Drilling and Evaluation Programs:
The first well in the Windsor Basin land block, Kennetcook #1, reached a total depth of 4,390 feet and was rig released on September 15, 2007 after running casing to total depth. Kennetcook #1 is located 25 miles west of the community of Truro, Nova Scotia. This well was extensively cored over an interval of 1,150 feet. Advanced well log data was acquired on this well and the data is currently being integrated with the special core measurements performed by service companies with extensive unconventional shale gas expertise.
The second well in the Windsor Basin land block, Kennetcook #2, reached a total depth of 6,350 feet and was rig released on October 13, 2007 after running casing to total depth. Kennetcook #2 is located approximately two miles north-west of Kennetcook #1 and was cored over an interval of 430 feet. Similar logging programs to Kennetcook #1 were performed and the integration with shale gas laboratory measurements is currently underway. Based upon preliminary log analysis, the primary shale zone in Kennetcook # 2 is approximately 500 feet thick.
Management has concluded that a completion program is warranted to assess the Horton Bluff deliverability. The Kennetcook #1 well will be completed first with the results of this operation used to guide the completion planning for Kennetcook #2.
A stimulation program design has moved forward based on favorable laboratory measurements of rock properties, gas content and fluid compatibility. A large, slick water fracture stimulation program is currently planned for late in the fourth quarter of 2007. Two frac water holding ponds have been constructed, each with the capacity to hold up to 2.5 million gallons of fluid. The program for the first frac single stage treatment is anticipated to be approximately 1 million gallons of slick water with 550,000 pounds of sand proppant volumes. Stimulations of this magnitude are in line with the current stimulations in the Barnett Shale of the Fort Worth Basin and the Fayetteville Shale of the Arkoma Basin.
An aggressive seismic program is being acquired: the 25 square mile 3-D program covers our initial target area over the Kennetcook wells and the 30 mile 2-D program extends to another favorable area of the land block. Shot hole drilling for both the 3-D and the 2-D programs has been completed and the data is being recorded. The acquisition and processing phase of the seismic program is expected to be finished by the end of November. Interpretation of this data is expected to occur within 60-90 days of the seismic program being completed. The first priority of the interpreted 3-D seismic program will be to select future well locations.
Ron Hietala, President of Triangle's operating subsidiaries, comments, "The Company is in a very exciting phase for testing this Canadian shale gas project. Within six months Triangle has moved forward with contracts being signed, followed by new drilling to proprietary seismic and now on to completion activities. The ability to operate and move forward under its own timetable has contributed significantly to where the company is today."
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