In conjunction with its joint venture partners, the Company has commenced drilling a 2,000-foot test well into the Nugget Sandstone formation. Triangle and its partners are targeting a conventional oil reservoir on this 17,000 gross acre prospect in Lincoln County, Wyoming. Technical evaluation of deeper wells previously drilled in this area indicates that a bypassed oil zone opportunity may exist.
The entire drilling and testing program is expected to be complete by mid-October. Drilling and completion costs are expected to total approximately $800,000. Triangle pays 33% of the costs for a 25% working interest. If oil is encountered during the test phase, a follow-up drilling program will be planned and initiated.
Mark Gustafson, Triangle's President & CEO, comments, "This is one of two oil exploration programs that we have planned to pursue in this joint venture. Any oil encountered in this test well would have meaningful implications for our Company."
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