Shales?Who do you suppose this partner is??
GRIFF
OBB : TPLM
Industrial Metals & Minerals
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As of 3/7/2007 3:37:00 PM ET
Press Release - Triangle Petroleum Corporation(OBB : TPLM)
Triangle Secures 68,000 Acre Shale Gas Prospect in Eastern Canada
March 7, 2007 1:49:00 PM
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Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB: TPLM) is pleased to announce that the first phase of its Canadian shale gas strategy is underway. Through its two core shale gas projects in the United States (Fayetteville Shale Project in Arkansas and the Barnett Shale Project in Texas), Triangle will be building on and transferring experience gained from these two joint-venture projects to new shale gas opportunities in Canada. At this early stage of Canadian shale gas exploration, Triangle believes it has the ability to identify and secure significant land blocks on a cost effective basis.
The strategy incorporates six main areas which include:
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.
Over the last twelve months a multi-disciplined geoscience team has screened prospective basins in both Eastern and Western Canada. The screening process includes an assessment of the geologic history for a given area, estimates of pressure and temperature profiles and a determination of the ability to fracture stimulate a prospective shale package.
As a direct result of implementing this strategy, Triangle has executed a farm-in agreement with a Canadian company to pursue a shale gas opportunity in Eastern Canada. The project covers approximately 68,000 acres and is believed to be located in a favorable geological setting based on technical work performed to date. 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 the acquisition and evaluation of a seismic program and then electing to drill a test well no later than December 31, 2008. Triangle's plan is to move forward aggressively in the assessment of this new project.
Mr. Ron Hietala, President of Triangle's operating company comments, "We believe that the major production increases achieved in the United States will also be found in Canada. We believe new production of natural gas from unconventional shale reservoirs will cause a major shift in our industry. This land deal initiates 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 resource plays in select areas of the western United States. 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.
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.
For more information please visit www.trianglepetroleum.com.
On behalf of the Board of Directors,
TRIANGLE PETROLEUM CORPORATION,
Mark Gustafson, President
Contacts: Triangle Petroleum Corporation Jason Krueger, CFA Corporate Communications
Tel: (403) 374-1234
Visit Triangle Petroleum Corporation Website: www.trianglepetroleum.com
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