Message #6 From:
NewsBot Date: July 16, 2005 07:40:44 PM
TPLM News Triangle Completes Balance Of $6 Million Funding
Triangle Completes Balance Of $6 Million Funding
Triangle Petroleum Corporation (the "Company") (OTCBB:TPLM) is pleased to announce the closing of the following financing transaction.
On July 14, the Company received $5,000,000 from one sophisticated investor. The Company issued an 8% convertible debenture that is convertible into common stock at $1.00 per share, and a warrant to purchase 5,000,000 shares exercisable at $1.00 per share. These funds will be used to acquire oil and gas leases and for general corporate purposes. This financing completes the transaction announced on June 17 (see June 17 press release), for a total of $6,000,000 of funding.
Mr. Gustafson, President and CEO, stated "we are extremely pleased with this strong and accelerated level of financial support. Closing this funding allows us to aggressively commence the first phase of our exploration timeline".
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.
For more information please visit www.trianglepetroleum.com.
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.
TRIANGLE PETROLEUM CORPORATION (OTC Bulletin Board:TPLM)
Triangle Petroleum Corporation
Jason Krueger, CFA
Corporate Communications
(403) 374-1234
info@trianglepetroleum.com
www.trianglepetroleum.com
