Triangle Petroleum Corp
Triangle Petroleum Corp: TRIANGLE SECURES 516,000 ACRE SHALE GAS PROSPECT IN NOVA SCOTIA
Triangle Petroleum Corporation / Miscellaneous 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 SECURES 516,000 ACRE SHALE GAS PROSPECT IN NOVA SCOTIA Calgary, Alberta – May 29, 2007 - Triangle Petroleum Corporation (the 'Company' or 'Triangle') (OTCBB: TPLM) is pleased to announce another major development in its Canadian shale gas program with the acquisition of a 516,000 acre parcel in Nova Scotia. This is in addition to the previously announced 68,000 acre farm-in agreement in New Brunswick that we announced in our March 7, 2007 press release. The ability to identify and secure significant land blocks on a cost effective basis is a key component of the Company’s overall strategy. Triangle will be building on and transferring experience gained from its two core shale gas projects, the Fayetteville Shale Project in Arkansas (20,000 gross acres) and the Barnett Shale Project in Texas (13,000 gross acres), to its new shale gas opportunities in Eastern Canada. This acquisition is consistent with the Company’s comprehensive North American shale gas strategy which includes the following six stages: 1. Geoscience and engineering screening; 2. Land acquisition program; 3. Establishment of appropriate joint-venture partnerships; 4. Acquisition of project focused seismic; 5. Execution of initial drilling and completion program; and 6. Implementation of continuous development operations and production. The Nova Scotia Project: The project which is located in the Windsor Area covers approximately 516,000 acres and, based on an extensive screening process and technical work performed to date, is believed to be located in a highly favorable geological setting. Additional laboratory measurements will be taken on core samples and drill cuttings which are available from previously drilled conventional wells. Triangle will be entitled 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. Triangle’s plan is to move forward aggressively in the assessment of this new project. Mr. Ron Hietala, President of Triangle’s operating subsidiaries comments, 'Our geo-science team has identified comparable geological attributes in the Eastern Canadian basins to the Barnett and Fayetteville trends of the Fort Worth and Arkoma Basins. This second land deal builds on our long-term strategy to be a significant Canadian shale gas development and production company.' About Triangle Petroleum Corporation Triangle is an exploration company focused on the Fayetteville Shale project in Arkansas, the Barnett Shale project in Texas and Canadian Shale 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. DGAP 29.05.2007 ----------------------------------------------------------------------
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