TPET · Trio Petroleum Corp.

The extension preserves Trio Petroleum Corp.'s option to acquire HSO's oil and gas assets covering 2,000 acres in the P.R. Spring Unita Basin, Utah, despite the failure to meet the original production threshold from adjacent Asphalt Ridge wells. This non-binding LOI, initially dated May 15, 2025, hinges on demonstrating minimum sustained output of 40 barrels per day per well over 30 days, a condition parties acknowledge is unlikely by the prior deadline. By pushing the Production Rate Period to May 15, 2028—with unilateral extension rights for Trio—the agreement signals ongoing strategic interest in the assets without committing to definitive documents yet. Investors should note the qualified nature of the description, referring to Exhibit 10.2 for full terms, maintaining flexibility amid operational delays at the nearby site.