Triangle has commenced production from two of the first four horizontal wells drilled in the fourth quarter of 2006 in the Barnett Shale as follows:
Hood County (11% to 15% working interests) - The first well was fracture stimulated in March and is producing from four stages. Peak production rates up to 1.5 mmcfpd (million cubic feet per day) have been realized with approximately 40% of the frac load fluid recovered to date.
The second well in this county has peak production rates of 1.3 mmcfpd (million cubic feet per day) from two producing stages. Approximately 65% of the frac load fluid has been recovered.
Parker County (13.5% working interest) - Both of the wells in this county have been drilled and are awaiting a 3,000 foot pipeline tie-in prior to completion. Production from these wells is expected to commence in the second quarter.
The Company's mandate to convert its land position into a production and cash flow base is now the key driver for all current and future expenditures.
Mr. Ron Hietala, President of Triangle's operating companies, said: "We continue to evaluate higher quality acreage tracts in established production areas that have short pipeline connection timeframes. We are also encouraged by the increasing interest and activity levels near our 12,000 acres in Hill County."
Triangle is an exploration company focused on the Fayetteville Shale project in Arkansas, the Barnett Shale project in Texas, and resource plays in select areas of the western United States.
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