Company Appoints New Chief Executive Officer
2024年7月15日 - 8:00PM
Trio Petroleum Corp (NYSE American: “TPET”, “Trio” or the
“Company”), a California-based oil and gas company, today announced
that it has appointed Robin Ross as its new Chief Executive
Officer, effective July 11, 2024. Mr. Ross recently rejoined the
Company as the Chairman of the Board. Mr. Ross co-founded Trio and
was instrumental in his prior role in bringing the Company public
and executing its initial public offering to fund the exploration
and development of the Company’s initial oil and gas properties in
central California.
“We are excited for Mr. Ross to take on this new
and expanded role with Trio,” commented Michael Peterson, the
outgoing CEO of Trio. “As a long-standing director of Trio, I
benefited from a strong working relationship with Robin, and I was
a vocal advocate for his taking the reins of the Company as we look
to see it grow and succeed for many years to come.
“When I accepted the position of CEO of Trio, it
was understood that it would be on a temporary basis, and during my
tenure, the primary objective was to transition the Company from an
exploration-based business to a financial stable, cash flowing
enterprise with a diversified portfolio of oil and gas assets. My
first action was to acquire a working interest in the McCool Ranch
Field where we could immediately restart wells as well as have the
ability to quickly drill new wells in a proven field. I believe
that we accomplished that objective, having resumed oil and gas
sales from production in our Presidents Field and in McCool Ranch
assets. I also facilitated the Company’s obtaining a working
interest in the Asphalt Ridge tar sand project in northeastern
Utah. We have since drilled two very promising wells on that asset
with our operating partners, and we believe this has the potential
to become Trio’s largest near-term source of value and cash flow
contribution.”
“I am very pleased to assume this new leadership
position with Trio,” commented Mr. Ross. “I see this as a natural
and logical path forward for myself and the Company. My strength is
in evaluating and correctly identifying high ceiling value
opportunities in the oil and gas industry. I was fortunate to play
a central role in sourcing and acquiring both Trio’s South Salinas
Project and the Asphalt Ridge tar sand play. I am passionate about
finding hidden gems in this industry and I have been very fortunate
to be right multiple times and at scale.”
“I want to take this opportunity to personally
thank Mike for all he has done to enhance the value and investment
profile of Trio Petroleum by cleaning up the balance sheet,
bringing on two exciting and now producing assets in McCool Ranch
and Asphalt Ridge which, I believe, stabilized Trio as a
fundamentally sound operation in just a few short months. The
Company is much better positioned for future growth now because of
his hard work. I am excited to take the ball from here and turn my
attention to finding additional attractive assets to add to our
growing asset base,” concluded Mr. Ross.
“Our newest asset, the Asphalt Ridge Project in
Utah has its first two wells drilled and completed. We have begun
heat treatment on one well, and the second is slated to shortly
follow. We expect that within 30 days, we will begin meaningful
production on the Asphalt Ridge Project, adding yet another source
of predictable cash flows to our business.”.
Mr. Ross continued, “We expect to increase oil
production and cash flow at all of our current assets. McCool Ranch
is producing currently primarily from one well and we intend to
have five producing wells there in the near term. We are also
taking steps to increase production at Presidents Field.
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, and
Uintah County, Utah. In Monterey County, Trio owns 85.75% working
interest in 9,245 acres at the Presidents and Humpback oilfields in
the South Salinas Project, and 21.92% working interest in 800 acres
in the McCool Ranch Field. In Uintah County, Trio owns 2.25%
working interest in 960 acres and options to acquire up to 20%
working interest in the 960 acres, in an adjacent 1,920 acres, and
in the greater 30,000 acres of the Asphalt Ridge Project.
Cautionary Statement Regarding
Forward-Looking Statements
All statements in this press release of Trio
Petroleum Corp (“Trio”) and its representatives and partners that
are not based on historical fact are “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. Any statements made
in this news release other than those of historical fact, about an
action, event or development, are forward-looking statements. 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 the Trio’s control, that
could cause actual results to materially and adversely differ from
such statements. Such risks, uncertainties, and other factors
include, but are not necessarily limited to, those set forth in the
Risk Factors section of the Trio’s S-1 filed with the Securities
and Exchange Commission (SEC). Copies are of such documents are
available on the SEC’s website, www.sec.gov. Trio undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Investor Relations Contact:
Redwood Empire Financial CommunicationsMichael
Bayes(404) 809 4172michael@redwoodefc.com
Trio Petroleum (AMEX:TPET)
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