Triangle Petroleum Corp
Triangle Petroleum Corp: TRIANGLE PETROLEUM ANNOUNCES CORPORATE DEVELOPMENT UPDATE ON ITS OIL AND GAS PROJECTS
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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TRIANGLE PETROLEUM ANNOUNCES CORPORATE DEVELOPMENT UPDATE ON ITS OIL AND
GAS PROJECTS
Thursday October 19, 2006 7:00 AM EST
Company Update on its Four Programs Currently Underway
Calgary, Alberta – Triangle Petroleum Corporation (the ‘Company’) (OTCBB:
TPLM) is pleased to announce the following updates in its wholly owned
subsidiaries, Triangle USA Petroleum Corporation (‘Triangle USA’) and
Elmworth Energy Corporation (‘Elmworth’).
Arkoma Basin Program
Triangle USA has committed $16 million to its 50% working interest share of
the Arkoma Basin Exploration program, located in Arkansas. The Company and
its operating partner currently hold a position in approximately 17,000
acres of the highly prospective Fayetteville shale trend. The initial
planning of a new 3-D seismic program is well underway with an expected
completion of the acquisition phase to occur within the next three months.
Triangle USA is committed to participating in the drilling of a minimum of
four exploration tests with its joint venture partner. The Triangle USA
joint venture is also seeking to establish drilling participations with
other industry parties currently exploring this new and emerging play
trend.
Fort Worth Basin Program
Triangle USA has participated in the drilling of four horizontal Barnett
Shale wells located in the South Fort Worth Basin. All four wells have
tested gas upon completion, with the first well having been on production
since July at an initial rate of 2,800 Mcf/d with current production at
1,900 Mcf/d. Three additional wells are flowing back completion fluids and
gas at rates between 400 Mcf/d and 1,000 Mcf/d. It is anticipated that over
the next thirty days initial productivity levels will be established for
these three closely spaced horizontal wells. Triangle USA has increased its
gross acreage position in the South Fort Worth Basin program from 9,500
acres to approximately 13,000 acres. A plan is being developed by the joint
venture group to evaluate the current acreage position, taking into
consideration the industry activity in the area. Triangle USA is actively
seeking additional projects to generate production from this particular
basin.
Rocky Mountain Program
Triangle USA and its partner, Hunter Energy Inc. of Denver, Colorado, plan
to drill the second project in their three well joint venture program.
Triangle USA’s working interest in this joint venture is 25%. The required
acreage position is currently in place which now allows the group to move
forward to the drilling phase of the program. Commencement date of the
south-western Wyoming well will be timed to the contracting of a suitable
drilling rig for the exploration test.
The third project with Hunter Energy Inc. is located in Montana. The
technical team is currently assessing the merits of new 3-D seismic applied
to the program. Two drill sites have been identified as a result of the
subsurface evaluation work completed to date. The review and selection of
drilling contractors is currently underway along with consideration being
given to identifying an appropriate operating partner to be added to the
Triangle USA-Hunter joint venture.
Western Canadian Program
Elmworth has identified multiple drilling targets within the previously
acquired 3-D seismic area of the Alberta Deep Basin. These drilling
targets, geographically located south of Grande Prairie, are in various
stages of land deals and negotiations. It is anticipated that with a more
measured pace to industry drilling, incremental acreage opportunities
through the farm-out process may become more readily available. Elmworth is
currently evaluating additional industry joint ventures in the Deep Basin
area.
Mr. Ron Hietala, President of Triangle USA and Elmworth, comments ‘we will
continue to rank the business opportunities in the Western Canadian Basin
along with available project opportunities in the Rocky Mountain region,
Fort Worth Basin and the Arkoma Basin. Each area has unique challenges
along with the ability to contribute significant shareholder value to the
Company’.
About Triangle Petroleum Corporation
Triangle is an exploration company focused on the Barnett Shale project in
Texas, the Fayetteville Shale project in Arkansas, large resource plays in
the Deep Basin area of Western Canada and in select areas of the western
United States. An experienced team comprising technical and business
skills has been formed to exploit the Company’s opportunity portfolio.
Advanced reservoir description techniques will complement state of the art
3-D seismic interpretations to optimize drill sites. Project specific
drilling and well completion techniques will be employed to optimize the
production potential for each new pool. A land acquisition strategy
employing traditional and new business models will be used to secure the
opportunities for Triangle.
For more information please visit www.trianglepetroleum.com.
Cautionary Note to U.S. Investors — The United States Securities and
Exchange Commission (‘SEC’) permits oil and gas companies, in their filings
with the SEC, to disclose only proved reserves that a company has
demonstrated by actual production or conclusive formation tests to be
economically and legally producible under existing economic and operating
conditions. We use certain terms in this press release, such as probable,
possible and potential, that the SEC’s guidelines strictly prohibit us from
including in filings with the SEC. U.S. Investors are urged to consider
closely the disclosure in our Form 10-KSB, File No. 0-51321, available from
us at Suite 1110, 521 – 3 Avenue SW, Calgary, Alberta T2P 3T3 Canada. You
can also obtain this form from the SEC by calling 1-800-SEC-0330.
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.
Contact:
Jason Krueger
403-374-1234
info@trianglepetroleum.com
(c)DGAP 19.10.2006
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