Message #3 From:
NewsBot Date: June 28, 2005 12:04:20 PM
TPLM Triangle Announces President of New Subsidiary and Seismic Acquisition
Triangle Announces President of New Subsidiary and Seismic Acquisition
Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) is pleased to announce the following significant developments.
Effective immediately, Mr. Ron Hietala assumes the role of President and Director of Triangle's new wholly owned Alberta subsidiary, Elmworth Energy Corporation ("Elmworth"), which is the operating company that will carry out all oil and gas exploration and development activities for Triangle. Elmworth has executed an agreement with Mr. Hietala which establishes a dedicated relationship for a period of two years with one year renewals upon approval by both parties.
Mr. Hietala's mandate is to execute the Company's operating plan: develop a significant natural gas play in Western Canada utilizing a combination of qualified personnel, advanced technology and significant experience within the target area. Mark Gustafson, Triangle's President & CEO, states, "We are excited to have Ron onboard and his 19 year career at Canadian Hunter Exploration Ltd. should be instrumental in assembling an experienced team to move this project forward aggressively."
As President of Elmworth, Mr. Hietala's first decision was to acquire access to 120 square miles (approximately 200 square kilometers) of new, high quality three dimensional seismic data in the Deep Basin of Northwestern Alberta. This confidential agreement allows Elmworth a time period to utilize this data to focus on acquiring initial land positions and to refine potential drilling locations. The seismic agreement provides for further data acquisition with options that will build on the initial $600,000 USD payment made by Elmworth.
Ron Hietala, President of Elmworth, states, "The licensing of the seismic data is the first step to identify entry points into the new resource play. A geological and geophysical team will interpret the seismic data over the upcoming months. Advanced geophysical attribute analysis coupled with traditional seismic interpretation techniques will enable the project team to extract the maximum information. A select group of geological formations is targeted in the prolific multi-zone producing trend of the Deep Basin."
