Message #11 From:
NewsBot Date: October 13, 2005 02:00:00 AM
TPLM News Triangle Participates in Drilling First Deep Basin Gas Well
CALGARY, Alberta--(BUSINESS WIRE)--Oct. 13, 2005--Triangle Petroleum Corporation (the "Company") (OTCBB: TPLM) is pleased to announce the following development in its wholly-owned operating subsidiary, Elmworth Energy Corporation ("Elmworth").
Elmworth is participating in a 2,500 meter (8,250 feet) Cretaceous drilling project in the Deep Basin of West Central Alberta. Drilling of this well is scheduled to commence immediately and this first evaluation well will allow the Company to earn the right to drill in five additional sections of land (approximately 3,200 acres).
The operator of the well is an experienced, Calgary-based company with strong capabilities in all phases of drilling, completion and production. Elmworth will be paying 38.5 % of the costs. The drilling portion of this well attributable to Elmworth is expected to cost $500,000 Cdn. Elmworth's operating partner obtained this opportunity from a royalty trust company and offered the interest to Elmworth on equal terms to itself. It is Elmworth's intent to pursue projects such as this in order to establish good working relationships and to acquire select land positions in the highly competitive Deep Basin area of Alberta.
Three prospective gas horizons are targeted for this location. The intervals are interpreted to be gas bearing with deliverability being the key factor to commerciality. There is existing pipeline capacity in the area. The reservoir opportunities at this location are not directly visible on 3-D seismic; however, adjacent geological control (nearby producing wells) strongly supports this exploration well. Should the first location be successful a near term follow up well is planned. Information regarding this well will be released by the operator as required.
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 propriety 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.
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.
