Trio Petroleum Corp is actively pursuing acquisitions of producing oil and gas assets in Alberta and Saskatchewan, supported by a strong balance sheet with no long-term debt. As of April 30, 2026, the company held approximately $22 million in cash and cash equivalents, providing significant financial flexibility to evaluate opportunities. Since that date, Trio has raised net proceeds of approximately $1.7 million through its At-The-Market facility to further support these efforts.

Acquisition Strategy

Trio has assembled a team of industry consultants specializing in operations, reservoir engineering, and asset evaluation to identify properties that generate immediate cash flow. The company focuses on assets offering upside through development drilling, workovers, and operational improvements. To date, Trio has submitted approximately 12 non-binding proposals to owners of producing assets, primarily targeting light and heavy oil opportunities in Canada.

Proposal Metrics

The targeted acquisition opportunities average approximately 550 barrels of oil equivalent per day (BOE/d) of current production. Trio's initial proposals have generally been valued at three times (3X) Cash Flow, with valuation metrics averaging $25,000 Canadian per flowing BOE/D. These opportunities include both operated and non-operated working interest assets.

Management remains committed to a disciplined acquisition strategy, prioritizing assets that meet strict technical and economic criteria. However, the company cautioned that there is no assurance any proposals will be accepted or that definitive agreements will be reached.

Trio Petroleum significantly narrowed its quarterly losses to $(0.05) per share, a 77.27% improvement compared to a loss of $(0.22) per share in the same period last year. The company's financial performance was bolstered by a substantial surge in revenue, which reached $208.257 thousand for the quarter. This represents a 794.92% increase over sales of $23.271 thousand reported in the prior year period.

The reduction in per-share losses indicates progress toward profitability despite the company continuing to operate in the red. The sharp rise in sales volume highlights a significant expansion in business activity compared to the previous year.

Financial Performance Overview

The following table details the key financial metrics for Trio Petroleum for the reported quarter compared to the same period last year:

The data reflects a turnaround in operational scale, with sales growing nearly eightfold year-over-year. While the company remains unprofitable at the net income level, the drastic reduction in losses per share coupled with the revenue surge suggests a positive trajectory in its core operations.