Triangle Petroleum Corp
Triangle Petroleum Announces Results for the First Quarter of Fiscal 2008
Triangle Petroleum Corporation / Quarter Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Triangle Petroleum Announces Results for the First Quarter of Fiscal 2008 Calgary, Alberta – June 13, 2007 – Triangle Petroleum Corporation (the 'Company' or 'Triangle') (OTCBB: TPLM) today reported financial and operational results for the three month period ended April 30, 2007. Financial Summary The Company incurred a net loss of $4.0 million, or ($0.13) per diluted share, for the first quarter of fiscal 2008 compared to a net loss of $4.6 million, or ($0.23) per diluted share, for the first quarter of fiscal 2007. Revenue for the first quarter of fiscal 2008 totaled $0.1 million. Triangle is an exploration stage company and reported no revenue in the first quarter of fiscal 2007. The Company reported net cash used by operating activities of $1.8 million in the first quarter of fiscal 2008 compared with $0.9 million in the first fiscal quarter of 2007. Revenue in the first quarter of fiscal 2008 was derived from initial production from two wells in the Company’s Greater Fort Worth Basin Texas - Barnett Shale Program and from one well in the Company’s Western Canada - Alberta Deep Basin program. On February 26, 2007, the Company sold 10,412,000 shares of common stock at $2.00 per share to 24 accredited investors in a private placement transaction that yielded net proceeds to the Company of $19.3 million. At April 30, 2007, cash and cash equivalents totaled $20.7 million and working capital was $13.6 million. During the first quarter of fiscal 2008, the Company invested $2.6 million in its capital expenditure program. Mark G. Gustafson, Triangle’s Chairman, President and CEO, commented, 'The first quarter of fiscal 2008 was a particularly busy and exciting period for us. From a financial standpoint, we are pleased to have completed the common stock private placement early in the quarter that provided us with the needed financial resources to execute this year’s planned drilling program, particularly in our Fayetteville project. Another financial milestone was achieved when we commenced production in two of our project areas.' Operations Summary During the first quarter, Triangle commenced an exploration program on its Fayetteville Shale acreage in Conway County in Arkansas. The first vertical test well drilled in the Company’s 50% joint venture with its Houston based operating partner, reached a targeted depth of 8,300 feet in April. The results from this test well are currently under evaluation. Triangle also participated in a multi-component 3-D seismic survey covering 12 square miles in Conway County. The seismic data is currently being processed and interpreted. During the quarter, Triangle also announced the acquisition of a new shale gas prospect in New Brunswick in Eastern Canada. The Company executed a farm-in agreement with a Canadian company that covers approximately 68,000 gross acres. Triangle will be able to earn an average 70% working interest in the acreage subsequent to the acquisition and evaluation of a seismic program and then electing to drill a test well no later than December 31, 2008. Shortly after the end of the quarter, the Company announced the acquisition of a second Canadian shale gas prospect in Eastern Canada. The project, located in Nova Scotia, covers approximately 516,000 gross acres. Additional lab measurements will be taken on core samples and drill cuttings from previously drilled conventional wells. Triangle will be able to earn an average 70% working interest in the block subsequent to paying an $80,000 deposit to the Nova Scotia government prior to September 15, 2007 and then electing to drill a test well no later than September 15, 2008. In the Greater Fort Worth Basin - Barnett Shale Program, Triangle initiated production from two of the first four horizontal wells drilled in the fourth quarter of calendar 2006. The Company’s working interest in these wells ranges between 11% and 15%. The first well, located in Hood County, is producing from four stages with gross peak production rates up to 1.5 Mmcfpd (million cubic feet per day). The second well in this county has peak production rates of 1.3 Mmcfpd from two producing stages. It is anticipated that production rates will stabilize at a lower rate in both wells. The two other Barnett Shale wells, located in Parker County, are awaiting pipeline tie-in prior to completion and are expected to commence production in the latter half of calendar 2007. In its Western Canada - Alberta Deep Basin program, Triangle commenced production from two of the three wells drilled in the last four months of 2006. The first well, drilled to 10,500 feet in the Kakwa Area of Northwestern Alberta, evaluated four gas-bearing zones. The well tested at a facility-restricted rate of 3.6 Mmcfpd and is capable of producing over 5.0 Mmcfpd. Triangle paid 20% of the well costs for an 18% working interest in this well before payout (12% after payout). Due to restricted plant capacity, this well is not expected to commence production until the fourth quarter of calendar 2007. The second well, drilled to 7,900 feet in the Wapiti Area, was placed on production during the quarter at gross rates ranging from 0.4 to 0.6 Mmcfpd. Triangle owns a 35% working interest in this well. The third well, which tested one of the two primary zones targeted in the well, but is currently suspended as a potential natural gas well pending higher natural gas prices and future pipeline activity in the area. Ron Hietala, President of Triangle USA added, 'From an operational standpoint, we made significant progress in executing our North American shale gas strategy by commencing production from wells in our Barnett Shale project and by drilling the first well in our Fayetteville Shale project. In addition, we are particularly pleased to have acquired highly prospective Eastern Canadian shale gas acreage in New Brunswick and most recently in Nova Scotia. ' Conference Call Information Triangle has scheduled a conference call to review fiscal first quarter 2008 results this morning, June 13, 2007 at 11:00 a.m. eastern time. To participate in the conference call, callers in the United States and Canada can dial (866) 845-8624 and international callers can dial (706) 634-0487. The Conference I.D. for all callers is 9148258. The call will be available for replay beginning two hours after the call is completed through midnight of June 17, 2007. For callers in the United States and Canada, the toll-free number for the replay is (800) 642-1687. For international callers the number is (706) 645-9291. The Conference I.D. for all callers to access the replay is 9148258. About Triangle Petroleum Corporation Triangle is an exploration company focused on the Fayetteville Shale in Arkansas, the Barnett Shale in Texas and emerging Canadian shale gas projects. Triangle is also participating in select areas of the Western United States and in the Deep Basin of Western Canada. An experienced team comprising technical and business skills has been formed to optimize the Company’s opportunities through its operating subsidiaries, Triangle USA Petroleum Corporation in the United States and Elmworth Energy Corporation in Canada. For more information please visit www.trianglepetroleum.com. On behalf of the Board of Directors, TRIANGLE PETROLEUM CORPORATION Mark Gustafson, President For more information contact: Jason Krueger, CFA, Corporate Communications E-mail: info@trianglepetroleum.com Telephone: (403) 374-1234 Safe Harbor Statement. This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, the amount of funds the Company may receive, the Company’s proposed acquisition and development of properties, including drilling projects. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the possibility that additional investments will not be made or that appropriate opportunities for development will not be available or will not be properly developed. For additional risk factors about our Company, readers should refer to risk disclosure contained in our reports filed with the Securities and Exchange Commission. Triangle Petroleum Corporation (An Exploration Stage Company) Consolidated Statements of Operations (Expressed in U.S. dollars) (Unaudited)Accumulated from Three Three December 11,2003 Months Months (Date of Inception) Ended Ended to April 30 April 30, April 30, 2007 2007 2006 $ $ $ Revenue 150,986 96,644 – Operating Expenses Oil and gas production 30,363 30,363 - Depletion, depreciation and accretion 111,697 75,468 – Depreciation – property and equipment 38,024 6,780 5,780 General and administrative 14,494,777 2,228,488 2,149,427 Impairment loss on oil and gas properties 2,299,212 - – Total Operating Expenses 16,974,073 2,341,099 2,155,207 Net Loss from Operations (16,823,087) (2,244,455) (2,155,207) Other Income (Expense) Accretion of discounts on convertible debentures (11,456,487) (1,447,494) (2,051,874) Amortization of debt issue costs (581,355) (117,708) (82,291) Interest expense (2,478,340) (382,351) (396,630) Interest income 741,182 192,423 108,726 Total Other Income (Expense) (13,775,000) (1,755,130) (2,422,069) Net Loss Before Discontinued Operations (30,598,087) (3,999,585) (4,577,276) Discontinued Operations (32,471) – – Net Loss for the Period (30,630,558) (3,999,585) (4,577,276) Net Loss Per Share – Basic and Diluted (0.13) (0.23) Weighted Average Number of Shares Outstanding 30,579,000 19,575,000Triangle Petroleum Corporation (An Exploration Stage Company) Consolidated Balance Sheets (Expressed in U.S. dollars)April 30, January 31, 2007 2007 $ $ (unaudited) ASSETS Current Assets Cash and cash equivalents 20,659,532 5,798,982 Prepaid expenses (Note 4) 775,009 2,519,009 Other receivables 943,053 344,342 Total Current Assets 22,377,594 8,662,333 Debt Issue Costs, net 798,644 916,353 Property and Equipment (Note 5) 68,966 67,091 Oil and Gas Properties (Note 6) 26,196,805 21,101,495 Total Assets 49,442,009 30,747,272 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Accounts payable 2,061,107 4,199,961 Accrued interest on convertible debentures 2,478,338 2,095,989 Accrued liabilities (Note 7) 2,512,979 466,112 Convertible debentures, current portion (Note 9(a)) 1,734,375 2,234,374 Total Current Liabilities 8,786,799 8,996,436 Asset Retirement Obligations (Note 8) 113,837 90,913 Convertible Debentures, less unamortized discount of $7,240,569 and $8,688,063 (Note 9) 15,125,056 15,077,563 Total Liabilities 24,025,692 24,164,912 Contingencies and Commitments (Notes 1, 6 and 13) Subsequent Events (Note 15) Stockholders’ Equity Common Stock Authorized: 100,000,000 shares, par value $0.00001 Issued: 34,261,757 shares (January 31, 2007 – 22,475,866 shares) 343 225 Additional Paid-In Capital 56,035,132 33,201,708 Donated Capital 11,400 11,400 Deficit Accumulated During the Exploration Stage (30,630,558) (26,630,973) Total Stockholders’ Equity 25,416,317 6,582,360 Total Liabilities and Stockholders’Equity 49,442,009 30,747,272DGAP 14.06.2007 ----------------------------------------------------------------------
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