WEST COAST OPERATED PORTFOLIO

Summary

Trio Petroleum is offering for sale their operating entity or their operated portfolio, which includes four operated oil properties located in California’s Salinas and San Joaquin Basins: Kern Front, South Salinas, McCool Ranch and Union Avenue. These four properties offer production, immediate production upside, drill ready permits and large undeveloped reserves. The individual properties are well-suited for buyers looking for operated positions or joint venture development opportunities.

Across all four properties, there are more than 200 potential drilling locations identified using modern 3-D seismic. Existing infrastructure includes well pads, pipelines, and facilities. Near-term projects could add more than 600 BOPD through workovers and restarts. Long-term development targets the Monterey Formation, Vaqueros Sandstone and Santa Margarita reservoirs. This four-part package offers large reserves, established facilities, and strong potential for growth and enhanced recovery.

Property & Project Highlights:

1. 4-Operated Properties. Kern Front, South Salinas, McCool Ranch and Union Avenue.
2. Kern & Monterey Cos., California.
3. Behind-Pipe & New Drill Reserves. Permits In Hand For Key Wells.
4. 200+ Potential Drilling Locations Incl 156 In South Salinas Field.
5. Flexible Operator. Will Sell Projects Individually, Bundled or sell the Operating Entity.
6. 2-Projects Producing; Kern Front: 40-125 BOPD; Union Avenue 60-65 BOPD;
7. Immediate Workover & Restarts To Add 600+ BOPD At South Salinas.
8. Individual Project Summaries Available in the VDR.
9. Seller Also Has significant information to support short & long-term development.

Project Summaries:

1---

Kern Front is the newest project in the package and represents a near-term, low-risk heavy oil development opportunity located on the northern extension of California's prolific Kern Front Field. Following first production in May 2026, the project has established production from newly drilled wells, installed modern field infrastructure, and assembled a significant inventory of future drilling locations. The combination of existing production, substantial remaining oil in place, low-depth conventional reservoirs, and a fully permitted produced-water management system provides a platform for scalable development. Historical offset well performance and recent drilling results support management's view that the project offers meaningful upside through both primary recovery and future enhanced oil recovery (EOR) initiatives.

KERN COUNTY, CA SUBPACKAGE

5-New Wells Online. 29-Development Locations. 640 HBP Acres.

KERN FRONT FIELD

Chanac Oil Sands

Existing Production & Infrastructure

5 New Producing Wells with Brand-New Production Facilities

640 HBP Acres on the Northern Extension of the prolific Kern Front Field w/ 29 Remaining Development Locations

Production Commenced May 2026 with current production of 40-125 BOPD

1. Expected stabilized rates of 150–200 BOPD

Shallow (~2,000') Heavy Oil Reservoir (13–14° API) in the proven Chanac Sand

Estimated 13 MMBO Original Oil in Place (OOIP)

~3.4 MMBO Recoverable through primary depletion & ~3.0 MMBO Potential from Future Steam Flood

Historic Offset Wells Average Cum: ~107 MBO (in the Top Ten Producers in Area)

~$7 Million Invested in Drilling, Facilities, and Infrastructure

OPERATED 30% WI with a 83.3% LEASE NRI FOR SALE

American Resources National Development Co. (ANRD) (70% Partner) funds 100% of development CAPEX

Produced Water Reuse System fully permitted through the Cawelo Water District

1. Dedicated pipeline and ~105 MBbl storage reservoir in place

Chanac and Vedder Sands locally designated as Aquifer Exempt, supporting future development

Development Well (#13-3) Permitted and Ready To Drill

Significant Upside from additional development drilling and exploration potential beyond the current inventory.

PP 9736DV--A

2---

South Salinas is the largest development property in the package. It includes two major fields, Humpback and Presidents, and has 2- active permits ready for drilling. The estimated oil in place is about 2.2 billion bbls, and the estimated gas in place is about 1.3 trillion cubic feet. A 2024 reserve report filed with the SEC shows a PV10 value of over $130 million for phased development. Additional upside includes a workover on the HV-3A well, which could open 975 feet of new perforations, and potential for carbon capture and enhanced oil recovery using existing CRC pipelines.

Here is a listing description of South Salinas:

MONTEREY CO., CA SUBPACKAGE

7-Inactive Wells. 2-BHP Permits. 156-Locations., 9,300 Acres

HUMPBACK FIELD & PRESIDENTS FIELD

Monterey Fm, Basal Sandholt & Vaqueros Sands

2-Wells Permitted & New Drill Ready

OPERATED 4% WI FOR SALE

7-Wells Recompletions Could Yield 600 BOEPD

Project Costs: $25 MM Capex Over 18 Months

Quick Estimate Reserves: ~2.0 MMBO and 1.9 BCF

Oil In Place. 2.2 Billion Bbl OOIP & 1.3 TCF OGIP

3rd Party Engineering Has Provided Historical Engineering & Economics

PP 9736DV--B

3--

McCool Ranch is a heavy oil project that uses cyclic steam. It is fully permitted and has proven performance, with past peak rates of about 400 BOPD. The estimated ultimate recovery is between 4 and 7 million bbls. The project can be restarted quickly, making it a strong candidate for near-term production increases.

MONTEREY CO., CA SUBPACKAGE

SHUT IN STEAM FLOOD

6-Inactive Wells. 1-SWD. 22-Locations. 800 Acres.

MCCOOL (HANGMAN) RANCH

Upper Lombardi Oil Sand (2,000')

Reenergizing Cyclic Steam Flood

All Infrastructure Already In Place

Quick Opportunity to Increase Production: 400 Bopd In 4 Month;

Project Coordinator & Developer Has Already Invested $10,000,000;

Seeking Immediate $300,000 For Remediation

22-Locations. $17.6 Mm Capex At $800,000 Per Location.

OPERATED 70% WI FOR SALE

3rd Party Engineers Have Provided Historic Engineering & Economic Runs

PP 9736DV--C

4---

Union Avenue is currently producing 75 BOPD. It has reserves behind pipe in several fault blocks and includes a new deeper pool discovery with 100 feet of net oil pay. There are opportunities for infill drilling and sidetrack wells to increase production. Here is a listing description of Union Avenue:

KERN CO., CA LONG-LIFE LEASE

4-Producing. 4-BHP. 2-SWD. 310 Acres.

1941 Leases. Low Decline. PD Reserves.

UNION AVENUE FIELD

Santa Margarita & Chanac Oil Sands

3-Recompletions Cost $40,000/Well

Behind Pipe Reserves: 50-100 Mbbl/Well

Buyers Can Acquire 30% Operated WI; 70% Partners Carries 100% Capex;

4-Wells Drilled 2020-2021 Making: ~78 BOPD

Water Disposal in Good Standing.

Solid Upside in PDBP and PUDs w/ Additional Probable & Possible Reserves

3rd Party Engineers Have Provided Historic Engineering & Economic Runs

PP 9736DV--D

The Seller is flexible with regard to selling the 4 projects (individually or bundled) or selling the operating entity including their office.

Potential purchasers are encouraged to access the VDR to review detailed data and or contact EA contacts listed below:

Wesley Adams

Vice President

[email protected]

--- Phn: 432-553-2413

David Kessler

Advisor

[email protected]

--- Phn: 323-712-5558

Vann Keefover

Petroleum Engineer

[email protected]

--- Phn: (713) 600-0144

Houston Office

4265 San Felipe, Suite 650

Houston, TX, 77027

--- Main: 713-600-0123