Trio Petroleum Corp.’s co-founder and former board member Robin Ross has been appointed as CEO, the company said.

Ross, who rejoined the California E&P as chairman of the board effective June 17, succeeds CEO Michael L. Peterson, who resigned his position effective July 11.

Peterson’s decision to resign as a director was “not the result of any disagreements between Mr. Peterson, on the one hand, and the company’s management or board, on the other hand, as to any matter relating to the company’s operations, policies or practices,” Trio said in a July 15 Securities and Exchange Commission (SEC) filing.

The day of Peterson’s resignation, he entered into a consulting agreement with the company that is effective through Oct. 11, according to a July 15 SEC filing.

Peterson will provide services relating to investor relations, public relations, financing strategies, corporate strategies and development of business opportunities and providing background information with respect to company’s history, the SEC filing said.

Trio agreed to pay Peterson a cash consulting fee equal to $10,000 per month and awarded him 1 million restricted stock units (“RSUs”) under the company’s 2022 equity incentive plan “at such time as there are a sufficient number of shares of the company’s common stock, par value $0.0001 per share… available for issuance under the 2022 Plan,” according to the SEC filing.

In a press release, Trio described Ross as instrumental in taking the company public through an IPO as well as the company’s initial development of oil and gas assets in central California. Trio also hold assets in Uintah County, Utah.

“I see this as a natural and logical path forward for myself and the Company,” Ross said. “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.”

In the release, Peterson said that he was a long-standing director of Trio who benefit from a strong working relationship with Ross and was a “vocal advocate for his [Ross’] 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,” Peterson said.

Ross said the company expects to increase oil production and cash flow at all of its current assets. He also highlighted California’s McCool Ranch, which is producing primarily from one well.

“We intend to have five producing wells there in the near term. We are also taking steps to increase production at Presidents Field,” he said.

Comments