Triangle Petroleum Corporation recently announced that its independent reserves evaluation engineering firm, Ryder Scott Company Petroleum Consultants, has estimated the resource potential for the Company's Horton Bluff Shale in the Windsor Block of Nova Scotia to be 69 trillion cubic feet of original gas-in-place.
Ryder Scott calculated gas-in-place at the Kennetcook #1 well using the extensive database of log and core data for the well, mapped the rock volume within Triangle's seismic survey, correlated the well to the seismic, and then determined the resource potential of the seismically-delineated area. A 3D seismic survey of 16,200 acres, which contains the two test wells drilled to date, is encompassed within the overall 2D seismic area. Within this subset land block, Ryder Scott estimates a resource potential of 3 TCF, which is included in the 69 TCF total. Triangle's 2D seismic database consists of 142 linear miles of recently-shot, high quality data.
Howard Anderson, Triangle's Vice-President of Engineering and Chief Operating Officer, stated. "Although this resource assessment only covers 40% of Triangle's land block that is delineated by seismic, this is an extraordinarily large accumulation of natural gas in close proximity to a premium market."
Triangle provided Ryder Scott with all available data, including logs, core, geochemistry and test results from the two test wells drilled in 2007 by Triangle's Canadian operating subsidiary, Elmworth Energy Corporation. The Company also provided all seismic data, both 2D and 3D, covering a total area of 207,200 acres, representing approximately 40% of the area of Triangle's gross land holdings in the Windsor Block.
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