Trio Petroleum Corp Announces Appointment of Michael L. Peterson as CEO
18 Ottobre 2023 - 1:45PM
Trio Petroleum Corp (NYSE American: TPET) (“
Trio”
or the “
Company”), a California-based oil and gas
company, today announced that Michael L. Peterson has been
appointed as the new CEO of Trio effective October 23, 2023,
replacing Frank C. Ingriselli who will be resigning, effective as
of the same date. Mr. Peterson is currently a member of the
Company’s Board of Directors, serving as the Chairman of the Audit
Committee and the Compensation Committee, and the Company’s Special
Acquisitions Committee. Mr. Ingriselli will assume the role of Vice
Chairman of Trio, and enter into a consulting engagement to support
the CEO transition to Mr. Peterson through December 2023. Mr.
Ingriselli plans to focus a good part of his future on growing
Brightening Lives Foundation, the public foundation he founded in
2006.
Frank Ingriselli stated, “It has been an honor
and privilege to have been brought into Trio after it was formed
and to lead the Company through its successful IPO. I am excited to
continue to work with Mike and the rest of the Board to deliver
value to our stockholders. My decision was based on what I believe
is best for this next phase in Trio’s development, as Mike has
proven in his past roles in public companies to deliver strong
operations and growth. Mike has served as Chairman of our Special
Acquisition Committee and has demonstrated a strong vision of
growing Trio’s oil production and increase cash flow.”
Trio’s newly appointed CEO, Michael L. Peterson,
stated: “It has been my privilege to know and work with Frank for
over fifteen years. I became acquainted with Frank by making a very
successful investment in his first public company. Afterward, I
joined him in building another successful publicly-traded oil and
gas company. My background at Goldman Sachs taught me that great
companies focus on creating value for their owners, the
stockholders. Trio has an asset and team that are proven and will
be the core of our future development and success. That said, I am
looking forward to leading Trio in completing contemplated
acquisitions to provide diversification, as well as increasing its
production and cash flow, which, I believe, can add to the
Company’s value. I am excited to work with our team and Board to
build a great company and increase the value to our
stockholders.”
About Trio Petroleum Corp
Trio Petroleum Corp is an oil and gas
exploration and development company headquartered in Bakersfield,
California, with operations in Monterey County, California. Trio
has a large, approximately 9,267-acre asset called the “South
Salinas Project” where it owns an 85.75% working interest. Trio’s
near-term plans include testing and producing the HV-1 well, and
then drilling the HV-2 and HV-4 wells. Previous operations on this
asset have successfully drilled two (2) production/discovery wells
(i.e., the HV-3A and BM 2-2 wells) that Trio now owns.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Acts”). In
particular, when used in the preceding discussion, the words
"estimates," "believes," "hopes," "expects," "intends," “on-track”,
"plans," "anticipates," or "may," and similar conditional
expressions are intended to identify forward-looking statements
within the meaning of the Acts and are subject to the safe harbor
created by the Acts. While management has based any forward-looking
statements contained herein on its current expectations, the
information on which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties, and other factors, many of which are outside of
Trio's control, that could cause actual results to materially and
adversely differ from such statements, which risks, uncertainties
and other factors are included from time to time in filings made by
Trio with the U.S. Securities and Exchange Commission (“SEC”),
including, but not limited to Trio’s Registration Statement on Form
S-1 filed initially filed with the SEC on June 14, 2023 and
declared effective on July 6, 2023, Trio’s Report on Form 10-Q for
the quarterly period ended April 30, 2023 (filed with the SEC on
June 8, 2023) and Trio’s Report on Form 10-Q for the quarterly
period ended July 31, 2023 (filed with the SEC on September 11,
2023), all of which are available on the SEC’s website
at www.sec.gov . Trio undertakes no obligation to update
these statements for revisions or changes after the date of this
press release, except as required by law.
Investor Relations Contact:Redwood Empire
Financial CommunicationsMichael Bayes(404) 809
4172michael@redwoodefc.com
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