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Pacific Energy Development Corp. (PEDEVCO) has reported that, in acknowledgement of the 
Company's current Chief Financial Officer and Executive Vice President, Mr. Michael Peterson's, key role in building and managing the Company's expanding operational and financial accounting teams, and his extraordinary leadership and continuing contributions to the Company, the Company is also pleased to announce that Mr. Peterson has been promoted to the office of President of the Company, in addition to his current title of Chief Financial Officer. In his new role as President, Mr. Peterson will lead the Company's corporate development efforts and oversee the Company's operations. The Company's current Chairman, President and Chief Executive Officer, Mr. Frank Ingriselli, will remain in his roles as Chairman and Chief Executive Officer, continuing to lead the Company and mold its corporate vision, with a primary focus on building and strengthening strategic partnerships, directing corporate strategy, and building shareholder value.
To assist Mr. Peterson in his expanded responsibilities, the Company welcomes the addition of Mr. Daniel F. Mason as the Company's new Vice President of Corporate Development. Mr. Mason joins the Company from Triangle Petroleum Corporation, an integrated U.S. oil and gas company, and brings nearly a decade of oil and gas industry experience, including with J.P. Morgan Securities, Inc.'s Natural Resources Investment Banking group. Mr. Mason earned an M.B.A. degree from The Wharton School, University of Pennsylvania, and a Bachelor of Arts degree from Georgetown University.
Commenting on these recent events, Mr. Frank Ingriselli, the Company's Chairman and Chief Executive Officer, said: "Since Mike first joined the Company in 2011, he has played an increasingly pivotal and valuable role on our executive management team, helping to put the Company on its current growth path, and helping us to achieve many of our key business, financial and operational objectives and milestones, leading the build-out and oversight of our entire financial accounting and operational teams, and helping to position us for success going forward. Mike's promotion is a well-deserved and long-overdue recognition from the Board and the entire PEDEVCO team of his extraordinary past, and anticipated future contributions to the Company. Mike's operational expertise will be particularly important going forward, as we continue to develop and expand our core acreage, oil and gas operations and corporate infrastructure, as recently highlighted by our acquisition of 863 net acres in the Wattenberg core last week, completion of drilling our three Loomis wells and planned future wells, and the substantial expansion of our Houston office and staff. Mike's assumption of the office of President will further allow me to better focus my efforts on the Company's strategic relationships, corporate strategy and building shareholder value as I continue as the Company's Chairman and Chief Executive Officer."