Triangle Petroleum Corporation reports financial and operational results for its third fiscal quarter, ending Oct. 31, 2007.
Triangle incurred a net loss of $8.3 million ($0.22 per diluted share) for the third quarter of fiscal 2008 compared to a net loss of $5 million ($0.24 per diluted share) for the third quarter of fiscal 2007. The loss for the third quarter of fiscal 2008 includes a $4.6 million non-cash charge associated with an impairment of unproven oil and gas properties in Triangle's Western Canada-Alberta Deep Basin (Deep Basin) project.
Revenue for the third quarter of fiscal 2008 totaled $0.2 million, which was derived from producing wells in the Triangle's Barnett and Alberta Deep Basin projects. Triangle is an exploration stage company and reported nominal revenue of less than $25,000 in the third quarter of fiscal 2007.
For the first nine months of fiscal 2008, Triangle incurred a net loss of $19.2 million ($0.55 per diluted share) compared with a net loss of $14.2 million ($0.70 per diluted share) for the same nine month period in fiscal 2007.
Revenue for the nine months ending Oct. 31, 2007 totaled $0.4 million; Triangle had nominal revenue of less than $25,000 in the same nine month period ending Oct. 31, 2006. Triangle reported net cash used in operating activities of $3.2 million in the first nine months of fiscal 2008 compared with $1.1 million in the same period a year ago.
In mid-2007, Triangle focused its drilling and development activities on three core areas, including eastern Canada, the Arkoma basin and the U.S. Rocky Mountains. In conjunction with that decision, Triangle's unproven, non-producing properties in the Alberta Deep Basin were deemed impaired, resulting in a non-cash impairment loss of $4.6 million during the third quarter.
Triangle invested $16.5 million in its capital expenditure program for the first nine months of fiscal 2008. These funds were invested primarily in Triangle's Canadian shale gas project in Nova Scotia, the Rocky Mountain exploration well in Wyoming, its share of costs relating to the first vertical well in its Fayetteville shale project, additional land acquisitions and 3-D seismic data in that area, and remaining capital commitments for the Deep Basin natural gas wells drilled in Alberta earlier this year.
"We greatly accelerated our capital investment program in the third quarter particularly with our drilling and seismic activities in our emerging Nova Scotia shale gas project," said Mark Gustafson, Triangle's Chairman, President and CEO. "We are finalizing our plans for calendar 2008 and expect to have a very active year, especially in our Eastern Canada and Fayetteville shale plays."
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