Trio Petroleum is a small, early-stage oil and gas E&P company that acquires, develops, and produces crude oil and natural gas from properties in California, Utah, and Canada, selling output to buyers at or near the wellhead. Trio only began generating revenue in early 2024 and currently has just one employee. Its only producing assets are recently acquired heavy oil properties in the Lloydminster region of Saskatchewan, Canada, where Trio has five active wells. Novacor Exploration, the prior owner and a recognized low-cost operator in the region, continues to operate these assets post-acquisition. Trio's flagship asset, the South Salinas Project in Monterey County, California — a roughly 9,300-acre leasehold targeting fractured Monterey Formation reservoirs — holds substantial estimated reserves but has no commercial production, as full-field development permits have not been granted. South Salinas is estimated to require approximately $536M in capital across three development phases, with positive cash flow not expected before 2029. Trio is actively seeking a joint venture partner to fund and operate South Salinas given California's high drilling costs and regulatory complexity. Trio also holds a small working interest in the Asphalt Ridge heavy oil project in Utah. Because Trio generates minimal operating cash flow, it funds itself almost entirely through equity issuances and convertible notes. Near-term, Trio aims to grow Canadian production through well workovers rather than new exploratory drilling; longer-term, South Salinas represents the higher-risk, higher-upside opportunity.