SecProbe.io

Filing text and metadata
Intelligence Terminal Search Topics Monthly Activity About

SEC Comment Letter 0000000000-25-002713 to Trio Petroleum Corp (TPET)

Trio Petroleum Corp
Date: March 12, 2025 · CIK: 0001898766 · Accession: 0000000000-25-002713

AI Filing Summary & Sentiment

Sentiment
Urgency
Document Type
Confidence
SEC Posture
Company Posture

Summary

Reasoning

File numbers found in text: 001-41643

Date
March 12, 2025
Author
Division of
Form
UPLOAD
Company
Trio Petroleum Corp

Letter

Re: Trio Petroleum Corp. Form 10-K for Fiscal Year Ended October 31, 2024 Filed January 17, 2025 File No. 001-41643 Dear Greg Overholtzer:

March 12, 2025

Greg Overholtzer Chief Financial Officer Trio Petroleum Corp. 5401 Business Park South, Suite 115 Bakersfield, California 93309

We have reviewed your filing and have the following comment(s).

Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response.

After reviewing your response to this letter, we may have additional comments.

Form 10-K for Fiscal Year Ended October 31, 2024 Business Asphalt Ridge Option Agreement, page 3

1. Please revise your disclosure of billions of barrels of oil-in-place to clarify the reference is to an estimate for the entire Uinta Basin and does not specifically refer to your Asphalt Ridge Development Project. Refer to the guidance prohibiting disclosure of certain estimates of oil and gas resources other than reserves in the Instruction to Item 1202 of Regulation S-K.

You also note the estimate is derived from various independent studies. Please identify the author or source of these studies and disclose the date such studies were completed. This comment also applies to the disclosure on page 36. South Salinas Project, page 5

2. To the extent there are known expirations or planned relinquishments of material amounts of your undeveloped acreage in the aggregate over the near term (3 5 March 12, 2025 Page 2

years), please expand your disclosure to provide the expiration dates and the gross and net acreage amounts. Refer to the disclosure requirements in Item 1208(b) of Regulation S-K. Evaluation of Reserves and Net Revenue, page 8

3. We note the discussion of technologies utilized by KLSP in their reserve estimation efforts indicates the estimated reserves were prepared using analogs conforming to the Society of Petroleum Engineers Petroleum Resource Management System ( PRMS ) definition. Refer to the disclosure requirements in Item 1201(c) of Regulation S-K which specifies the definitions in Rule 4-10(a) of Regulation S-X shall apply for purposes of disclosure under Subpart 229.1200 in the preparation of the estimates of the probable and possible reserves disclosed in the reserves report and in the filing on Form 10-K. Please revise or modify the discussion as necessary. Disclosure of Reserve Volumes and Reserve Values as of the End of April 30, 2024, page 9

4. We note the statement SEC criteria stipulate that reserves cannot be classified as P1 Proved if said reserves are not fully permitted for long-term production appears inconsistent with the definition of reserves of all categories in Rule 4-10(a)(26) of Regulation S-K. Please explain to us in reasonable detail your rationale for assigning probable and possible reserves without associated proved reserves. General

5. Please confirm your understanding that we will not be in a position to declare your Form S-1 effective until all outstanding comments regarding your Form 10-K for the fiscal year ended October 31, 2024 have been resolved. In addition, to the extent that any comments related to our review of your Form 10-K apply to disclosure in the Form S-1, please make corresponding revisions to all affected disclosure. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Please contact Sandra Wall at 202-551-4727 or John Hodgin at 202-551-3699 if you have questions regarding the engineering comments. Please contact Brad Skinner, Office Chief, at 202-551-3489 with any other questions.

Sincerely,
Division of
Corporation Finance
Office of Energy &
Transportation

Show Raw Text
<DOCUMENT>
<TYPE>TEXT-EXTRACT
<SEQUENCE>2
<FILENAME>filename2.txt
<TEXT>
 March 12, 2025

Greg Overholtzer
Chief Financial Officer
Trio Petroleum Corp.
5401 Business Park South, Suite 115
Bakersfield, California 93309

 Re: Trio Petroleum Corp.
 Form 10-K for Fiscal Year Ended October 31, 2024
 Filed January 17, 2025
 File No. 001-41643
Dear Greg Overholtzer:

 We have reviewed your filing and have the following comment(s).

 Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

 After reviewing your response to this letter, we may have additional
comments.

Form 10-K for Fiscal Year Ended October 31, 2024
Business
Asphalt Ridge Option Agreement, page 3

1. Please revise your disclosure of billions of barrels of oil-in-place
 to clarify the
 reference is to an estimate for the entire Uinta Basin and does not
specifically refer to
 your Asphalt Ridge Development Project. Refer to the guidance
prohibiting disclosure
 of certain estimates of oil and gas resources other than reserves in the
Instruction to
 Item 1202 of Regulation S-K.

 You also note the estimate is derived from various independent
studies. Please
 identify the author or source of these studies and disclose the date
such studies were
 completed. This comment also applies to the disclosure on page 36.
South Salinas Project, page 5

2. To the extent there are known expirations or planned relinquishments of
material
 amounts of your undeveloped acreage in the aggregate over the near term
(3 5
 March 12, 2025
Page 2

 years), please expand your disclosure to provide the expiration dates
and the gross and
 net acreage amounts. Refer to the disclosure requirements in Item
1208(b) of
 Regulation S-K.
Evaluation of Reserves and Net Revenue, page 8

3. We note the discussion of technologies utilized by KLSP in their reserve
estimation
 efforts indicates the estimated reserves were prepared using analogs
conforming to the
 Society of Petroleum Engineers Petroleum Resource Management System (
 PRMS )
 definition. Refer to the disclosure requirements in Item 1201(c) of
Regulation S-K
 which specifies the definitions in Rule 4-10(a) of Regulation S-X shall
apply for
 purposes of disclosure under Subpart 229.1200 in the preparation of the
estimates of
 the probable and possible reserves disclosed in the reserves report and
in the filing on
 Form 10-K. Please revise or modify the discussion as necessary.
Disclosure of Reserve Volumes and Reserve Values as of the End of April 30,
2024, page 9

4. We note the statement SEC criteria stipulate that reserves cannot be
classified as P1
 Proved if said reserves are not fully permitted for long-term production
 appears
 inconsistent with the definition of reserves of all categories in Rule
4-10(a)(26) of
 Regulation S-K. Please explain to us in reasonable detail your rationale
for assigning
 probable and possible reserves without associated proved reserves.
General

5. Please confirm your understanding that we will not be in a position to
declare your
 Form S-1 effective until all outstanding comments regarding your Form
10-K for the
 fiscal year ended October 31, 2024 have been resolved. In addition, to
the extent that
 any comments related to our review of your Form 10-K apply to disclosure
in the
 Form S-1, please make corresponding revisions to all affected
disclosure.
 We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

 Please contact Sandra Wall at 202-551-4727 or John Hodgin at
202-551-3699 if you
have questions regarding the engineering comments. Please contact Brad Skinner,
Office
Chief, at 202-551-3489 with any other questions.

 Sincerely,

 Division of
Corporation Finance
 Office of Energy &
Transportation
</TEXT>
</DOCUMENT>