Triangle Adds 500,000 Acre Shale Gas Exploration Project
Triangle Petroleum's subsidiary, Elmworth Energy Corporation, has executed a farm-in agreement with a Canadian company to pursue unconventional shale gas opportunities identified by Triangle and its US based partner, Kerogen Resources Canada ULC. The project covers approximately 500,000 acres and is believed to be located in a favorable geological setting based on technical work performed to date. Additional laboratory measurements are currently being performed on core samples and drill cuttings which were available on previously drilled wells.
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
- Triangle Zeroes in on Bakken Shale Play in North Dakota (Feb 08)
- Triangle Targets North American Shale Plays, Appoints New CEO (Dec 01)
- Triangle Petroleum Increases Working Interest in Core Area to 87% (Jun 11)