Trio Petroleum Corp. Enters Independent Contractor Agreement with Chief Financial Officer

On January 1, 2025, Trio Petroleum Corp. (NYSEAMERICAN: TPET) entered into an Independent Contractor Agreement with its Chief Financial Officer, Greg Overholtzer, following the termination of their previous employment agreement. The Agreement, which remains effective until December 31, 2025, allows Mr. Overholtzer to continue serving as the Chief Financial Officer of the company. The terms of the Agreement state that it may be renewed for successive one-year periods unless either party decides not to renew with a 30-day notice. It also provides that either party can terminate the Agreement with a 60-day prior written notice.

Mr. Overholtzer is set to receive a monthly fee of $12,500 for his services and reimbursement of pre-approved expenses related to his role. Additionally, customary representations, confidentiality provisions, and intellectual property rights clauses are outlined in the Agreement between the Company and Mr. Overholtzer to protect both parties’ interests.

The detailed terms of the Agreement can be found in Exhibit 10.1 of the company’s 8-K filing with the Securities and Exchange Commission. Notably, Trio Petroleum Corp. highlighted the importance of this agreement in ensuring the continued efficient operation of the company’s financial functions.

Following this development, Trio Petroleum Corp. declared itself as an emerging growth company as defined by Rule 405 of the Securities Act of 1933. The company stated it would not be using the extended transition period for complying with new financial accounting standards.

With this strategic move, Trio Petroleum Corp. aims to maintain financial stability and effective management in the organization while outlining a clear path forward for its financial leadership. Investors and stakeholders are encouraged to refer to the full text of the Agreement for comprehensive insights into the arrangement.

In other news, DBV Technologies, a clinical-stage biopharmaceutical company, released positive 36-month results from its EPITOPE Phase 3 Open-Label Extension Study, demonstrating continued improvement in the treatment benefits of its VIASKIN Peanut patch for toddlers aged 1 to 3 years.

The company revealed these findings at the Eastern Food Allergy and Comorbidity Conference, emphasizing the potential impact of its innovative treatment options for food allergies.

For further details on Trio Petroleum Corp.’s recent development and updates from DBV Technologies, investors can refer to the companies’ respective filings and announcements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Trio Petroleum’s 8K filing here.

About Trio Petroleum

Trio Petroleum Corp. operates as an oil and gas exploration and development company. The company's flagship project comprises the 85.75% owned working interest in the South Salinas project that consists of approximately 9,300-acre located in Monterey, California. It also owns 22% working interest in the McCool Ranch Oil Field located in Monterey County, California; 2% production interest in the Asphalt Ridge project comprises approximately 960 acres located in southwest of Vernal, Utah; and holds an option agreement to acquire 100% working interest in the Union Avenue Field located in Bakersfield, California.