Trio Petroleum Corp

Trio Petroleum Corp. has filed its Form 10-Q for the period ending July 31, 2026, detailing its financial results and announcing a one-for-nine reverse stock split effective August 28, 2026. The company reported an increase in total assets to $37.90 million and a significant rise in cash and cash equivalents to $24.29 million. Revenues for the nine months ended July 31, 2026, were $0.68 million, an improvement from the previous year, though the company still reported a net loss of $4.25 million for the same period. The reverse stock split, which adjusted historical share data, did not result in fractional shares, with cash payments made for entitlements.

Trio Petroleum Corp announced an amendment to the independent contractor agreement with its Chief Financial Officer, Greg Overholtzer. Effective July 1, 2026, Mr. Overholtzer's monthly compensation for his services will increase from $15,000 to $17,000. All other terms of the original agreement, dated January 1, 2026, remain unchanged. The company also stated that the CFO's compensation will be reviewed by the Compensation Committee by December 31, 2026.

Trio Petroleum Corp provided an update on its acquisition strategy, focusing on building a diversified portfolio of cash-flowing oil and gas assets in Canada and the United States. The company reported a strong financial position with approximately $22 million in cash and cash equivalents and no long-term debt as of April 30, 2026, and has submitted about twelve non-binding acquisition proposals. Additionally, Trio detailed operational highlights, including current production of 78.7 BOPD and potential increases to 132.7 BOPD through optimization, along with the commissioning of a water disposal facility capable of generating significant revenue.

Trio Petroleum Corp reported a significant increase in revenue for the three months ended April 30, 2026, reaching $208,257, an increase of 795% year-over-year. The company also substantially improved its liquidity, raising over $24 million through an at-the-market (ATM) offering during the six-month period, which helped alleviate previous substantial doubt about its ability to continue as a going concern. Total assets more than doubled, and the company expanded its ATM capacity to $65 million.

Trio Petroleum Corp's Compensation Committee approved significant compensation increases for its CEO, Robin Ross, and a stock award for its CFO, Gregory Overholtzer. Mr. Ross's base salary was raised to $600,000 annually, along with a one-time award of 1,500,000 common shares and an increased cash bonus potential. He will also receive a $300,000 cash bonus. Mr. Overholtzer received a one-time award of 200,000 common shares.

Trio Petroleum Corp issued an action notice to brokerage firms, banks, and custodians, urging them to prioritize the processing and submission of voting instructions and proxies for its Annual Meeting of Shareholders on May 21, 2026. The company emphasized the critical role of timely broker participation in ensuring the required quorum is achieved, which is necessary for shareholders to exercise corporate governance rights and for the company to conduct official business. Management believes the matters presented at this year's Annual Meeting are important for Trio's next phase of growth.

Trio Petroleum Corp. is reminding shareholders to vote their shares for the upcoming Annual Meeting on May 21, 2026. Shareholder participation is crucial to achieve a quorum and approve important proposals aimed at positioning the company for long-term growth and value creation. Management emphasized that the company has strengthened its financial position and is focused on disciplined expansion and strategic acquisitions.

Trio Petroleum Corp announced it has strengthened its financial position by raising approximately $24 million through its At-The-Market equity program. With an improved balance sheet and capital for deployment, the company is now focused on growth through strategic acquisitions, particularly in Canadian oil and gas assets. Management believes this strategy will materially expand its production base and long-term cash flow. The company also reminded stockholders about its Annual Meeting on May 21, 2026.

Trio Petroleum Corp has continuously amended its prospectus supplement for an At Market Issuance Sales Agreement (ATM Agreement) to increase the aggregate offering price of common stock. Initially set at $3.6 million, the maximum aggregate offering amount has been progressively raised through multiple amendments, reaching $22.9 million as of April 8, 2026. This allows the company to sell shares through Ladenburg Thalmann & Co. Inc. as its sales agent.

Trio Petroleum Corp has extended its non-binding Letter of Intent (LOI) with Heavy Sweet Oil LLC for the acquisition of 2,000 acres of oil and gas assets in Utah. The original LOI, dated May 20, 2025, was contingent on achieving a minimum sustained production rate of 40 barrels per day from two wells by May 15, 2026. As this condition was not met, the company and HSO agreed on April 20, 2026, to extend the production rate period until May 15, 2028, to allow more time to fulfill the acquisition terms.