Triangle Petroleum reported that it now holds a working interest of 87% in the 475,000 gross acre Windsor Block in Nova Scotia.
Triangle has executed a definitive agreement with Contact Exploration Inc. ("Contact") to acquire Contact's 30% working interest in the Windsor Block in exchange for agreeing to provide Contact a 5.75% non-convertible gross overriding royalty interest. Contact also received a cash payment of $270,000 and Triangle assumed the liabilities related to Contact's former working interest.
Howard Anderson, President of Triangle, indicates, "We would like to thank Contact for their support and cooperation as a responsible joint venture partner. This transaction enables us to increase our focus on the search for a new joint venture partner to invest in our core shale gas project in the Windsor Block."
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