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TPET on NYSE

Trio Petroleum Corp

Trio Petroleum Corp is an American crude petroleum and natural gas company, incorporated in Delaware.1 It is headquartered in Boca Raton, Florida.1 Its shares trade on NYSE under the symbol TPET.1

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Last updated Oct 21, 2026.

Overview

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  • TickerTPET on NYSE1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersBoca Raton, Florida1
  • Incorporated inDE2
  • Business addressOne Park Place, 621 Nw 53Rd Street Ste 125, Boca Raton, Fl 334872
  • Filer category, Emerging growth company2

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2024 but is currently idled as we further discussions with local oil and gas companies to joint venture the project.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

55.9%Gross margin5
-1322.2%Operating margin5
-1826.3%Net margin5
87.0%Revenue growth, 20255
-64.4%Return on equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue44¢$175.7K
  • Other costs56¢$223.0K

Out of $398.7K in revenue.5 The company lost money this year.

Financial statements

Revenue5$398.7K in 2025+87% since 2024
0$100.0K$200.0K$300.0K$400.0K2024: $213.2K$213.2K20242025: $398.7K$398.7K2025+87%
Gross profit5$223.0K in 2025+5% since 2024
0$100.0K$200.0K$300.0K2024: $213.2K$213.2K20242025: $223.0K$223.0K2025+5%
Operating income675-$5.3M in 2025+554% since 2022
-$8.0M-$6.0M-$4.0M-$2.0M02022: -$806.0K-$806.0K20222023: -$4.6M-$4.6M2023+473%2024: -$6.2M-$6.2M2024+35%2025: -$5.3M-$5.3M2025−15%
Net income675-$7.3M in 2025+92% since 2022
-$10.0M-$7.5M-$5.0M-$2.5M02022: -$3.8M-$3.8M20222023: -$6.5M-$6.5M2023+72%2024: -$9.6M-$9.6M2024+47%2025: -$7.3M-$7.3M2025−24%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-10-312024-10-312023-10-31
Revenue$398.7K$213.2K
Cost of goods sold$175.7K
Gross profit$223.0K$213.2K
Exploration expense$45.6K$177.4K
General and administrative expenses$2.8M$4.7M
Stock-based compensation expense$2.6M$1.5M
Accretion expense$2.8K$2.8K$2.8K
Total operating expenses$5.5M$6.4M
Loss from operations-$5.3M-$6.2M
Interest expense$605.5K$2.1M
Loss on abandonment of oil and gas properties$611.8K
Loss on extinguishment$89.3K
Loss on conversion$712.3K$1.3M
Gain on foreign currency translation-$8.8K
Total other expenses$2.0M$3.4M
Loss before income taxes-$7.3M-$9.6M
Net loss-$7.3M-$9.6M
Basic-$0.80-$4.32
Diluted-$0.80-$4.32
Basic9.1M shares2.2M shares
Diluted9.1M shares2.2M shares
Foreign currency translation adjustment$14.5K
Comprehensive loss-$7.3M-$9.6M

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Corporate structure

Trio Petroleum Corp sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Trio Petroleum Corp

  • Robin A. Ross Filed SCHEDULE 13D on Trio Petroleum Corp, latest Jan 20, 2026
  • Ayrton Capital LLC Filed SCHEDULE 13G/A on Trio Petroleum Corp, latest Feb 13, 2025 (2 filings since Nov 14, 2024)
  • Frank C. Ingriselli Filed SC 13D on Trio Petroleum Corp, latest Jun 5, 2023
  • Trio Petroleum Corp Boca Raton, Florida
    • Trio Petroleum Canada, Corp. Subsidiary · Alberta, Canada

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Trio Petroleum Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Oil and gas properties$12.1M5 Oct 31, 2025$11.1M5 Oct 31, 2024+9.2%

Properties, in its own words

Our principal properties consist of interests in oil and natural gas projects in California and Canada.

South Salinas Project (California)

The rest of Item 2

We hold a working interest of approximately 85.775% in the South Salinas Project located in Monterey County, California. The Project currently consists of seven wells, of which six are inactive and temporarily shut-in. The HV-3A well was restarted on March 22, 2024 and is producing under our exploration/testing permits. We have drilling permits for two additional wells, HV-2 and HV-4, which may be drilled in 2026. We are also evaluating re-entry and sidetrack opportunities for certain existing wells based on 3D seismic data, as well as pursuing permits for full field development and water disposal operations.

Our evaluation of reserves and future net revenue attributable to the South Salinas Project is based on independent analyses prepared by KLS Petroleum Consulting LLC (“KLSP”), Denver, Colorado. KLSP has provided an updated reserve report with an effective date of April 30, 2024, entitled “Reserve Attributable to Trio Petroleum Corp South Salinas Area for Phased and Full Development”, which is filed as Exhibit 99.3 to this Annual Report.

Saskatchewan Properties (Canada)

In April 2025, we acquired working interests in certain natural gas and mineral leases located in Saskatchewan, Canada. These properties consist of leasehold interests in Township 47, Range 26 W3M and Township 48, Range 24 W3M. The leases are held by production or have primary terms extending to 2027. Our interests are subject to customary royalties and overriding royalty interests. These acquisitions expand our portfolio of oil and gas properties and are expected to contribute to future exploration and development activities.

Alberta Properties (Canada)

In November 2025, subsequent to our fiscal year end of October 31, 2025, we completed the acquisition of certain mineral leasehold interests and related rights located in Alberta, Canada. This acquisition is disclosed as a subsequent event in the notes to our financial statements and will be reflected prospectively in fiscal 2026.

Other than the properties described above, we do not own any material real property.

Item 2 of the 10-K filed Jan 20, 2026.4

Leadership

Who has led Trio Petroleum Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Frank C. Ingriselli2023
  2. Michael L. Peterson2023
  3. Robin A. Ross2024–now

Chair

  1. Stanford Eschner2023

President

  1. Terry Eschner2023

Chief financial officer

  1. Gregory L. Overholtzer2023–now

Chief operating officer

  1. Steve Rowlee2023
2025
Board members and other officers (9)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Trio Petroleum Canada, Corp. Alberta, Canada3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Trio Petroleum Corp.Mar 17, 2022 to Sep 9, 20252

Timeline

  1. Sep 30, 20268-K Entered a material agreement; Regulation FD disclosure24
  2. Sep 21, 20268-K Entered a material agreement; Regulation FD disclosure25
  3. Aug 18, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Regulation FD disclosure26
  4. Jul 1, 20268-K Entered a material agreement27
  5. Jun 5, 20268-K Executive or director change28
  6. May 22, 20268-K Shareholder vote29
  7. May 6, 20268-K Other events30
  8. Apr 22, 20268-K Other events31
  9. Apr 10, 20268-K Other events32
  10. Apr 8, 20268-K Other events33
  11. Apr 7, 20268-K Other events34
  12. Apr 6, 20268-K Other events35
  13. Dec 4, 2024New chief executive Robin A. Ross becomes CEO10
  14. Oct 30, 2023New chief executive Michael L. Peterson becomes CEO12
  15. Apr 17, 2023New chief executive Frank C. Ingriselli becomes CEO11

Filings

276 filings to the SEC since October 2021: 7 annual reports, 11 quarterly reports, 73 major events, 62 insider forms, 4 large holders, 119 other. The latest 20:

  1. Sep 30, 20268-K EDGAR
  2. Sep 21, 20268-K EDGAR
  3. Sep 9, 202610-Q EDGAR
  4. Aug 18, 20268-K EDGAR
  5. Aug 3, 20264 EDGAR
  6. Jul 1, 20268-K EDGAR
  7. Jun 12, 20264 EDGAR
  8. Jun 11, 202610-Q EDGAR
  9. Jun 5, 20268-K EDGAR
  10. Jun 4, 20264 EDGAR
  11. May 22, 20268-K EDGAR
  12. May 11, 2026RW EDGAR
  13. May 8, 20264 EDGAR
  14. May 7, 20264 EDGAR
  15. May 6, 20268-K EDGAR
  16. May 6, 2026424B5 EDGAR
  17. May 5, 20264 EDGAR
  18. Apr 22, 20268-K EDGAR
  19. Apr 15, 20264 EDGAR
  20. Apr 13, 2026EFFECT EDGAR

The 276 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

30 open-market trades by officers, directors and large owners since October 2021: 0 buys and 30 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 31, 2026Randall John W.DirectorSale15,000$0.28$4.2KForm 4
Jun 11, 2026PERNICE THOMAS JDirectorSale25,000Form 4
Jun 3, 2026Ross Robin A.Chief Executive OfficerSale25,000Form 4
May 7, 2026PERNICE THOMAS JDirectorSale25,000Form 4
May 6, 2026Ross Robin A.Chief Executive OfficerSale12,500Form 4
May 1, 2026Randall John W.DirectorSale15,000$0.51$7.7KForm 4
Apr 14, 2026PERNICE THOMAS JDirectorSale25,000Form 4
Apr 8, 2026Ross Robin A.Chief Executive OfficerSale25,000Form 4
Mar 12, 2026PERNICE THOMAS JDirectorSale25,000Form 4
Mar 11, 2026Ross Robin A.Chief Executive OfficerSale25,000Form 4
Feb 12, 2026PERNICE THOMAS JDirectorSale25,000Form 4
Feb 11, 2026Ross Robin A.Chief Executive OfficerSale25,000Form 4
Feb 2, 2026Randall John W.DirectorSale20,000$0.64$12.8KForm 4
Jan 14, 2026Ross Robin A.Chief Executive OfficerSale37,500Form 4
Jan 8, 2026PERNICE THOMAS JDirectorSale25,000Form 4
Oct 20, 2025Randall John W.DirectorSale3,500$1.05$3.7KForm 4
Oct 1, 2025PERNICE THOMAS JDirectorSale17,750Form 4
Jun 25, 2025Randall John W.DirectorSale12,000$1.25$15.0KForm 4
Jan 15, 2025PERNICE THOMAS JDirectorSale1,250$1.73$2.2KForm 4
Dec 9, 2024PERNICE THOMAS JDirectorSale2,750$1.08$3.0KForm 4

All 30 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Robin Ross72$335.9K$1.5M39
2025Greg Overholtzer69$145.0K$248.2K39
2025Stanford Eschner$28.3K$46.0K39
2025Steven Rowlee$28.3K39
2025Terence Eschner$28.3K39
2024Chief Operating Officer$127.5K$355.7K39
2024President$120.4K$348.6K39
2024Vice Chairman$120.4K$348.6K39
2024Chief Executive Officer and Chairman$25.6K$152.9K39
2024Chief Financial Officer$90.0K$104.1K39

SEC filer profile

How Trio Petroleum Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTrio Petroleum Corp1
  • CIK0001898766
  • Employer ID (EIN)87-19682014
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsOctober 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business addressOne Park Place, 621 Nw 53Rd Street Ste 125, Boca Raton, FL 334871
  • Phone(44)7581-192-5151
  • Shares outstanding5,323,907 as of Sep 8, 20269
  • Public float$8.8M as of Apr 30, 20254
  • AuditorBush & Associates CPA LLC, Las Vegas, Nevada PCAOB ID 5041; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMar 17, 20221
  • Filings276 in all: 8-K (72), 4 (48), CORRESP (22), S-1/A (15), UPLOAD (15), 3 (12), 424B5 (12), 10-Q (11)1
    All 33 form types

    EFFECT (10), 144 (7), S-1 (5), S-3 (5), 10-K/A (4), 424B3 (4), DEF 14A (4), PRE 14A (4), 10-K (3), DEFA14A (3), S-3/A (3), S-8 (3), DRS (2), 4/A (1), 424B4 (1), 5 (1), 8-A12B (1), 8-K/A (1), CERT (1), POS AM (1), RW (1), SC 13D (1), SC 13G (1), SCHEDULE 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Jan 20, 2026
    Quarterly report (10-Q) Sep 9, 2026
    Proxy statement (DEF 14A) Apr 6, 2026
    Latest 8-K (8-K) Sep 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareTPETNYSE

From the cover page of the 10-K filed Jan 20, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Trio Petroleum Corp names in Item 1A of its 10-K filed Jan 20, 2026: 34 risks under these headings, as written.4

  • Risks Relating to Our Business
  • Risks Relating to Our Securities
  • We have a history of operating losses, our management has concluded that factors raise substantial doubt about our ability to continue as a going concern and our auditor has included an explanatory paragraph relating to our ability to continue as a going concern in its audit report for the years ended October 31, 2025 and 2024.
  • We may face delays and/or obstacles in project development due to difficulties in obtaining necessary permits from federal, state, county and/or local agencies, which may materially affect our business.
  • Due to our contractor model for drilling operations, we will be vulnerable to any inability to engage one or more drilling rigs and associated drilling personnel.
  • We are operating in a highly capital-intensive industry, and any sales of produced oil and gas may be insufficient to fund, sustain, or expand revenue-generating operations.
  • We face substantial uncertainties in estimating the characteristics of our assets, so you should not place undue reliance on any of our measures.
  • The drilling of wells is speculative, often involving significant costs that may be more than our estimates, and drilling may not result in any discoveries or additions to our future production or future reserves, or it may result in disproving or diminishing our current reserves.
  • We have been an exploration stage entity and our future performance is uncertain.
  • We are dependent on certain members of our management and technical team.
  • Seismic studies do not guarantee that oil or gas is present or, if present, will produce in economic quantities.
  • The potential lack of availability of, or cost of, drilling rigs, equipment, supplies, personnel, and crude oil field services could adversely affect our ability to execute on a timely basis exploration and development plans within any budget.
The other 24 risks
  • Our business plan requires substantial additional capital, which we may be unable to raise on acceptable terms in the future, which may in turn limit our ability to develop our exploration, appraisal, development and production activities.
  • A substantial or extended decline in global and/or local oil and/or natural gas prices may adversely affect our business, financial condition and results of operations.
  • Unless we replace our petroleum reserves, our reserves and production will decline over time. Our business is dependent on the successful development of our various current petroleum assets and projects and/or on continued successful identification and exploitation of other petroleum assets and prospects, whereas the identified locations in which we drill in the future may not yield oil or natural gas in commercial quantities.
  • Our inability to access appropriate equipment and infrastructure in a timely manner may hinder our access to oil and natural gas markets or delay our future oil and natural gas production.
  • We are subject to numerous risks inherent to the exploration and production of oil and natural gas.
  • We are subject to drilling and other operational environmental hazards.
  • The development schedule of oil and natural gas projects, including the availability and cost of drilling rigs, equipment, supplies, personnel and oilfield services, is subject to delays and cost overruns.
  • Participants in the oil and gas industry are subject to numerous laws that can affect the cost, manner or feasibility of doing business.
  • We and our operations are subject to numerous environmental, health and safety regulations which may result in material liabilities and costs.
  • Our operations may be dependent on sources of electricity and/or natural gas that may be unreliable or costly.
  • We expect continued and increasing attention to climate change and energy transition issues and associated regulations to constrain and impede the oil/gas industry.
  • We may incur substantial losses and become subject to liability claims as a result of future oil and natural gas operations, for which we may not have adequate insurance coverage.
  • We may be subject to risks in connection with acquisitions and the integration of significant acquisitions may be difficult.
  • If we fail to realize the anticipated benefits of a significant acquisition, our results of operations may be adversely affected.
  • The requirements of being a public company may strain our resources, result in more litigation and divert management’s attention.
  • We are subject to the examination of our tax returns and other tax matters by the U.S. Internal Revenue Service, states in which we conduct business, and other tax authorities. If our effective tax rates were to increase, or if the ultimate determination of our taxes owed is for an amount in excess of amounts previously accrued, our financial condition, operating results and cash flows could be materially adversely affected.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit its stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • Our business and results of operations may be materially adversely affected by inflationary pressures.
  • There can be no assurance that an active and liquid trading market for our common stock will continue or that we will be able to continue to comply with the NYSE American’s continued listing standards.
  • If we are not able to comply with the applicable continued listing requirements or standards of the NYSE American, our common stock could be delisted from the NYSE American.
  • Our share price may be volatile, and purchasers of our common stock could incur substantial losses.
  • Our common stock may be subject to the “penny stock” rules in the future. It may be more difficult to resell securities classified as “penny stock.”
  • For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • We do not intend to pay dividends on our common stock and, consequently, your only opportunity to achieve a return on your investment is if the price of our shares appreciates.

Legal proceedings

From time to time, we are involved in various disputes, claims, suits, investigations, and legal proceedings arising in the ordinary course of business. There are currently no pending legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results. None of our directors, officers or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business.

The opening of Item 3, Legal Proceedings.4

Sources

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