AMENDMENT TO LEASEHOLD ACQUISITION AND DEVELOPMENT AGREEMENTAcquisition and Development Agreement • January 5th, 2024 • Trio Petroleum Corp. • Crude petroleum & natural gas
This AMENDMENT TO LEASESHOLD ACQUISITION AND DEVELOPMENT AGREEMENT (the “Amendment”), dated as of December 29, 2023 (the “Effective Date”) is by and between HEAVY SWEET OIL LLC (“HSO”) and TRIO PETROLEUM CORP (“TPET” and together with HSO, the “Parties”), and amends that certain Leasehold Acquisition and Development Agreement entered into by and between the Parties, dated as of November 10, 2023 (the “Option Agreement”). Capitalized terms used but not otherwise defined in this Amendment have the respective meanings ascribed to them in the Option Agreement.
LEASEHOLD ACQUISITION AND DEVELOPMENT OPTION AGREEMENTDevelopment Option Agreement • January 5th, 2024 • Trio Petroleum Corp. • Crude petroleum & natural gas • Utah
WHEREAS, HSO holds certain tar sands production leases in the State of Utah described in Exhibit A (the “Leases”) on certain properties described in Exhibit A (the “Property”), and is offering a 20% of 100% production share (“Proportionate Production Share”) to TPET in the Leases and HSO’s initial 960 acre drilling and production program, per the Asphalt Ridge Development Plan attached hereto as Exhibit B (the “Development Plan”), and additional rights as set forth herein;
