Trio Petroleum Corp Announces Appointment of Michael L. Peterson as CEO

Frank Ingriselli to Assume Role of Vice Chairman

BAKERSFIELD, CA, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today 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.”

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. 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 (2) production/discovery wells (i.e., the HV-3A and BM 2-2 wells) that Trio now owns.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "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. 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 Trio's control, that could cause actual results to materially and adversely differ from such statements, which risks, uncertainties and other factors are included from time to time in filings made by Trio with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to Trio’s Registration Statement on Form S-1 filed initially filed with the SEC on June 14, 2023 and declared effective on July 6, 2023, Trio’s Report on Form 10-Q for the quarterly period ended April 30, 2023 (filed with the SEC on June 8, 2023) and Trio’s Report on Form 10-Q for the quarterly period ended July 31, 2023 (filed with the SEC on September 11, 2023), all of which are available on the SEC’s website at . Trio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Investor Relations Contact:

Redwood Empire Financial Communications

Michael Bayes

(404) 809 4172