TPLM – Triangle Petroleum Corporation
Stock Guru Profile TPLM
Triangle’s Fayetteville Shale Program
Triangle is taking a page from its Barnett Shale Program and using it in the Fayetteville Shale reserves.
The Fayetteville Shale like the Barnett Shale in recent years has become an economic source of gas supply due to the advent of better oilfield service and drilling technologies and higher natural gas commodity prices.
Shree Vikas, manager of energy markets with Science Applications International noted the composition of the Fayetteville Shale, an offshoot of Arkansas’ traditional Arkoma Basin, is similar to the Barnett Shale in terms of geologic characteristics and resource quality..
Recent exploration efforts have proven the Fayetteville Shale an almost certain economic gas play. There is gas in place and keeping costs low while accelerating production is important.
The U.S. Geological Survey has not yet evaluated this play, however, the Arkansas Oil and Gas Commission maintains a monthly gas sales report for the entire Fayetteville Shale: http://www.aogc.state.ar.us/Fayprodinfo.htm Cumulative Production (Sales + Lease Use) mcf thru October 31, 2006, is indicated to be in excess of 12 million mcf.
An aerial Arkansas Oil and Gas Commission drilling map can be observed from this link: http://www.geostor.arkansas.gov/apps/aogc/index.htm and click on the oil well in the frame.
The Fayetteville Shale is a part of the Arkoma Basin which has multiple shales: the Caney Shale in Oklahoma and the Fayetteville Shale in Arkansas.
Since there is no U.S. Geological Survey of the Fayetteville shale the reserves have not been evaluated. However, it can be noted that the recoverable gas in the Barnett Shale grew tenfold over the past decade, the amount of gas under the Fayetteville Shale could grow to more than 40 Tcf larger than current projections for the Barnett.
Triangle’s Fayetteville Shale Program
Triangle is also actively moving forward on its Fayetteville program in the Arkoma Basin. Triangle’s initial exploration focus will be in Conway County where the program is being developed on a 50/50 basis with Kerogen Resources. The current acreage position for the two companies is now in excess of 18,000 gross acres.
The first test well will drill to a target depth of 6,000 feet on pooled acreage with another active industry operator. Results from this horizontal test well, on the northwest side of the Conway County acreage, should provide meaningful information for the start of an exploration program in the area.
A new 3-D seismic program incorporating state-of-the-art shear wave data acquisition is under way. The recording phase of this program will be initiated in the first quarter of 2007 and is expected to cover 24 square miles. Additional drilling locations have been identified on acreage where Triangle has a controlling interest and now require prioritization based on the results of the 3-D seismic. It is anticipated that the joint venture will continue to work with other operators in and near Conway County in order to actively drill and develop production from this core area.
(Energy Trader, April 25, 2005)
Sergei Stetsenko, President/CFO
Source: Triangle Petroleum Corporation, Oil and Gas Journal, Arkansas Oil and Gas Commission, Science Applications, and Energy Trader
Suite 1110
521 – 3 Avenue Sw
Calgary, BC T2P 3T3
Phone: (403) 262-4471
Website: http://www.trianglepetroleum.com. 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. 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 TPLM’s 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. 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. Source: TRIANGLE PETROLEUM CORPORATION
Forward Looking Statement: This news release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. While these statements are meant to convey to the public the company’s progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. While management believes such representation to be true and accurate based on the information available to the company, actual results may differ materially from those described. The company’s operations and business prospects are always subject to risks and uncertainties. Important facts that may cause actual results to differ are set forth in IMNR’s periodic filings with the U.S. Securities and Exchange Commission.
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