Published: July 16, 2024 |

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Trio Petroleum has appointed Robin Ross as its new chief executive officer. Ross recently rejoined the company as the chairman of the board.

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 Robin Ross to take on this new and expanded role with 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,” said Michael Peterson, the outgoing CEO of Trio.

“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,” added Peterson.

“I am very pleased to assume this new leadership position with Trio. 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,” said Robin Ross.

“I am passionate about finding hidden gems in this industry and I have been very fortunate to be right multiple times and at scale,” added Ross.

“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 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,” said Ross.

“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,” added Ross.

Trio Petroleum 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 an 85.75 percent working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and a 21.92 percent working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns a 2.25 percent working interest in 960 acres and options to acquire up to a 20 percent working interest in the 960 acres, in an adjacent 1,920 acres, and in the greater 30,000 acres of the Asphalt Ridge Project.

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