** News** Triangle Pet.
Kleinerna : ** News** Triangle Pet.
Ticker Symbol: U:TPLM
CALGARY, ALBERTA -- (MARKET WIRE) -- 01/30/08
Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB: TPLM) is pleased to report that log analysis carried out on its Kennetcook #1 ("KC #1") and Kennetcook #2 ("KC #2") wells in the Windsor Basin of Nova Scotia, Canada, yielded an estimated resource range of 89 to 109 billion cubic feet ("Bcf") of original gas in place ("OGIP") per section (square mile) from the Horton Bluff formation.
These wells were drilled specifically for the purpose of providing the Company with the necessary technical information in order to fully assess the Upper Devonian to Lower Mississippian shale potential within the Horton Bluff formation. The KC #1 and KC #2 wells were selectively completed and fracture-stimulated in organic rich shale zones. Estimated OGIP for just the completed zones is 42 Bcf per section for KC #1 and 76 Bcf per section for KC #2.
Clarence Campbell, Vice-President, Exploration states "Our management team is confident that we have a significant unconventional resource play in Nova Scotia. This assessment is based on the observation of the physical released gas shows from the core samples to the detailed lab measurements and interpretations provided by the shale gas consultants we have engaged."
- Extensive coring was undertaken while drilling the two Kennetcook wells including 1,254 feet of core from KC #1 and 392 feet of core from KC #2. More than 140 samples were submitted to multiple labs for analyses that included Leco TOC (total organic carbon content derived from the Leco Corporation carbon analyzer), RockEval (detection of type and maturity of organic matter with the Rock Eval module), organic facies determination, maturity, gas desorption, gas composition, XRD (X-ray diffraction to characterize composition of the shale), CT scans, mechanical rock properties and fluid compatibility studies. Log analysis was derived from the extensive log suites taken on the two wells integrated with core and sample derived data.
- A comprehensive interpretation of source rock potential, thermal maturity, headspace gas composition, canister gas desorption, adsorption and composition, and physical properties of selected samples of both wells was performed by the analytical laboratories of the Weatherford Group (Humble Geochemical, OMNI Laboratories, and TICORA Geosciences) and Global Geoenergy Research Ltd.
- Log analysis by Schlumberger on the two Kennetcook wells yielded an estimated resource range of 89 to 109 Bcf of OGIP from the Horton Bluff formation. In addition, widely varying samples of the core were immediately placed into canisters after drilling to enable direct desorption testing. Total gas content of the shales as measured from desorbed core samples ranged from 7.9 standard cubic feet ("scf") per ton to 190 scf/ton. Schlumberger provided the petrophysical analysis for these two wells.
- Average TOC from all shale samples was 10%. Organic matter type was determined by organic facies analysis as Type II/III to Type III. Maturity of the shales in the zones of interest as measured by the vitrinite reflectance ranged from 1.53% to 2.07%, placing the shale's maturity within the peak window for natural gas generation.
- X-ray diffraction data (XRD) indicates that the shales in the Horton Bluff contain an average of 52% quartz and carbonate with 42% clays. Clay type has been identified as a predominately kaolinite-illite mixture with more minor amounts of chlorite and mixed layer clays.
The Kennetcook wells have been continuously recovering frac fluids since their initial stimulations, with the exception of a temporary shut-in during the Christmas break. The wells continue to flow frac fluids to the surface. After a slight delay due to rig availability limitations, Triangle recently installed downhole pumps on both wells with the intent to increase frac fluid recovery rates.
Additionally, Triangle has successfully concluded its 25 square mile 3-D and 30 mile 2-D seismic programs. The seismic data has been processed and the technical team is actively interpreting the data. The seismic will assist Triangle in assessing the total natural gas resource potential within the Kennetcook area and to select future well locations.
Mark Gustafson, President & CEO of Triangle, commented "Our corporate strategy is to work with and seek the appropriate joint venture partners. With the excellent base of technical information acquired, we believe it is prudent at this stage of our exploration cycle in the Windsor Basin to seek out appropriate joint venture partners in order to manage our exploration risk and to accelerate our 2008 drilling program. Richard Moorman, Joint Venture Manager, and Andy Prefontaine, Land Manager, are responsible for initiating this process and both will be available at the NAPE convention in Houston on February 7 and 8."
About Triangle Petroleum Corporation
Triangle is an exploration company focused on emerging Canadian shale gas projects covering 584,000 gross acres in Nova Scotia and New Brunswick, and the Fayetteville shale gas project covering 20,000 gross acres in Arkansas. 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.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as probable, possible and potential, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-KSB, File No. 0-51321, available from us at Suite 1250, 521-3rd Avenue SW Calgary, Alberta, Canada, T2P 3T3. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Examples of such disclosures would be statements regarding "probable," "possible," or "recoverable" reserves among others.
For more information please visit www.trianglepetroleum.com.
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
Jason Krueger, CFA