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Trio Petroleum Priced, NYSE American: TPET

California-based oil and gas E&P.

Industry: Energy

Latest Trade: $0.39 +0.03 (+7.7%)

First Day Return: -24.3%

Return from IPO: -88.0%

Industry: Energy

We are an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California. The Company was incorporated on July 19, 2021, under the laws of Delaware to acquire, fund and develop oil exploration and production assets in California. We have no revenue-generating operations as of the date of this prospectus. The Company was formed to acquire Trio Petroleum LLC’s (“Trio LLC”) approximate 82.5% working interest (“WI”) in the large, approximately 8,600-acre South Salinas Project (the “South Salinas Project”), and subsequently partner with certain members of Trio LLC’s management team to develop and operate those assets. For the period from July 19, 2021 (inception) through October 31, 2021, we generated no revenues, reported a net loss of $102,064, and cash flow used in operating activities of $258,923. For the six months ended April 30, 2022, we generated no revenues, reported a net loss of $2,377,207 and cash flows used in operating activities of $298,666. As of April 30, 2022, we had an accumulated deficit of $2,479,271. There is substantial doubt regarding our ability to continue as a going concern as a result of our accumulated deficit and no source of revenue sufficient to cover our cost of operation as well as our dependence on private equity and financings.
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IPO Data
IPO File Date 09/12/2022
Offer Price $3.00
Price Range $3.00 - $4.00
Offer Shares (mm) 2.0
Deal Size ($mm) $6
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
IPO Data
IPO Date 04/17/2023
Offer Price $3.00
Price Range $3.00 - $4.00
Offer Shares (mm) 2.0
Deal Size ($mm) $6
Lock-Up Date IPO Pro Only
Street Research IPO Pro Only
Underwriters
Spartan Capital Securities
Company Data
Headquarters Danville, CA, United States
Founded 2021
Employees 5
Website www.triopetro.com

Trio Petroleum (TPET) Performance