Triangle Petroleum has executed a 10-year production lease on its Windsor Block in Nova Scotia.
As reported on December 23, 2008 Triangle had received approval in principal from the Nova Scotia government for a production lease in the Windsor Block. The specifics of this production lease have now been agreed to and the signed production lease includes the following highlights:
Howard Anderson, President of Triangle commented, "This lease, with its new 10-year tenure, eliminates a critical uncertainty in our ability to continue our efforts to identify signposts towards commercial production in the Windsor Block. To date, Triangle and its partners have invested approximately $32 million in seismic, drilling, completions and other technical work in the Windsor Block. We are also continuing our active search for one or more joint venture partners to join us in moving the project forward. Triangle is appreciative of the strong professional relationship established between its staff and Nova Scotia Department of Energy officials, and looks forward to continued shared success as the project moves forward."
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