Trio Petroleum Updates Acquisition Strategy, $22 Million Cash

Trio Petroleum provides shareholders with an update regarding its acquisition strategy and ongoing efforts to build a diversified portfolio of cash-flowing oil and gas assets. 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. 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. Following spring breakup and ongoing field optimization activities, current runtime production from the Company's producing assets is approximately 78.7 barrels of oil per day. Saskatchewan: Since closing its recent acquisition from NovaCor Exploration Ltd., the Company has focused on optimizing and returning acquired Saskatchewan assets to production. Alberta: 11-07-050-01W4 well continues to undergo optimization to address sand-related production challenges; management believes the well is capable of approximately 18 BOPD under stable operating conditions. 12-07-050-01W4 well successfully plugged back from the Colony formation and returned to the Sparky formation, with anticipated stable production of approximately 12 BOPD