Triangle Petroleum announces appointment of independent director

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11 April 2016, Oil, Gas

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Other changes at Triangle include the appointment of Dominic Spencer to the role of COO, and Douglas Griggs, the Company's Chief Accounting Officer, will also serve as the Company's principal financial officer. Justin J. Bliffen has resigned from his position as CFO, effective March 21, 2016, to pursue other opportunities. Mr Bliffen's duties will be assumed by both Douglas Griggs and Mike Grijalva, who is being appointed interim CFO of TUSA. The Company does not anticipate that these changes will have any adverse impact on the timing of its Form 10-K filing for fiscal year 2016.

Jonathan Samuels, the Company's CEO, stated: "While the recent commodity price environment has been challenging, we believe in the long-term prospects of our business and are proactively working to strengthen our balance sheet. The personnel changes will result in a more streamlined financial reporting structure. By proactively evaluating strategic options to manage prevailing market conditions in consultation with our professional advisors, the Company can better position itself for an anticipated industry recovery. The retention of PJT, AlixPartners, and Skadden, as well as the internal personnel changes and TUSA board appointment, will enhance the Company's ability to fulfill those objectives."

Source: MarketLine

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