Triangle Participates in Drilling Second Deep Basin Gas Project
Triangle Petroleum reports the following development in its wholly owned operating subsidiary, Elmworth Energy Corporation.
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."
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.
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