Triangle Petroleum Corporation (the “Company” or “Triangle”) (OTCBB: TPLM) is pleased to announce the creation of a wholly owned subsidiary, Triangle USA Petroleum Corporation (“Triangle USA”) in order
to pursue key emerging resource projects in the United States.
The first project for Triangle USA is in the Barnett Shale trend of the Greater Fort Worth Basin. The Barnett Shale trend was pioneered by Mitchell Energy starting in 1981.Commercialization of the project was slow to occur until the application of large water fracturing stimulations at the Newark East Field in 1997. A second technology breakthrough occurred with the application of horizontal wells and selective stimulations. The Barnett Shale trend now supports daily production in excess of 1 BCF (billion cubic feet) per day of natural gas with the USGS (United States Geological Survey) estimating a resource potential of greater than 25 TCF (trillion cubic feet) of natural gas. The Barnett Shale trend is the largest gas field in Texas with the productive limits being expanded as the eighty plus active drilling rigs deliver new insights and understanding to the area
Triangle USA has entered into the Barnett Shale trend through a joint venture with
Kerogen Resources Inc. (“Kerogen”) of Houston, Texas (www.kerogenresources.com).
Kerogen’s focus is to identify and exploit present and future shale gas projects within the
United Sates and internationally. The team forming Kerogen has an excellent track record
of finding large resource plays in Canada and the United States. The principals of
Kerogen also have many years of shale gas evaluation experience coupled with active
involvement in the drilling, completion and production phases of Barnett Shale gas
Triangle USA, along with the joint venture partners led by Kerogen, has
commenced a land acquisition phase in targeted counties in Texas. The acreage
acquisition program will be followed by a focused 3-D seismic acquisition program and
horizontal wells designed to quantify the Barnett Shale gas potential. Triangle USA
believes the Barnett Shale trend to be a relatively low risk, repeatable opportunity that will
continue to benefit from the application of new technology and sound field procedures.
Triangle USA along with its joint venture partner, Kerogen, will also evaluate other shale
gas projects outside of the Greater Fort Worth Basin.
Mr. Ron Hietala, President of Triangle USA, comments “given my previous
experience working with two of Kerogen’s principals at Canadian Hunter Exploration Ltd.,
we are very confident that this joint venture should add a second significant area of focus
for our Company.”
About Triangle Petroleum Corporation
Triangle is a focused natural gas exploration company developing a large resource play in the Deep Basin area of Western Canada. The Company will use proprietary technology to identify and commercialize natural gas fields. An experienced team comprising technical and business skills is being 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.
On behalf of the Board of Directors,
TRIANGLE PETROLEUM CORPORATION
Mark Gustafson, President
For more information contact:
Jason Krueger, CFA, Corporate Communications
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.