Triangle has successfully performed two large hydraulic fracture stimulation treatments on Kennetcook #1, the Company's first exploration test well located on its Windsor Block land position in Nova Scotia. Kennetcook #1 was rig released on September 15 after reaching a total depth of 4,390 feet. This initial test well was extensively cored over an interval of 1,150 feet. The cores have been analyzed by US based labs to determine total organic content, mineralogy, porosity, gas content and mechanical rock properties.
The integration of the core and well log data provided the basis for the two stage hydraulic fracture stimulation program on this vertical well. Fluid compatibility tests supported Triangle's objective of performing a large slickwater hydraulic stimulation treatment on the well which is the completion method of choice for both the Barnett Shale of the Fort Worth Basin and the Fayetteville Shale of the Arkoma Basin.
Commenting on the announcement, Ron Hietala, President of Triangle's operating subsidiaries stated "We are very encouraged with the rapid progress made to date on our first company operated program in Eastern Canada. We have drilled two initial test wells and successfully executed one of the largest stimulation programs ever performed in Canada. Based on successful test results, we will begin preparing for a 2008 horizontal drilling program targeting this major unconventional gas resource opportunity."
Triangle's completion team was closely supported by key engineering advisors with established track records in successful shale gas well completions. Both stages of the completion were successfully pumped: the first stage used 850,000 gallons of water and 560,000 pounds of sand, and the second stage used 660,000 gallons of water plus 386,000 pounds of sand. Total flow back of these stimulation fluids is expected to take at least several weeks, and then the Company anticipates reporting a gas flow test rate over a 30-day period.
Post stimulation work at Kennetcook #1, Triangle intends to move the frac equipment and services to its second exploration test well, Kennetcook #2 within the next week. Kennetcook #2 was rig released on October 13 of this year after reaching a total depth of 6,350 feet. This second well was cored over an interval of 430 feet. Experience acquired from the successful stimulation procedures from Kennetcook #1 will be applied to the second well.
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