Trio Petroleum Corp, a California-based oil and gas company, 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.”
