Message #16 From:
NewsBot Date: November 30, 2005 03:00:00 AM
TPLM News Triangle Participates in Drilling Second Deep Basin Gas Project
CALGARY, Alberta--(BUSINESS WIRE)--Nov. 30, 2005--Triangle Petroleum Corporation (OTCBB:TPLM) (the "Company" or "Triangle") is pleased to announce the following development in its wholly owned operating subsidiary, Elmworth Energy Corporation ("Elmworth").
Elmworth has recently entered into a joint venture which will target exploration opportunities in the south Deep Basin area of Alberta. Drilling of the first 2,000 meter (6,600 feet) well has commenced. Twenty-three sections of land (approximately 14,700 acres) are available to be earned based upon the drilling program laid out.
The operator is an experienced, US-based company familiar with exploring, developing and producing projects of this type. Elmworth is participating for a twenty-five percent working interest in the first well. The drilling portion of this well is expected to cost $800,000 CDN ($200,000 CDN net cost to Elmworth). The medium depth reservoirs of interest are expected to be regionally hydrocarbon charged and will require hydraulic fracture stimulations to establish commercial productivity.
This project is another step in the Elmworth business plan to implement a strategy that will access opportunities from a combination of industry relationships, crown lease purchases and new technology initiatives. Elmworth will continue to participate with other parties in the greater Deep Basin area of Alberta and will look for partners on programs developed and operated internally.
Ron Hietala, President of Elmworth, indicates "based upon the continued escalation of land prices in Alberta, we believe this is a complementary solution for acquiring additional acreage and drilling in our targeted areas within the Deep Basin."
About Triangle Petroleum Corporation
Triangle is an exploration company focused primarily on 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.
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.
