Triangle USA is pleased to announce the commencement of drilling operations on its Fayetteville Shale program located in Arkansas. This first well has resulted from a pooling arrangement between Triangle USA's Arkoma joint venture with Kerogen Resources and an experienced local operator. The initial test well, which is located in Conway County, Arkansas, will be a horizontal lateral. The drilling and evaluation stage is anticipated to take approximately thirty days, after which a completion program will be designed incorporating the new data from this exploration test.
Triangle USA is pleased with the accelerated time frame that has been established between the start of the project to the commencement of drilling operations. The objective of Triangle USA's focus is the conversion of a technically guided land acquisition program to specific drilling opportunities in an efficient time frame. The subsurface information being collected along with the stimulation data will assist the company in developing an effective Fayetteville Shale completion strategy. Triangle USA currently has a working interest in 17,000 acres and plans to expand on this solid base through a number of initiatives which will also include new joint ventures with industry partners.
The Fayetteville Shale in the Arkoma basin is an industry follow-up to the successful Barnett Shale development of the Fort Worth Basin in Texas. For more information on this new emerging shale gas play, please visit http://www.aapg.org/explorer/2006/02feb/arkoma_basin.cfm.
Mr. Ron Hietala, President of Triangle USA comments "the unconventional shale gas programs in the Barnett Shale and now the Fayetteville Shale represent a significant growth opportunity for the Company. The time and resources invested to date will continue to surface new opportunities and provide a long term direction and value for our shareholders."
Triangle is an exploration company focused on the Barnett Shale project in Texas, the Fayetteville Shale project in Arkansas, 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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