6,000,152	1,808,201
Comprehensive loss:
Net loss	$ (1,563,752)	$ (4,045,935)	$ (3,179,277)	$ (5,747,983)
Foreign currency translation adjustment	34,846		34,846
Comprehensive loss	$ (1,528,906)	$ (4,045,935)	$ (3,144,431)	$ (5,747,983)

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Share Subscription Receivables [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Oct. 31, 2023	$ 155	$ (10,010)	$ 20,200,121		$ (10,446,882)	$ 9,743,384
Balance, shares at Oct. 31, 2023	1,552,328
Issuance of common shares in lieu of cash payments on convertible note	$ 6		344,676			344,682
Issuance of common shares in lieu of cash payments, shares	55,179
Issuance of common shares to a consultant	$ 1		95,199			95,200
Issuance of common shares to consultants, shares	10,000
Issuance of equity warrants in connection with convertible note			151,490			151,490
Stock-based compensation			407,618			407,618
Net loss					(1,702,048)	(1,702,048)
Balance at Jan. 31, 2024	$ 162	(10,010)	21,199,104		(12,148,930)	9,040,326
Balance, shares at Jan. 31, 2024	1,617,507
Balance at Oct. 31, 2023	$ 155	(10,010)	20,200,121		(10,446,882)	9,743,384
Balance, shares at Oct. 31, 2023	1,552,328
Net loss						(5,747,983)
Balance at Apr. 30, 2024	$ 252	(10,010)	25,949,631		(16,194,865)	9,745,008
Balance, shares at Apr. 30, 2024	2,516,419
Balance at Jan. 31, 2024	$ 162	(10,010)	21,199,104		(12,148,930)	9,040,326
Balance, shares at Jan. 31, 2024	1,617,507
Issuance of common shares in lieu of cash payments on convertible note	$ 76		2,978,829			2,978,905
Issuance of common shares in lieu of cash payments, shares	761,502
Issuance of common shares to a consultant	$ 9		599,291			599,300
Issuance of common shares to consultants, shares	85,000
Stock-based compensation			504,912			504,912
Net loss					(4,045,935)	(4,045,935)
Issuance of commitment shares in connection with the April 2024 Financings	$ 8		667,492			667,500
Issuance of commitment shares in connection with the April 2024 Financings, shares	75,000
Adjustment to common stock for warrants related to the Resale S-1/A	$ (3)		3
Adjustment to common stock for warrants related to the Resale S-1/A, shares	(22,590)
Balance at Apr. 30, 2024	$ 252	(10,010)	25,949,631		(16,194,865)	9,745,008
Balance, shares at Apr. 30, 2024	2,516,419
Balance at Oct. 31, 2024	$ 320	(10,010)	29,125,917		(20,073,679)	9,042,548
Balance, shares at Oct. 31, 2024	3,203,068
Stock-based compensation			490,314			490,314
Net loss					(1,615,525)	(1,615,525)
Issuance of common shares to executives and board members	$ 21		(21)
Issuance of common shares to executives and board members, shares	210,000
Issuance of common shares in connection with ATM agreement, net	$ 295		3,475,353			3,475,648
Issuance of common shares in connection with ATM agreement, net, shares	2,951,169
Issuance of common shares in lieu of cash payments on promissory notes	$ 34		299,535			299,569
Issuance of common shares in lieu of cash payments on promissory notes, shares	340,419
Issuance of beneficial ownership round-up shares for participants	$ 2		(2)
Issuance of beneficial ownership round-up shares for participants, shares	21,046
Balance at Jan. 31, 2025	$ 672	(10,010)	33,391,096		(21,689,204)	11,692,554
Balance, shares at Jan. 31, 2025	6,725,702
Balance at Oct. 31, 2024	$ 320	(10,010)	29,125,917		(20,073,679)	9,042,548
Balance, shares at Oct. 31, 2024	3,203,068
Net loss						(3,179,277)
Balance at Apr. 30, 2025	$ 750	(10,010)	34,675,039	34,846	(23,252,956)	11,447,669
Balance, shares at Apr. 30, 2025	7,498,855
Balance at Jan. 31, 2025	$ 672	(10,010)	33,391,096		(21,689,204)	11,692,554
Balance, shares at Jan. 31, 2025	6,725,702
Issuance of common shares to a consultant	$ 2		27,998			28,000
Issuance of common shares to consultants, shares	20,000
Stock-based compensation			115,652			115,652
Net loss					(1,563,752)	(1,563,752)
Issuance of common shares in connection with asset acquisition	$ 53		747,628			747,681
Issuance of common shares in connection with asset acquisition, shares	526,536
Issuance of common shares in connection with Note Exchange Agreement	$ 23		392,665			392,688
Issuance of common shares in connection with Note Exchange Agreement, shares	230,992
Reduction in shares due to option forfeitures
Reduction in shares due to option forfeitures, shares	(4,375)
Other comprehensive income				34,846		34,846
Balance at Apr. 30, 2025	$ 750	$ (10,010)	$ 34,675,039	$ 34,846	$ (23,252,956)	$ 11,447,669
Balance, shares at Apr. 30, 2025	7,498,855

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,179,277)	$ (5,747,983)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Issuance of common shares for services	28,000	694,500
Issuance of equity warrants in connection with convertible note		151,490
Conversion of convertible note payments into common shares		3,323,587
Accretion expense	1,389	1,389
Amortization of debt discounts	344,775	1,140,753
Payable to related party		185,066
Bad debt expense
Stock-based compensation	605,966	912,530
Debt discounts - convertible note		(322,366)
Loss on issuance of common shares in lieu of cash principal payments on debt	80,702
Loss on abandonment of oil and gas properties	574,419
Loss on debt extinguishment	90,200
Changes in operating assets and liabilities:
Accounts receivable	(31,571)
Prepaid expenses and other receivables	22,223	(450,812)
Accounts payable and accrued liabilities	98,368	392,714
Other liabilities	(295,663)	401,657
Net cash (used in)/provided by operating activities	(1,660,469)	682,525
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for unproved oil and gas properties	(397,437)	(1,060,931)
Due to operators	(56,179)	42,227
Advances to operators
Net cash used in investing activities	(453,616)	(1,018,704)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares in connection with ATM agreement	3,475,648
Payment of convertible note payable		(2,550,000)
Proceeds from promissory notes		1,036,880
Proceeds from note payable - related party		125,000
Payment for debt issuance costs	(43,330)	(166,978)
Payment of related party debt	(199,332)
Proceeds from issuance of convertible debt	606,000	550,000
Payment of promissory notes	(588,636)
Net cash provided by/(used in) financing activities	3,250,350	(1,005,098)
Effect of foreign currency exchange	34,846
NET CHANGE IN CASH	1,171,111	(1,341,277)
Cash - Beginning of period	285,945	1,561,924
Cash - End of period	1,457,056	220,647
Cash paid for interest
Cash paid for income taxes
Non-cash investing and financing activities:
Issuance of shares to executives and directors	21
Issuance of warrants		151,490
Issuance of commitment shares		$ 667,500

NATURE OF THE ORGANIZATION AND BUSINESS

6 Months Ended

Apr. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NATURE OF THE ORGANIZATION AND BUSINESS

NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS

Company Organization

Formation of a Canadian Wholly-Owned Subsidiary

Acquisition of South Salinas Project

Additional Acquisitions - Novacor Acquisition

Emerging Growth Company

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Apr. 30, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 –SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Consolidation

Basis of Presentation

Use of Estimates

Foreign Currency Translation

Cash and cash equivalents

Prepaid Expenses

Loan Receivables

Debt Issuance Costs

Oil and Gas Assets and Exploration Costs – Successful Efforts

Proved and unproved oil and natural gas properties

	●	Proved developed reserves are amortized over the expected production life of the wells.
	●	Proved undeveloped reserves remain capitalized until development activities commence.
	●	The Company assesses impairment of proved properties periodically based on commodity prices, production forecasts, and reserve estimates.

Impairment of Other Long-lived Assets

Asset Retirement Obligations

Components of the changes in ARO are shown below:

ARO, ending balance – October 31, 2024	$	53,869
Accretion expense		1,389
ARO, ending balance – April 30, 2025		55,258
Less: ARO – current		2,778
ARO, net of current portion – April 30, 2025	$	52,480

Revenue Recognition

Revenues are recognized for the sale of the Company’s percentage of working interest, adjusted for any incoming and outstanding expenses and oil and gas assessments.

Related Parties

Income Taxes

Fair Value Measurements

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques.

Net Loss Per Share

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive:

Six Months Ended

April 30, 2025

Six Months Ended

April 30, 2024

Warrants

17,240

⁽¹⁾

19,186

⁽¹⁾

Total potentially dilutive securities

17,240

19,186

⁽¹⁾	Balance consists of potentially dilutive shares based on 171,994 and 117,530 outstanding, equity classified warrants, respectively.

Environmental Expenditures

Recent Accounting Pronouncements

All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Reclassification of Expenses

Certain amounts in the prior periods presented have been reclassified to a current period financial statement presentation. This reclassification has no effect on previously reported net income.

Subsequent Events

The Company evaluated all events and transactions that occurred after April 30, 2025 through the date of the filing of this report. See Note 10 for such events and transactions.

GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

6 Months Ended

Apr. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Apr. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

NOTE 4 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue from Contracts with Customers

The following table disaggregates revenue by significant product type for the periods below:

SCHEDULE OF DISAGGREGATES REVENUE

	Three Months Ended April 30, 2025		Three Months Ended April 30, 2024		Six Months Ended April 30, 2025		Six Months Ended April 30, 2024
Oil sales	$	23,271	$	72,923	$	34,090	$	72,923

Total revenue from customers	$	23,271	$	72,923	$	34,090	$	72,923

There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of April 30, 2025.

Significant concentrations of credit risk

OIL AND NATURAL GAS PROPERTIES

6 Months Ended

Apr. 30, 2025

Property, Plant and Equipment [Abstract]

OIL AND NATURAL GAS PROPERTIES

NOTE 5 – OIL AND NATURAL GAS PROPERTIES

The following tables summarize the Company’s oil and gas activities.

	As of April 30, 2025		As of October 31, 2024

Oil and gas properties – not subject to amortization	$	12,032,132	$	11,119,119
Accumulated impairment		—		—
Oil and gas properties – not subject to amortization, net	$	12,032,132	$	11,119,119

Leases

South Salinas Project

McCool Ranch Oil Field

Optioned Assets – Asphalt Ridge Leasehold Acquisition & Development Option Agreement

Novacor Acquisition

See Note 10 for additional information.

RELATED PARTY TRANSACTIONS

6 Months Ended

Apr. 30, 2025

RELATED PARTY TRANSACTIONS

NOTE 6 – RELATED PARTY TRANSACTIONS

South Salinas Project – Related Party

McCool Ranch Oil Field Asset Purchase – Related Party

Restricted Stock Units (“RSUs”) issued to Directors

Restricted Shares issued to Executives and Employees

Note Payable – Related Party

Consulting Agreement

Loan to Trio Canada

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Apr. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Unproved Property Leases

The second lease covers 160 acres of the South Salinas Project; it is currently held by delay rental and is renewed every three years. Until drilling commences, the Company is required to make delay rental payments of $30/acre per year. The Company is currently in compliance with this requirement and have paid in advance the delay rental payment for the period from October 2024 through October 2025.

Proved Property Leases

Board of Directors Compensation

Agreements with Advisors

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard from the NYSE American

NOTES PAYABLE

6 Months Ended

Apr. 30, 2025

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTE 8 – NOTES PAYABLE

Notes payable as of April 30, 2025 and October 31, 2024 consisted of the following:

SCHEDULE OF NOTES PAYABLE

	As of April 30, 2025		As of October 31, 2024
Promissory notes, net of discounts		15,361		742,852
Payable – related party		-		115,666
Convertible note, net of discounts		573,770		-
Note Payable, related party		-		135,000
Total Notes payable	$	589,131	$	993,518

Payable – related party

See Note 6 - McCool Ranch Oil Field Asset Purchase – Related Party for further information.

March 2024 Debt Financing

Note Payable – Related Party

June 2024 Convertible Debt Financings

August 1, 2024 Financing

August 6, 2024 Financing

April 2025 Financing

STOCKHOLDERS’ EQUITY

6 Months Ended

Apr. 30, 2025

Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 9 – STOCKHOLDERS’ EQUITY

Common Shares

On April 11, 2025, the Company issued 526,536 common shares at a fair value of $1.42 per share for a total value of $747,681 in connection with the first closing of an asset acquisition from Novacor.

Series 1 Preferred Shares

Warrants

A summary of the warrant activity during the six months ended April 30, 2025 is presented below:

SCHEDULE OF WARRANT ACTIVITY

						Weighted
				Weighted		Average
				Average		Remaining
	Number of Warrants			Exercise Price		Life in Years		Intrinsic Value

Outstanding, November 1, 2024		191,994		$	15.24		3.8	$	47,160
Expired		(20,000	)		30.00		-		-
Outstanding, April 30, 2025		171,994		$	13.52		3.7	$	20,000

Exercisable, April 30, 2025		171,994		$	13.52		3.7	$	20,000

A summary of the warrant activity during the three and six months ended April 30, 2024 is presented below:

					Weighted
			Weighted		Average
			Average		Remaining
	Number of Warrants		Exercise Price		Life in Years		Intrinsic Value

Outstanding, November 1, 2023		88,336	$	22.35		7.3	$	-
Issued		29,195		12.43		4.6		-
Outstanding, April 30, 2024		117,531	$	19.89		3.7	$	125,600

Exercisable, April 30, 2024		114,780	$	20.10		3.7	$	125,600

A summary of outstanding and exercisable warrants as of April 30, 2025 is presented below:

Warrants Outstanding				Warrants Exercisable
Exercise Price		Number of Shares		Weighted Average Remaining Life in Years		Number of Shares
$	0.20		20,000		3.0		20,000
$	66.00		5,000		3.0		5,000
$	24.00		43,336		3.4		43,336
$	26.40		4,167		3.4		4,167
$	10.00		22,279		3.7		22,279
$	11.00		2,750		3.7		2,750
$	7.91		74,462		4.2		74,462
			171,994		3.7		171,994

Stock Options

A summary of the option activity during the six months ended April 30, 2025 is presented below:

SCHEDULE OF STOCK OPTION ACTIVITY

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2024		6,000	$	10.46		3.8	$	-
Issued		-		-		-		-
Outstanding, April 30, 2025		6,000	$	10.46		3.3	$	-

Exercisable, April 30, 2025		6,000	$	10.46		3.3	$	-

A summary of the option activity during the six months ended April 30, 2024 is presented below:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2023		6,000	$	10.46		4.8	$	-
Issued		-		-		-		-
Outstanding, April 30, 2024		6,000	$	10.46		4.3	$	-

Exercisable, April 30, 2024		6,000	$	10.46		4.3	$	-

A summary of outstanding and exercisable options as of April 30, 2025 is presented below:

Options Outstanding				Options Exercisable
Exercise Price		Number of Shares		Weighted Average Remaining Life in Years	Number of Shares
$	10.46		6,000	3.3		6,000
			6,000			6,000

The assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:

Risk free interest rate	4.36	%
Expected term (years)	5.0
Expected volatility	137.1	%
Expected dividends rate	0	%

SUBSEQUENT EVENTS

6 Months Ended

Apr. 30, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

Letter of Intent with HSO

Asphalt Ridge Leasehold Option Not Exercised

Second Closing of Novacor Acquisition

Abandonment of McCool Ranch Properties

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Apr. 30, 2025

Accounting Policies [Abstract]

Basis of Consolidation

Basis of Consolidation

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Foreign Currency Translation

Foreign Currency Translation

Cash and cash equivalents

Cash and cash equivalents

Prepaid Expenses

Prepaid Expenses

Loan Receivables

Loan Receivables

Debt Issuance Costs

Debt Issuance Costs

Oil and Gas Assets and Exploration Costs – Successful Efforts

Oil and Gas Assets and Exploration Costs – Successful Efforts

Proved and unproved oil and natural gas properties

Proved and unproved oil and natural gas properties

	●	Proved developed reserves are amortized over the expected production life of the wells.
	●	Proved undeveloped reserves remain capitalized until development activities commence.
	●	The Company assesses impairment of proved properties periodically based on commodity prices, production forecasts, and reserve estimates.

Impairment of Other Long-lived Assets

Impairment of Other Long-lived Assets

Asset Retirement Obligations

Asset Retirement Obligations

Components of the changes in ARO are shown below:

ARO, ending balance – October 31, 2024	$	53,869
Accretion expense		1,389
ARO, ending balance – April 30, 2025		55,258
Less: ARO – current		2,778
ARO, net of current portion – April 30, 2025	$	52,480

Revenue Recognition

Revenue Recognition

Revenues are recognized for the sale of the Company’s percentage of working interest, adjusted for any incoming and outstanding expenses and oil and gas assessments.

Related Parties

Related Parties

Income Taxes

Income Taxes

Fair Value Measurements

Fair Value Measurements

Level 1:	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date.

Level 2:	Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

Level 3:	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques.

Net Loss Per Share

Net Loss Per Share

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive:

Six Months Ended

April 30, 2025

Six Months Ended

April 30, 2024

Warrants

17,240

⁽¹⁾

19,186

⁽¹⁾

Total potentially dilutive securities

17,240

19,186

⁽¹⁾	Balance consists of potentially dilutive shares based on 171,994 and 117,530 outstanding, equity classified warrants, respectively.

Environmental Expenditures

Environmental Expenditures

Recent Accounting Pronouncements

Recent Accounting Pronouncements

All recently issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

Reclassification of Expenses

Reclassification of Expenses

Certain amounts in the prior periods presented have been reclassified to a current period financial statement presentation. This reclassification has no effect on previously reported net income.

Subsequent Events

Subsequent Events

The Company evaluated all events and transactions that occurred after April 30, 2025 through the date of the filing of this report. See Note 10 for such events and transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Apr. 30, 2025

Accounting Policies [Abstract]

SCHEDULE OF COMPONENTS OF CHANGES IN ARO

Components of the changes in ARO are shown below:

ARO, ending balance – October 31, 2024	$	53,869
Accretion expense		1,389
ARO, ending balance – April 30, 2025		55,258
Less: ARO – current		2,778
ARO, net of current portion – April 30, 2025	$	52,480

SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding, because their inclusion would have been anti-dilutive:

Six Months Ended

April 30, 2025

Six Months Ended

April 30, 2024

Warrants

17,240

⁽¹⁾

19,186

⁽¹⁾

Total potentially dilutive securities

17,240

19,186

⁽¹⁾	Balance consists of potentially dilutive shares based on 171,994 and 117,530 outstanding, equity classified warrants, respectively.

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Apr. 30, 2025

Revenue from Contract with Customer [Abstract]

SCHEDULE OF DISAGGREGATES REVENUE

The following table disaggregates revenue by significant product type for the periods below:

SCHEDULE OF DISAGGREGATES REVENUE

	Three Months Ended April 30, 2025		Three Months Ended April 30, 2024		Six Months Ended April 30, 2025		Six Months Ended April 30, 2024
Oil sales	$	23,271	$	72,923	$	34,090	$	72,923

Total revenue from customers	$	23,271	$	72,923	$	34,090	$	72,923

OIL AND NATURAL GAS PROPERTIES (Tables)

6 Months Ended

Apr. 30, 2025

Property, Plant and Equipment [Abstract]

SCHEDULE OF OIL AND NATURAL GAS PROPERTIES

The following tables summarize the Company’s oil and gas activities.

	As of April 30, 2025		As of October 31, 2024

Oil and gas properties – not subject to amortization	$	12,032,132	$	11,119,119
Accumulated impairment		—		—
Oil and gas properties – not subject to amortization, net	$	12,032,132	$	11,119,119

NOTES PAYABLE (Tables)

6 Months Ended

Apr. 30, 2025

Debt Disclosure [Abstract]

SCHEDULE OF NOTES PAYABLE

Notes payable as of April 30, 2025 and October 31, 2024 consisted of the following:

SCHEDULE OF NOTES PAYABLE

	As of April 30, 2025		As of October 31, 2024
Promissory notes, net of discounts		15,361		742,852
Payable – related party		-		115,666
Convertible note, net of discounts		573,770		-
Note Payable, related party		-		135,000
Total Notes payable	$	589,131	$	993,518

STOCKHOLDERS’ EQUITY (Tables)

6 Months Ended

Apr. 30, 2025

Equity [Abstract]

SCHEDULE OF WARRANT ACTIVITY

A summary of the warrant activity during the six months ended April 30, 2025 is presented below:

SCHEDULE OF WARRANT ACTIVITY

						Weighted
				Weighted		Average
				Average		Remaining
	Number of Warrants			Exercise Price		Life in Years		Intrinsic Value

Outstanding, November 1, 2024		191,994		$	15.24		3.8	$	47,160
Expired		(20,000	)		30.00		-		-
Outstanding, April 30, 2025		171,994		$	13.52		3.7	$	20,000

Exercisable, April 30, 2025		171,994		$	13.52		3.7	$	20,000

A summary of the warrant activity during the three and six months ended April 30, 2024 is presented below:

					Weighted
			Weighted		Average
			Average		Remaining
	Number of Warrants		Exercise Price		Life in Years		Intrinsic Value

Outstanding, November 1, 2023		88,336	$	22.35		7.3	$	-
Issued		29,195		12.43		4.6		-
Outstanding, April 30, 2024		117,531	$	19.89		3.7	$	125,600

Exercisable, April 30, 2024		114,780	$	20.10		3.7	$	125,600

SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS

A summary of outstanding and exercisable warrants as of April 30, 2025 is presented below:

Warrants Outstanding				Warrants Exercisable
Exercise Price		Number of Shares		Weighted Average Remaining Life in Years		Number of Shares
$	0.20		20,000		3.0		20,000
$	66.00		5,000		3.0		5,000
$	24.00		43,336		3.4		43,336
$	26.40		4,167		3.4		4,167
$	10.00		22,279		3.7		22,279
$	11.00		2,750		3.7		2,750
$	7.91		74,462		4.2		74,462
			171,994		3.7		171,994

SCHEDULE OF STOCK OPTION ACTIVITY

A summary of the option activity during the six months ended April 30, 2025 is presented below:

SCHEDULE OF STOCK OPTION ACTIVITY

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2024		6,000	$	10.46		3.8	$	-
Issued		-		-		-		-
Outstanding, April 30, 2025		6,000	$	10.46		3.3	$	-

Exercisable, April 30, 2025		6,000	$	10.46		3.3	$	-

A summary of the option activity during the six months ended April 30, 2024 is presented below:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value

Outstanding, November 1, 2023		6,000	$	10.46		4.8	$	-
Issued		-		-		-		-
Outstanding, April 30, 2024		6,000	$	10.46		4.3	$	-

Exercisable, April 30, 2024		6,000	$	10.46		4.3	$	-

SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS

A summary of outstanding and exercisable options as of April 30, 2025 is presented below:

Options Outstanding				Options Exercisable
Exercise Price		Number of Shares		Weighted Average Remaining Life in Years	Number of Shares
$	10.46		6,000	3.3		6,000
			6,000			6,000

SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS

The assumptions used in the Black-Scholes valuation method for these options issued in 2023 were as follows:

Risk free interest rate	4.36	%
Expected term (years)	5.0
Expected volatility	137.1	%
Expected dividends rate	0	%

NATURE OF THE ORGANIZATION AND BUSINESS (Details Narrative)		1 Months Ended
	Sep. 14, 2021 a shares	Sep. 30, 2021 USD ($) $ / shares shares	Apr. 30, 2025 a $ / shares	Oct. 31, 2024 a $ / shares	Apr. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock price per share \| $ / shares			$ 0.0001	$ 0.0001
Trio LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares issued \| shares	245,000
Business acquisition percentage	45.00%	45.00%	1.00%	1.00%
Trio LLC [Member] \| Purchase and Sale Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acres of property \| a			9,300	9,300
Payments to acquire businesses net of cash acquired \| $		$ 300,000
Non interest bearing notes payable \| $		$ 3,700,000
Number of shares issued \| shares		245,000
Common stock price per share \| $ / shares		$ 0.0001
Royalties percentage		68.62%
Working interest percentage		3.80%
Trio LLC [Member] \| South Salinas Project [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business acquisition increase in percentage of working interest	82.75%
Business acquisition percentage	82.75%				85.775%
Acres of property \| a	9,300

SCHEDULE OF COMPONENTS OF CHANGES IN ARO (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024	Oct. 31, 2024
Accounting Policies [Abstract]
ARO, ending balance			$ 53,869
Accretion expense	$ 694	$ 694	1,389	$ 1,389
ARO, ending balance	55,258		55,258
Less: ARO - current	2,778		2,778
ARO, net of current portion	$ 52,480		$ 52,480		$ 51,091

SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE (Details) - shares

6 Months Ended

Apr. 30, 2025

Apr. 30, 2024

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Warrants

17,240

19,186

Warrant [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Warrants

^[1]

17,240

19,186

[1]	Balance consists of potentially dilutive shares based on 171,994 and 117,530 outstanding, equity classified warrants, respectively.

SCHEDULE OF WEIGHTED AVERAGE COMMON SHARES OUTSTANDING ANTI-DILUTIVE (Details) (Parenthetical) - shares	6 Months Ended
	Apr. 30, 2025	Apr. 30, 2024
Accounting Policies [Abstract]
Dilutive shares outstanding	171,994	117,530

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)		3 Months Ended		6 Months Ended
	Sep. 14, 2021 shares	Apr. 30, 2025 USD ($)	Apr. 30, 2024	Apr. 30, 2025 USD ($)	Apr. 30, 2024	Oct. 31, 2024 USD ($)	Apr. 30, 2023	Sep. 30, 2021
Foreign currency translation adjustment		$ 34,846		$ 34,846
Cash equivalents		0		0		$ 0
Prepaid expense, current		250,051		250,051		279,274
Debt issuance costs, gross		$ 43,330		$ 43,330		$ 259,903
Trio LLC [Member]
Issuance of share \| shares	245,000
Business acquisition percentage	45.00%	1.00%		1.00%		1.00%		45.00%
Trio LLC [Member] \| South Salinas Project [Member]
Business acquisition percentage.	82.75%						85.775%
CANADA
Foreign currency exchange rate		0.7247		0.7247		0.7177
Foreign currency weighted average exchange rate		0.7043	0.7370	0.7039	0.7386

GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS (Details Narrative) - USD ($)	1 Months Ended			6 Months Ended		12 Months Ended
	Apr. 30, 2025	Dec. 31, 2023	Oct. 31, 2023	Apr. 30, 2025	Apr. 30, 2024	Dec. 31, 2024	Oct. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash	$ 1,457,056			$ 1,457,056			$ 285,945
Working capital	531,983			531,983
Proceeds from convertible debt				606,000	$ 550,000
Accumulated deficit	23,252,956			$ 23,252,956			$ 20,073,679
At The Market Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from convertible debt						$ 4,650,000
Chief Executive Officer [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from secured debt						125,000
Investor [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from secured debt						543,500
Convertible Notes Payable [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from convertible debt		$ 2,371,500	$ 2,371,500
Convertible Notes Payable [Member] \| Investor [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from convertible debt	$ 606,000					$ 1,440,000

SCHEDULE OF DISAGGREGATES REVENUE (Details) - USD ($)	3 Months Ended		6 Months Ended
SCHEDULE OF DISAGGREGATES REVENUE (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue from customers	$ 23,271	$ 72,923	$ 34,090	$ 72,923
Oil Sales [Member]
Disaggregation of Revenue [Line Items]
Total revenue from customers	$ 23,271	$ 72,923	$ 34,090	$ 72,923

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details Narrative)	6 Months Ended
	Apr. 30, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 0
Oil and Natural Gas Revenue [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration of credit risk percentage	100.00%

SCHEDULE OF OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)	Apr. 30, 2025	Oct. 31, 2024
Property, Plant and Equipment [Abstract]
Oil and gas properties – not subject to amortization	$ 12,032,132	$ 11,119,119
Accumulated impairment
Oil and gas properties – not subject to amortization, net	$ 12,032,132	$ 11,119,119

OIL AND NATURAL GAS PROPERTIES (Details Narrative)								1 Months Ended			3 Months Ended		6 Months Ended
OIL AND NATURAL GAS PROPERTIES (Details Narrative)	May 27, 2025 USD ($)	Apr. 11, 2025 USD ($) $ / shares shares	Apr. 04, 2025 USD ($) $ / shares shares	Dec. 18, 2024 USD ($)	Dec. 29, 2023 USD ($)	Nov. 10, 2023 USD ($) a	Oct. 16, 2023 USD ($)	Oct. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) a	Feb. 28, 2023 USD ($) a	Apr. 30, 2025 USD ($) a	Apr. 30, 2024 USD ($)	Apr. 30, 2025 USD ($) a	Apr. 30, 2024 USD ($)	Oct. 31, 2022 USD ($)	May 27, 2022 a
Property, Plant and Equipment [Line Items]
Exploration costs											$ 11,161	$ 40,223	$ 35,882	$ 124,817
Capitalized costs													1,500,000	$ 1,200,000
Total expense recognized													$ 73,806
Capitalized cost	$ 500,614
Issuance to shares of common stock											$ 747,681
Novacor Exploration Ltd [Member]
Property, Plant and Equipment [Line Items]
Cash			$ 333,400
Issuance to shares of common stock, shares \| shares		526,536	526,536
Issuance to shares of common stock			$ 8,400
Price per share \| $ / shares		$ 1.42	$ 1.42
Total equity consideration		$ 747,681	$ 747,681
Deferred consideration payable			325,000
McCool Ranch Purchase Agreement [Member]
Property, Plant and Equipment [Line Items]
Payment of execution							$ 100,000	$ 100,000
ARLO Agreement [Member]
Property, Plant and Equipment [Line Items]
Area of land \| a						960
Percentage of interest of leases						20.00%
Payments to acquire loans and lease						$ 2,000,000
ARLO Agreement [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Payments to acquire loans and lease						$ 500,000
Amended AR Agreement [Member]
Property, Plant and Equipment [Line Items]
Amount agreed to fund					$ 200,000
Amended ARLO Agreement [Member]
Property, Plant and Equipment [Line Items]
Area of land \| a											960		960
Percentage of interest of leases					2.00%								2.25%
Total purchase price of lease					$ 500,000
Lease payments													$ 225,000
Percentage of interest to acquire infrastructure													2.25%
Stock option exercised													$ 1,775,000
Working interest percentage													17.75%
Asset Purchase Agreement [Member] \| Novacor Exploration Ltd [Member]
Property, Plant and Equipment [Line Items]
Cash			650,000
Purchase price of acquisition			$ 65,000
Issuance to shares of common stock, shares \| shares			526,536
Asset Purchase Agreement [Member] \| Novacor Exploration Ltd [Member] \| Trio Canada [Member]
Property, Plant and Equipment [Line Items]
Cash			$ 260,000
Purchase price of acquisition			$ 65,000
Issuance to shares of common stock, shares \| shares			526,536
Payable for assets			$ 325,000
Novacor Exploration Ltd [Member]
Property, Plant and Equipment [Line Items]
Payments to acquire businesses				$ 1,406,081
Trio LLC [Member]
Property, Plant and Equipment [Line Items]
Working interest								21.91831%
Trio LLC [Member] \| McCool Ranch Purchase Agreement [Member]
Property, Plant and Equipment [Line Items]
Working interest							21.91831%
First Lease [Member]
Property, Plant and Equipment [Line Items]
Area of land \| a																8,417
Non refundable payment															$ 252,512
Second Lease [Member]
Property, Plant and Equipment [Line Items]
Area of land \| a											160		160
Delay rental payments											$ 30		$ 30
Group One [Member]
Property, Plant and Equipment [Line Items]
Area of land \| a										360
Lease term										20 years
Payments for rent										$ 25
Group Two [Member]
Property, Plant and Equipment [Line Items]
Area of land \| a									307.75
Lease term									20 years
Payments for rent									$ 30

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)													1 Months Ended		3 Months Ended		6 Months Ended
	May 27, 2025	Apr. 04, 2025	Jan. 01, 2025	Nov. 30, 2024	Nov. 25, 2024	Oct. 28, 2024	Oct. 21, 2024	Sep. 26, 2024	Jul. 11, 2024	Jun. 19, 2024	Mar. 26, 2024	Oct. 16, 2023	Oct. 31, 2023	May 31, 2023	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024	Oct. 31, 2024
Related Party Transaction [Line Items]
Working interest percentage																	85.775%
Due to operators															$ 46,967		$ 46,967		$ 103,146
Capitalized cost	$ 500,614
Stock based compensation																	605,966	$ 912,530
Gross proceeds																		125,000
Notes payable															589,131		589,131		993,518
Acquisition consideration															334,081		334,081
Acquisition consideration unused portion of subsidiary loan															796,919		796,919
Director [Member]
Related Party Transaction [Line Items]
Fair value, per share										$ 3.32
Grant date value										$ 91,300
Mr Peterson [Member]
Related Party Transaction [Line Items]
Fair value, per share									$ 3.32
Stock based compensation															0		68,033
Unrecognized expense															0		0
Aggregate fair value									$ 166,000
Monthly cash fee									10,000
Mr. Robin Ross [Member]
Related Party Transaction [Line Items]
Annual based salary									$ 300,000
Discretionary bonus percentage									100.00%
Michael L Peterson [Member]
Related Party Transaction [Line Items]
Short term debt											$ 125,000
Unsecured debt											$ 125,000
Interest rate											10.00%
Gross proceeds											$ 1,000,000
Extension fee				$ 5,000		$ 5,000		$ 5,000
Notes payable					$ 143,516
Principal amount					135,000
Accrued interest					$ 8,516
Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Stock award										22,500
Remaining issuance of shares										22,750
Restricted Stock Units (RSUs) [Member] \| Director [Member]
Related Party Transaction [Line Items]
Stock award							12,500			50,000
Fair value, per share							$ 3.13			$ 6.00
Grant date value							$ 39,125			$ 134,550
Stock based compensation															39,488		75,760
Unrecognized expense															119,432		119,432
Restricted shares, vesting rate							100.00%
Restricted Stock Units (RSUs) [Member] \| Current Director [Member]
Related Party Transaction [Line Items]
Stock award							37,500
Fair value, per share							$ 3.13
Grant date value							$ 117,375
Stock based compensation															17,198		141,592
Unrecognized expense															$ 0		$ 0
Restricted shares, vesting rate							100.00%
Restricted Stock Units (RSUs) [Member] \| Mr Peterson [Member]
Related Party Transaction [Line Items]
Stock award									50,000
Restricted Stock Units (RSUs) [Member] \| Mr. Robin Ross [Member]
Related Party Transaction [Line Items]
Stock award									100,000
Fair value, per share															$ 3.32		$ 3.32
Grant date value															$ 332,000		$ 332,000
Stock based compensation															51,117		110,059
Unrecognized expense															200,051		200,051
Restricted Stock Units (RSUs) [Member] \| Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Stock award							10,000
Fair value, per share							$ 3.13
Grant date value							$ 31,300
Stock based compensation															13,758		29,580
Unrecognized expense															0		0
Restricted shares, vesting rate							100.00%
Restricted Stock [Member] \| Mr Peterson [Member] \| 2022 Equity Incentive Plan [Member]
Related Party Transaction [Line Items]
Grant of restricted shares											50,000
McCool Ranch Purchase Agreement [Member]
Related Party Transaction [Line Items]
Payment of execution												$ 100,000	$ 100,000
Obligation to pay												$ 400,000
Six Employee Agreement [Member] \| Restricted Stock Units (RSUs) [Member]
Related Party Transaction [Line Items]
Fair value, per share														$ 43.00
Stock based compensation															34,785	$ 183,654	89,027	373,499
Unrecognized expense															34,785	$ 691,282	$ 34,785	$ 691,282
Restricted shares, vesting rate														25.00%
Grant of restricted shares														35,000
Aggregate fair value														$ 1,505,000
Restricted shares were forfeited														4,375
Consulting Agreement [Member] \| Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Monthly fee			$ 12,500
Trio LLC [Member]
Related Party Transaction [Line Items]
Working interest													21.91831%
Trio LLC [Member] \| McCool Ranch Purchase Agreement [Member]
Related Party Transaction [Line Items]
Working interest												21.91831%
South Salinas Project [Member]
Related Party Transaction [Line Items]
Working interest percentage																	3.80%
Due to operators															$ 70,492		$ 70,492		$ 103,146
Trio Canada [Member] \| Loan and Note Purchase Agreement [Member]
Related Party Transaction [Line Items]
Principal amount		$ 1,131,000
Loan payable		$ 1,131,000
Debt instrument, payment terms		three-year promissory note with a maturity date of April 4, 2028
Maturity date		Apr. 04, 2028
Interest rate		12.00%
Novacor Exploration Ltd [Member] \| Loan and Note Purchase Agreement [Member]
Related Party Transaction [Line Items]
Loan payable		$ 585,000

COMMITMENTS AND CONTINGENCIES (Details Narrative)							1 Months Ended		3 Months Ended		6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details Narrative)	Dec. 29, 2023 USD ($) $ / shares shares	Nov. 10, 2023 USD ($) a	Oct. 04, 2023 $ / shares shares	Apr. 20, 2023 $ / shares shares	Jul. 28, 2022 USD ($)	Jul. 11, 2022 USD ($)	Mar. 31, 2023 USD ($) a	Feb. 28, 2023 USD ($) a	Apr. 30, 2025 USD ($) a	Apr. 30, 2024 USD ($)	Apr. 30, 2025 USD ($) a	Apr. 30, 2024 USD ($)	Jun. 19, 2024 $ / shares	Oct. 31, 2022 USD ($)	May 27, 2022 a
Loss Contingencies [Line Items]
Net acres \| a									320		320
Warrant [Member]
Loss Contingencies [Line Items]
Aggregate of shares \| shares				5,000
Debt instrument, term				5 years
Share price \| $ / shares				$ 66.00
IPO [Member]
Loss Contingencies [Line Items]
Directors fees									$ 102,508	$ 54,000	$ 161,675	$ 110,685
Director [Member]
Loss Contingencies [Line Items]
Annual retainer, additional						$ 50,000
Share price \| $ / shares													$ 3.32
Board Committee [Member]
Loss Contingencies [Line Items]
Annual retainer, additional						$ 10,000
Advisors [Member]
Loss Contingencies [Line Items]
Non refundable payment					$ 25,000
Agreement with advisors, description	i) a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 4,167 and 2,750 common shares with exercise prices of $26.40 and $11.00 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024. Such warrants may be exercised beginning 6 months after issuance until four- and one-half years thereafter.		i) a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 4,167 and 2,750 common shares with exercise prices of $26.40 and $11.00 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024. Such warrants may be exercised beginning 6 months after issuance until four- and one-half years thereafter.		the Company’s IPO, a cash fee of 7.5%, warrants to purchase a number of common shares equal to 5% of the aggregate number of common shares placed in the IPO and reimbursement of other expenses.
Shares issued warrants to purchase \| shares	2,750		4,167
Exercise price of warrants or rights \| $ / shares	$ 11.00		$ 26.40
ARLO Agreement [Member]
Loss Contingencies [Line Items]
Area of land \| a		960
Percentage of interest		20.00%
Payments to acquire loans and lease		$ 2,000,000
ARLO Agreement [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Payments to acquire loans and lease		$ 500,000
Amended AR Agreement [Member]
Loss Contingencies [Line Items]
Amount agreed to fund	$ 200,000
Amended ARLO Agreement [Member]
Loss Contingencies [Line Items]
Area of land \| a									960		960
Percentage of interest	2.00%										2.25%
Total purchase price of lease	$ 500,000
Proceeds from lease payments											$ 225,000
Percentage of interest to acquire infrastructure											2.25%
Stock options exercised											$ 1,775,000
Working interest percentage											17.75%
Unproved Property Lease [Member]
Loss Contingencies [Line Items]
Area of land \| a							307.75	360
Lease, term							20 years	20 years
Payments for rent							$ 30	$ 25
Parcel 1 [Member]
Loss Contingencies [Line Items]
Area of land \| a									480		480
Parcel 2 [Member]
Loss Contingencies [Line Items]
Area of land \| a									320		320
Leasehold [Member]
Loss Contingencies [Line Items]
Area of land \| a									800		800
First Aforementioned [Member] \| Unproved Property Lease [Member]
Loss Contingencies [Line Items]
Area of land \| a															8,417
Non refundable payment														$ 252,512
Second Aforementioned [Member] \| Unproved Property Lease [Member]
Loss Contingencies [Line Items]
Area of land \| a									160		160
Delay rental payments									$ 30		$ 30

SCHEDULE OF NOTES PAYABLE (Details) - USD ($)	Apr. 30, 2025	Oct. 31, 2024
Debt Disclosure [Abstract]
Promissory notes, net of discounts	$ 15,361	$ 742,852
Payable – related party		115,666
Convertible note, net of discounts	573,770
Note Payable, related party		135,000
Total Notes payable	$ 589,131	$ 993,518

NOTES PAYABLE (Details Narrative) - USD ($)																									3 Months Ended		6 Months Ended
NOTES PAYABLE (Details Narrative) - USD ($)	May 30, 2025	Apr. 30, 2025	Apr. 17, 2025	Apr. 11, 2025	Mar. 30, 2025	Feb. 28, 2025	Feb. 10, 2025	Jan. 30, 2025	Jan. 28, 2025	Jan. 07, 2025	Dec. 20, 2024	Dec. 02, 2024	Nov. 30, 2024	Oct. 30, 2024	Oct. 28, 2024	Oct. 11, 2024	Oct. 01, 2024	Sep. 30, 2024	Sep. 26, 2024	Aug. 06, 2024	Aug. 01, 2024	Jun. 27, 2024	Mar. 27, 2024	Mar. 26, 2024	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2025	Apr. 30, 2024	Dec. 30, 2024	Nov. 25, 2024	Oct. 31, 2024
Short-Term Debt [Line Items]
Gross proceeds																												$ 125,000
Convertible note, net of discounts		$ 573,770																							$ 573,770		573,770
Notes payable		589,131																							589,131		$ 589,131				$ 993,518
Expected term																											5 years
Expected volatility rate																											137.10%
Expected dividend rate																											0.00%
Gains losses on extinguishment of debt																									(90,200)		$ (90,200)
Amortization of debt discount																											344,775	1,140,753
Note Exchange Agreement [Member]
Short-Term Debt [Line Items]
Debt conversion price							$ 1.70
Price per share							$ 1.24
Outstanding balance									$ 285,852
Gains losses on extinguishment of debt							$ 141,534
Number of common stock exchanges							230,992
Description of exchange agreement							the product of the lowest closing price of the Company’s stock during the ten trading days immediately prior to February 10, 2025, and 75%.
Chief Executive Officer [Member]
Short-Term Debt [Line Items]
Gross proceeds																								$ 1,000,000
Short term debt																								125,000
Unsecured debt																								$ 125,000
Interest rate																								10.00%
Shares vested																								50,000
Michael L Peterson [Member]
Short-Term Debt [Line Items]
Gross proceeds																								$ 1,000,000
Debt instrument face amount																														$ 135,000
Short term debt																								125,000
Unsecured debt																								$ 125,000
Interest rate																								10.00%
Gross proceeds													$ 5,000		$ 5,000				$ 5,000
Notes payable																														143,516
Accrued Interest																														$ 8,516
Maximum [Member]
Short-Term Debt [Line Items]
Debt conversion price																							$ 1.42340
March 2024 Debt Financing [Member]
Short-Term Debt [Line Items]
Gross proceeds																							$ 184,500
Net proceeds																							164,500
Debt instrument face amount								$ 29,610					29,610	$ 29,610				$ 118,440					$ 211,500						$ 29,610
Original issue discount, rate																							13.00%
Interest rate																							12.00%
Debt instrument, carrying amount																							$ 25,380
Debt instrument description																							The Investor Note contains provisions constituting an Event of Default (as such term is defined in the March 2024 Investor Note) and, upon an Event of Default, the March 2024 Investor Note will be accelerated and become due and payable in an amount equal to 150% of all amounts due and payable under the March 2024 Investor Note with interest at a default rate of 22% per annum. In addition, upon an Event of Default, the March 2024 Investor has the right to convert all or any outstanding amount of the March Investor Note into shares of the Company’s common stock at a conversion price equal to the greater of (i) 75% of the Market Price (as such term is defined in the March 2024 Investor Note) or (ii) the conversion floor price, which is $1.42340 (the “Floor Price”); provided, however, that the Floor Price shall not apply after October 5, 2024, and thereafter, the conversion price will be 75% of the Market Price. Issuance of shares of common stock to the March 2024 Investor is subject to certain beneficial ownership limitations and not more than 19.99% of the shares of common stock outstanding on March 29, 2024 may be issued upon conversion of the March 2024 Investor Note. The conversion price is also subject to certain adjustments or other terms in the event of (i) mergers, consolidations or recapitalization events or (ii) certain distributions made to holders of shares of common stock.
Cash payments													$ 88,830	29,610				$ 118,440
Convertible note, net of discounts		0																							0		0
Noncash interest expense related to discount recognized																									0	$ 7,964	21,315	$ 7,964
Noncash interest expense related to discount recognized over life																											72,380
March 2024 Debt Financing [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Original issue discount, rate																							3.00%
June 2024 Debt Financing [Member]
Short-Term Debt [Line Items]
Gross proceeds																						$ 720,000
Net proceeds																						$ 676,200
Debt instrument face amount										$ 192,492	$ 290,844	$ 88,888		$ 88,888			$ 50,000		$ 88,888
Debt instrument description																						The June 2024 Notes are initially convertible into shares of Common Stock (the “June 2024 Conversion Shares”) at a conversion price of $7.90500 per share, subject to certain adjustments (the “June 2024 Notes Conversion Price”), provided that the June 2024 Conversion Price shall not be reduced below $2.40 (the “June 2024 Floor Price”), and provided further that, subject to the applicable rules of the NYSE American, the Company may lower the June 2024 Floor Price at any time upon written notice to the June 2024 Investors. The June 2024 Notes do not bear any interest, except in the case of an Event of Default (as such term is defined in the June 2024 Notes), and the June 2024 Notes mature on June 27, 2025. Upon the occurrence of any Event of Default, interest shall accrue on the June 2024 Notes at a rate equal to 10% per annum or, if less, the highest amount permitted by law.
Debt conversion price											$ 0.88			$ 2.58		$ 3.38	$ 3.66		$ 3.38			$ 7.90500
Number of shares issued																2,317
Debt instrument floor price																						$ 2.40
Percentage of total principal amount																						103.00%
Percentage of pre-payment premium																						5.00%
Outstanding balance														$ 91,556		$ 7,838	$ 51,500		$ 91,556
Debt instrument conversion shares											340,419			38,150			17,167		30,520
Gains losses on extinguishment of debt										$ 69,310	$ 8,725	$ 2,668		$ 9,534			$ 12,830		$ 14,203
June 2024 Debt Financing [Member] \| June 2024 SPA [Member]
Short-Term Debt [Line Items]
Debt instrument face amount																						$ 360,000
Original issue discount, rate																						10.00%
Senior Secured Convertible Promissory Note [Member] \| June 2024 SPA [Member]
Short-Term Debt [Line Items]
Debt instrument face amount																						$ 400,000
Original issue discount, rate																						10.00%
June 2024 SPA [Member]
Short-Term Debt [Line Items]
Class of warrant or right, outstanding																						37,231
Warrant exercise price																						$ 7.90500
Number of shares issued																						74,461
Aggregate relative fair value																						$ 257,701
June 2024 SPA [Member] \| Measurement Input, Share Price [Member]
Short-Term Debt [Line Items]
Price per share																						$ 6.00
June 2024 SPA [Member] \| Measurement Input, Exercise Price [Member]
Short-Term Debt [Line Items]
Exercise price																						$ 7.90500
June 2024 SPA [Member] \| Measurement Input, Expected Term [Member]
Short-Term Debt [Line Items]
Expected term																						5 years
June 2024 SPA [Member] \| Measurement Input, Option Volatility [Member]
Short-Term Debt [Line Items]
Expected volatility rate																						132.52%
June 2024 SPA [Member] \| Measurement Input, Expected Dividend Rate [Member]
Short-Term Debt [Line Items]
Expected dividend rate																						0.00%
June 2024 SPA [Member] \| Measurement Input, Discount Rate [Member]
Short-Term Debt [Line Items]
Discount rate																						4.29
Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Debt conversion converted instrument rate											103.00%			103.00%			103.00%		103.00%
June 2024 Debt Financing Net [Member]
Short-Term Debt [Line Items]
Outstanding balance											$ 299,569			$ 98,422			$ 62,830		$ 103,091
June 2024 Debt Financing One [Member]
Short-Term Debt [Line Items]
Debt instrument face amount		0																							0		0
Noncash interest expense related to discount recognized																									0		249,805
Noncash interest expense related to discount recognized over life																											381,501
August 1, 2024 Financing [Member]
Short-Term Debt [Line Items]
Gross proceeds																					$ 134,000
Net proceeds																					110,625
Debt instrument face amount		15,361						85,120													$ 152,000				15,361		15,361
Interest rate																					12.00%
Noncash interest expense related to discount recognized																									17,569		35,730
Debt discount																					$ 18,000
Debt discount percentage																					11.80%
Maturity Date																					May 30, 2025
Periodic payment of debt		21,280			$ 21,280	$ 21,280		85,120																	21,280
Debt prepayment discount percentage																					3.00%
Interest paid																					$ 18,240
Total payment																									63,840
August 1, 2024 Financing [Member] \| Subsequent Event [Member]
Short-Term Debt [Line Items]
Periodic payment of debt	$ 21,280
August 6, 2024 Financing [Member]
Short-Term Debt [Line Items]
Gross proceeds																				$ 225,000
Net proceeds																				199,250
Debt instrument face amount		0																		$ 255,225					0		0
Interest rate																				12.00%
Debt discount																				$ 30,225
Debt discount percentage																				11.80%
Maturity Date																				May 30, 2025
Periodic payment of debt		35,731.50			$ 35,731.50	$ 35,731.50		$ 142,926
Debt prepayment discount percentage																				3.00%
Interest paid																				$ 30,627
Amortization of debt discount																									0		26,826
August 6, 2024 Financing [Member] \| Subsequent Event [Member]
Short-Term Debt [Line Items]
Periodic payment of debt	$ 35,731.50
April 2024 Debt Financing [Member] \| Two Cash Payment [Member]
Short-Term Debt [Line Items]
Debt conversion price																				$ 25,000
April 2025 Financing [Member]
Short-Term Debt [Line Items]
Net proceeds			$ 333,000	$ 263,000
Debt instrument face amount		$ 573,770	712,941	321,176																					573,770		573,770
Debt discount			106,941	48,176
Amortization of debt discount																									$ 11,100		$ 11,100
Aggregate funding amount			606,000	273,000
Payment of reimburse for legal fees				$ 10,000
April 2025 Financing [Member] \| Spartan Capital Securities, LLC [Member]
Short-Term Debt [Line Items]
Payment of commission			$ 33,330

SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($)	6 Months Ended		12 Months Ended
SCHEDULE OF WARRANT ACTIVITY (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Oct. 31, 2024	Oct. 31, 2023
Equity [Abstract]
Number of Warrants, Outstanding, Beginning balance	191,994	88,336	88,336
Weighted Average Exercise Price, Beginning balance	$ 15.24	$ 22.35	$ 22.35
Weighted Average Remaining Life in Years	3 years 8 months 12 days	3 years 8 months 12 days	3 years 9 months 18 days	7 years 3 months 18 days
Intrinsic Value, Beginning balance	$ 47,160
Number of Warrants, Expired	(20,000)
Weighted Average Exercise Price, Expired	$ 30.00
Number of Warrants, Outstanding, Ending balance	171,994	117,531	191,994	88,336
Weighted Average Exercise Price, Ending balance	$ 13.52	$ 19.89	$ 15.24	$ 22.35
Intrinsic Value, Ending balance	$ 20,000	$ 125,600	$ 47,160
Number of Warrants, Exercisable	171,994	114,780
Weighted Average Exercise Price, Exercisable	$ 13.52	$ 20.10
Weighted Average Remaining Life in Years, Exercisable	3 years 8 months 12 days	3 years 8 months 12 days
Intrinsic Value, Exercisable	$ 20,000	$ 125,600
Number of Warrants, Issued		29,195
Weighted Average Exercise Price, Expired		$ 12.43
Weighted Average Remaining Life in Years		4 years 7 months 6 days

SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS (Details) - Warrant [Member]	6 Months Ended
	Apr. 30, 2025 $ / shares shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Number of Shares	171,994
Warrants Exercisable, Weighted Average Remaining Life in Years	3 years 8 months 12 days
Warrants Exercisable, Number of Shares	171,994
Exercise Price Range One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 0.20
Warrants Outstanding, Number of Shares	20,000
Warrants Exercisable, Weighted Average Remaining Life in Years	3 years
Warrants Exercisable, Number of Shares	20,000
Exercise Price Range Two [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 66.00
Warrants Outstanding, Number of Shares	5,000
Warrants Exercisable, Weighted Average Remaining Life in Years	3 years
Warrants Exercisable, Number of Shares	5,000
Exercise Price Range Three [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 24.00
Warrants Outstanding, Number of Shares	43,336
Warrants Exercisable, Weighted Average Remaining Life in Years	3 years 4 months 24 days
Warrants Exercisable, Number of Shares	43,336
Exercise Price Range Four [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 26.40
Warrants Outstanding, Number of Shares	4,167
Warrants Exercisable, Weighted Average Remaining Life in Years	3 years 4 months 24 days
Warrants Exercisable, Number of Shares	4,167
Exercise Price Range Five [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 10.00
Warrants Outstanding, Number of Shares	22,279
Warrants Exercisable, Weighted Average Remaining Life in Years	3 years 8 months 12 days
Warrants Exercisable, Number of Shares	22,279
Exercise Price Range Six [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 11.00
Warrants Outstanding, Number of Shares	2,750
Warrants Exercisable, Weighted Average Remaining Life in Years	3 years 8 months 12 days
Warrants Exercisable, Number of Shares	2,750
Exercise Price Range Seven [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 7.91
Warrants Outstanding, Number of Shares	74,462
Warrants Exercisable, Weighted Average Remaining Life in Years	4 years 2 months 12 days
Warrants Exercisable, Number of Shares	74,462

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)	6 Months Ended		12 Months Ended
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)	Apr. 30, 2025	Apr. 30, 2024	Oct. 31, 2024	Oct. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted Average Exercise Price, Beginning balance	$ 15.24	$ 22.35	$ 22.35
Weighted Average Exercise Price, Issued		12.43
Weighted Average Exercise Price, Ending balance	$ 13.52	$ 19.89	$ 15.24	$ 22.35
Number of Warrants, Exercisable	171,994	114,780
Weighted Average Remaining Life in Years, Exercisable	3 years 8 months 12 days	3 years 8 months 12 days
Intrinsic Value, Exercisable	$ 20,000	$ 125,600
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding Beginning balance	6,000	6,000	6,000
Weighted Average Exercise Price, Beginning balance	$ 10.46	$ 10.46	$ 10.46
Weighted Average Remaining Life in Years	3 years 3 months 18 days	4 years 3 months 18 days	3 years 9 months 18 days	4 years 9 months 18 days
Intrinsic Value, Beginning balance
Number of Options, Issued
Weighted Average Exercise Price, Issued
Intrinsic Value, Issued
Number of Options, Outstanding Ending balance	6,000	6,000	6,000	6,000
Weighted Average Exercise Price, Ending balance	$ 10.46	$ 10.46	$ 10.46	$ 10.46
Intrinsic Value, Ending balance
Number of Warrants, Exercisable	6,000	6,000
Weighted Average Remaining Life in Years, Exercisable	3 years 3 months 18 days	4 years 3 months 18 days
Intrinsic Value, Exercisable

SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) - Share-Based Payment Arrangement, Option [Member]	6 Months Ended
	Apr. 30, 2025 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number of Shares	6,000
Options Exercisable, Number of Shares	6,000
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Exercise Price \| $ / shares	$ 10.46
Options Outstanding, Number of Shares	6,000
Options Exercisable, Weighted Average Remaining Life in Years	3 years 3 months 18 days
Options Exercisable, Number of Shares	6,000

SCHEDULE OF ASSUMPTIONS USED IN BLACK-SCHOLES VALUATION METHOD FOR OPTIONS (Details)	6 Months Ended
	Apr. 30, 2025
Equity [Abstract]
Risk free interest rate	4.36%
Expected term (years)	5 years
Expected volatility	137.10%
Expected dividends	0.00%

STOCKHOLDERS’ EQUITY (Details Narrative)							3 Months Ended			6 Months Ended
STOCKHOLDERS’ EQUITY (Details Narrative)	Apr. 11, 2025 USD ($) $ / shares shares	Apr. 04, 2025 USD ($) $ / shares shares	Feb. 10, 2025 USD ($) $ / shares shares	Jan. 28, 2025 USD ($)	Jan. 01, 2025 USD ($) $ / shares shares	Aug. 15, 2023 USD ($) $ / shares shares	Apr. 30, 2025 USD ($) $ / shares shares	Apr. 30, 2024 USD ($) $ / shares shares	Jan. 31, 2024 USD ($) shares	Apr. 30, 2025 USD ($) $ / shares	Apr. 30, 2024 USD ($) $ / shares	Apr. 04, 2025 $ / shares	Oct. 31, 2024 $ / shares	Oct. 31, 2023 $ / shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common shares to a consultant							$ 28,000	$ 599,300	$ 95,200
Total fair value amount								2,978,905	$ 344,682
Gains losses on extinguishment of debt							$ (90,200)			$ (90,200)
Options exercise price \| $ / shares							$ 13.52	$ 19.89		$ 13.52	$ 19.89		$ 15.24	$ 22.35
Share-Based Payment Arrangement, Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Options exercise price \| $ / shares							$ 10.46	$ 10.46		$ 10.46	$ 10.46		$ 10.46	$ 10.46
Share-Based Payment Arrangement, Option [Member] \| Consultant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued \| shares						6,000
Options exercise price \| $ / shares						$ 10.46
Number of options vesting period						24 months
Number of options granted fair value						$ 55,711
Series 1 Preferred Stock [Member] \| Trio Canada [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued \| shares		1,071,886
Redemption price per share \| $ / shares												$ 1.00
Number of shares issued, value		$ 754,000
Novacor Exploration Ltd [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance to shares of common stock, shares \| shares	526,536	526,536
Price per share \| $ / shares	$ 1.42	$ 1.42
Total equity consideration	$ 747,681	$ 747,681
Note Exchange Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Price per share \| $ / shares			$ 1.24
Outstanding balance				$ 285,852
Number of common stock exchanges \| shares			230,992
Description of exchange agreement			determined as 75% of the lowest closing price of the Company’s stock during the ten trading days immediately preceding February 10, 2025
Conversion price \| $ / shares			$ 1.70
Total fair value amount			$ 392,686
Gains losses on extinguishment of debt			$ 141,534
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common shares to consultants, shares \| shares					20,000		20,000	85,000	10,000
Price per share \| $ / shares					$ 1.40
Issuance of common shares to a consultant					$ 28,000		$ 2	$ 9	$ 1
Total fair value amount								$ 76	$ 6
Issuance to shares of common stock, shares \| shares							526,536

SUBSEQUENT EVENTS (Details Narrative)	May 27, 2025 USD ($)	May 21, 2025 USD ($)	May 15, 2025 USD ($) a shares	May 10, 2025 a
Subsequent Event [Line Items]
Interest Costs Capitalized	$ 500,614
Subsequent Event [Member]
Subsequent Event [Line Items]
Area of land \| a				960
Working interest percentage				17.75%
Percentage of interest to acquire in leases				2.25%
Subsequent Event [Member] \| Novacor Exploration Ltd [Member]
Subsequent Event [Line Items]
Payments to acquire productive assets		$ 325,000
Heavy Sweet Oil LLC [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Area of land \| a			2,000
Number of restricted shares issued \| shares			1,492,272
Number of restricted shares issued, value			$ 850,000
Non-refundable option payment			$ 150,000
Novacor Exploration Ltd [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Business combination, recognized identifiable assets acquired		$ 325,000

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