In North Dakota, Triangle currently controls approximately 10,000 net acres primarily in Williams and McKenzie Counties.
In addition to the XTO-operated Roedeske Federal well, the company is participating in two additional wells in McKenzie County operated by Kodiak Oil and Gas, the Grizzly 13-H and Grizzly 1-27H. Triangle has an approximate 26% working interest in both wells.
Dr Peter Hill, CEO of Triangle Petroleum, said: “We are excited to enter the development stage of our Bakken asset base. We are focused on the rapid and efficient conversion of our acreage into proved reserves, production and cash flow.
“We believe that rapid acreage conversion combined with low overhead results in higher returns on invested capital for our stockholders, which is the core focus of our business.”
In Nova Scotia, Triangle continues to seek an industry partner to develop the natural gas resource potential that is known to be available in the Windsor Basin.
Triangle’s Windsor Block has over 400bcf of measured, generated natural gas per section making it a rich source system capable of yielding up to 20tcf of resource, based on a 10% recovery factor of natural gas in place.
