Trio Petroleum Corp. has announced that Michael L. Peterson has been named the new CEO of the company, effective Oct. 23. Peterson will replace Frank Ingriselli, who will be resigning, effective as of the same date.
Ingriselli will assume the role of vice chairman of Trio and enter into a consulting agreement to support the CEO transition through December 2023. Ingriselli plans to focus a good part of his future on growing Brightening Lives Foundation, the public foundation he founded in 2006.
“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,” said Ingriselli. “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.”
“It has been my privilege to know and work with Frank for over 15 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,” said Peterson. “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.”
Trio Petroleum Corp. is an oil and gas exploration and development company headquartered in Bakersfield, Calif., with operations in Monterey County. 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 production/discovery wells that Trio now owns.
