Company Retires $2.6 Million Convertible Note

Company Currently Has No Outstanding Convertible Investments Remaining

Bakersfield, CA, April 09, 2024 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, announced that on April 8, 2024, filed a Form 8-K with the Securities and Exchange Commission (“SEC”) detailing the terms and conditions under which the Company retired $2.6 million in outstanding convertible notes. These notes had been previously funded in two tranches in October of 2023.

“This is a positive first step in strengthening the Company’s balance sheet,” commented Michael Peterson, Chief Executive Officer of Trio Petroleum. “Improving the Company’s financial footing has been my top priority since taking the role of CEO in October of last year.”

“The first step in this process was the acquisition of the McCool Ranch Field where we could restart production and could drill over 20 new wells. Next was the resumption of production on our existing well in the South Salinas Project in Monterey County, CA. As we have recently disclosed, this process is progressing well, with more work to be done in the immediate term. This has jump started the Company’s cash flows, and the development has been well received by the investor community. Simultaneously, we have had active discussions with our largest creditor, and we recently negotiated the acceleration of all payments, effectively retiring all our convertible debt in a few short days.”

“We are now positioned to focus on our immediate future. We have a clean balance sheet. We have producing wells generating cash flows. We have opportunities to rework wells, drill new wells, and develop new assets. These are all compelling near-term milestones in strengthening the Company’s financial outlook in a methodical, disciplined fashion. This is what I have done repeatedly in similar situations with prior companies, and this is my sole focus at Trio today.” concluded Mr. Peterson.

As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on October 4, 2024, Trio Petroleum Corp., a Delaware corporation (the “Company”) entered into a Securities Purchase Agreement with an institutional investor (the “Investor”) for convertible debt financing in an aggregate amount of up to $3,255,000, to be funded in up to two tranches in which the Company would issue senior secured original issue 7% discount convertible promissory notes in an aggregate principal amount of $3.5 million.