Elmworth will base its drilling commitment decision on the results of the new geological studies and interpretation of the seismic available on the project area. The decision to drill will be made by mid-July. Elmworth has screened a number of Canadian shale gas areas and as a result of this screening and its active program in the Barnett Shale of the Fort Worth Basin, has focused on this potentially analogous and significant prospect. Complementary joint venture partners will be approached as the project matures.
Mr. Ron Hietala, President of Elmworth, comments "the identification and capture of our first Canadian non-conventional shale gas opportunity is an exciting time for Triangle. We are pleased to share this project on an equal basis with Kerogen Resources Canada ULC".
Triangle is an exploration company focused primarily on the Barnett Shale project in Texas as well as 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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