Trio Petroleum Corp. reported a significant increase in revenue for the fiscal year ending October 31, 2025, generating $398,734, an 87% rise from $213,204 in the previous year. This growth was primarily driven by higher oil production volumes from newly acquired properties in Saskatchewan, Canada, where the company sold approximately 8,400 barrels of oil compared to 2,900 barrels in the prior year. Despite this revenue increase, the company reported a net loss of $7,282,133, a 24% improvement from the $9,626,797 loss in 2024, reflecting ongoing operational challenges and high costs associated with exploration and development.
The company has made strategic shifts in its operations, moving focus from California to more economically viable opportunities in Canada and Utah. This includes the acquisition of heavy oil assets in Saskatchewan from Novacor in April 2025 and a subsequent acquisition from Capital Land in November 2025. These acquisitions are expected to enhance production capabilities and provide immediate cash flow. Additionally, Trio Petroleum is pursuing a Carbon Capture and Storage project as part of its South Salinas Project, aiming to reduce its carbon footprint and align with regulatory expectations in California.
Operationally, Trio Petroleum has faced challenges, including the idling of several wells and the termination of leases at the McCool Ranch Oil Field due to economic infeasibility. As of October 31, 2025, the company had a working capital deficit of $785,902, although this was an improvement from a deficit of $2,025,480 the previous year. The company’s cash flow from operating activities also improved, with a reduction in cash used from $3,840,744 in 2024 to $2,604,749 in 2025, indicating a focus on cost management and operational efficiency.
Looking ahead, Trio Petroleum's management has expressed concerns regarding its ability to continue as a going concern, given its accumulated deficit of $27,355,812 and reliance on external financing to sustain operations. The company is actively seeking additional capital to fund its development activities and is exploring joint venture opportunities to enhance its operational capacity in California. The outlook remains cautious, with management emphasizing the need for successful capital raises and operational profitability to support future growth and development plans.
About Trio Petroleum Corp.
Trio Petroleum Corp. is an oil and gas exploration and development company focused on California and Utah assets. It owns interests in the South Salinas Project, McCool Ranch Oil Field, and Asphalt Ridge, developing fractured Monterey reservoirs and tar sands. The company emphasizes reserve growth, field development, and environmental initiatives like carbon capture, operating through joint ventures and strategic acquisitions.
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