Triangle Petroleum Corp
Triangle Petroleum Corp: TRIANGLE PETROLEUM ANNOUNCES FIRST TEST WELL IN ARKOMA BASIN
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 FIRST TEST WELL IN ARKOMA BASIN
Company Commences Drilling Program in Fayetteville Shale Gas Project
Wednesday, October 25, 2006 7:00 AM EST
Calgary, Alberta – Triangle Petroleum Corporation (the ‘Company’) (OTCBB:
TPLM) is pleased to announce the following development in its wholly owned
subsidiary, Triangle USA Petroleum Corporation (‘Triangle USA’).
Triangle USA is pleased to announce the commencement of drilling operations
on its Fayetteville Shale program located in Arkansas. This first well has
resulted from a pooling arrangement between Triangle USA’s Arkoma joint
venture with Kerogen Resources and an experienced local operator. The
initial test well, which is located in Conway County, Arkansas, will be a
horizontal lateral. The drilling and evaluation stage is anticipated to
take approximately thirty days, after which a completion program will be
designed incorporating the new data from this exploration test.
Triangle USA is pleased with the accelerated time frame that has been
established between the start of the project to the commencement of
drilling operations. The objective of Triangle USA’s focus is the
conversion of a technically guided land acquisition program to specific
drilling opportunities in an efficient time frame. The subsurface
information being collected along with the stimulation data will assist the
company in developing an effective Fayetteville Shale completion strategy.
Triangle USA currently has a working interest in 17,000 acres and plans to
expand on this solid base through a number of initiatives which will also
include new joint ventures with industry partners.
The Fayetteville Shale in the Arkoma basin is an industry follow-up to the
successful Barnett Shale development of the Fort Worth Basin in Texas. For
more information on this new emerging shale gas play, please visit
http://www.aapg.org/explorer/2006/02feb/arkoma_basin.cfm .
Mr. Ron Hietala, President of Triangle USA comments “the unconventional
shale gas programs in the Barnett Shale and now the Fayetteville Shale
represent a significant growth opportunity for the Company. The time and
resources invested to date will continue to surface new opportunities and
provide a long term direction and value for our shareholders”.
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 1-800-732-0330.
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 25.10.2006
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