Triangle Petroleum Corporation (OTCBB: TPLM)
Triangle Petroleum Announces First Test Well in Arkoma Basin
Company Commences Drilling Program in Fayetteville Shale Gas Project
CALGARY, ALBERTA–(MARKET WIRE)– Triangle Petroleum Corporation (OTC BB:TPLM.OB – News) (the “Company”) recently announced the following development in its wholly owned subsidiary, Triangle USA Petroleum Corporation (”Triangle USA”).
Triangle USA announced 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
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:
Contacts:
Triangle Petroleum Corporation
Jason Krueger, CFA
Corporate Communications
(403) 374-1234
Email: info@trianglepetroleum.com
Website: http://www.trianglepetroleum.com
Source: TRIANGLE PETROLEUM CORPORATION
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