Trio Petroleum Corp ("Trio" or the "Company") (NYSE:TPET) is pleased to provide shareholders with an update regarding its acquisition strategy and ongoing efforts to build a diversified portfolio of cash-flowing oil and gas assets.

Acquisition Strategy Update

Trio continues to actively evaluate acquisition opportunities in both Canada and the United States, with its primary focus currently centered on producing oil and gas properties located in Alberta and Saskatchewan, both of which properties are located in Canada.

As of its balance sheet dated April 30, 2026, the Company had approximately $22 million in cash and cash equivalents and has raised net proceeds of approximately $1.7 million pursuant to its At-The-Market facility, since that date. As of April 30, 2026, Trio also did not have any long-term debt. Management believes that this financial position provides the Company with significant financial flexibility as it evaluates opportunities that it believes can create long-term shareholder value.

To support its acquisition efforts, Trio has assembled a team of experienced industry consultants with expertise in operations, reservoir engineering, land management, production optimization and asset evaluation. The team's mandate is to identify producing oil and gas properties that not only generate immediate cash flow but also offer meaningful upside through development drilling, workovers, recompletions, reserve growth and operational improvements.

To date, the Company has submitted approximately twelve non-binding acquisition proposals and indications of interest to various owners of producing oil and gas assets, primarily in Alberta and Saskatchewan. The targeted opportunities have averaged approximately 550 barrels of oil equivalent per day (BOE/d) of current production and include both operated and non-operated working interest opportunities involving light oil and heavy oil assets.

The Company's initial acquisition proposals have generally been three times (3X) Cash Flow based on valuation metrics averaging $25,000 Canadian per flowing BOE/D. While management believes these valuations represent attractive entry points, there can be no assurance that any of the Company's proposals will be accepted, that negotiations will advance, or that any transaction will ultimately result in a definitive agreement or completed acquisition.

Management remains committed to a disciplined acquisition strategy and is focused on acquiring assets that satisfy strict technical, operational and economic criteria rather than pursuing growth for growth's sake.