Message #19 From:
Jason Date: March 5, 2007 09:51:55 PM
TPLM Stock News:Triangle Completes $20 Million Funding
Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB: TPLMmessage board stock) is pleased to announce that it has raised $20,824,000 through the private placement of 10,412,000 shares of common stock priced at $2.00 per share with no warrants attached. Net proceeds to the Company were approximately $19.3 million. This capital will be used to fund the Company's 2007 capital expenditure program, with the majority of these funds to be utilized for the Fayetteville drilling program in Conway County, Arkansas. Capital One Southcoast, Inc. and Pickering Energy Partners, Inc. acted as placement agents.
Mark Gustafson, President and CEO of Triangle states, "We are pleased that this institutional funding allows us to aggressively explore our 20,000 acres in Conway County, including extensive 3-D seismic programs, vertical test wells and horizontal drilling programs in 2007. We wish to personally thank Stan Ellington, Patrick Mooney, Michael Uffman and the rest of the team at Southcoast for their strong efforts to conclude this funding."
Sichenzia Ross Friedman Ference LLP represented the Company in this transaction. Complete details regarding the financing transaction can be found in the Company's filings with the Securities and Exchange Commission.
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.
