Corporate Governance

Trinidad Drilling is committed to conducting our business with the highest standards of responsibility, integrity and compliance with all laws. This ongoing commitment is backed by an independent and fully-informed board of directors, comprehensive processes and policies.

Trinidad’s board of directors has established several committees to oversee important areas of the company’s business. These committees are all comprised of independent directors who meet regularly to discuss relevant issues and information. A summary of these committees and their main purposes follows:

Audit Committee

The Audit Committee’s primary purpose is to oversee the accounting and financial reporting processes of Trinidad. The committee also reviews the financial statements and audits of the company.

In addition, the Audit Committee monitors, among other things

• the quality and integrity of the financial statements and related disclosure of Trinidad;
• compliance by the Trinidad with legal and regulatory requirements that could have a material effect upon the financial position of the company which are not subject to the oversight of another committee of the board of directors;
• the independent auditor's qualifications and independence; and
• the performance of Trinidad’s internal audit function and independent auditor.

Members of the Audit Committee

Naveen Dargan - Chairman
Ken Stickland
Jody Powers

Corporate Governance and Nominating Committee

The Corporate Governance and Nominating Committee’s primary purpose is to evaluate, develop, and making recommendations regarding the process and structure used to supervise the business and affairs of Trinidad.

The Corporate Governance and Nominating Committee also monitors:

• the composition of the Board of Directors and its committees;
• evaluating, indentifying and nominating directors;
• the education and development of the directors;
• developing corporate governance guidelines; and
• the director’s compensation.

Members of the Corporate Governance and Nominating Committee

Ken Stickland - Chairman
Naveen Dargan

Environment, Health and Safety Committee

The Environment, Health & Safety Committee monitors Trinidad's activities to ensure they are conducted in an environmentally responsible manner and that Trinidad maintains the integrity of its health and safety policies. The committee reviews and monitors:

• Trinidad's environment, health and safety policy
• compliance by Trinidad with legal and regulatory requirements relating to environmental, health and safety matters;
• the strategies and methods used to improve the environmental, health and safety performance of Trinidad;
• the insurable risks related to environment, health and safety issues and evaluate cost/insurance benefits associated with those risks;
• the environment, health and safety audit plan for the upcoming year; and
• the methods of communicating Trinidad's environmental, health and safety polices and procedures throughout the organization.

Members of the Environment, Health and Safety Committee

Mike Heier
Jody Powers
Lyle Whitmarsh

Human Resources and Compensation Committee

The Human Resources and Compensation Committee’s primary purpose is relating to matters of human resources and compensation, including equity compensation, and to establish a plan of continuity and development of senior management of Trinidad.

The Committee has responsibility for evaluating and making recommendations to the Board of Directors regarding:

• the compensation of Trinidad's executives;
• the equity-based and incentive compensation plans;
• related policies and programs of Trinidad;
• and the committee shall produce an annual report on executive compensation for inclusion where appropriate in the Trust's disclosure documents.

Members of the Human Resources and Compensation Committee

Jody Powers - Chairman
Ken Stickland
Naveen Dargan