Triangle Petroleum announced a new strategic initiative in the Bakken Shale play of North Dakota and the acquisition of 4,000 net acres in Williams and McKenzie counties. The company further announced a new partnership with Slawson Exploration, a leading operator in the fairway, aimed at the acquisition and development of acreage in known areas of production from the Middle Bakken and Three Forks formations of the Williston Basin.
Dr. Peter Hill, Chief Executive Officer of Triangle Petroleum commented, "The Bakken Shale will be our new core area of operations in the United States. Our efforts here are the result of years of work undertaken prior to my joining Triangle this past November. The focus has been on understanding the geology and science of the play, and the capacity of applied technology to unlock the significant oil and gas reserve potential." Dr. Hill continued "Completion technology and the ability to drill long, carefully directed, horizontal wells have changed the oil business forever. It is my personal belief that the Williston Basin Bakken play will ultimately be proven one of the largest oil accumulations in North America. Further, it appears likely that this play will largely be developed by the smaller independent companies and service sectors who have continued to be the innovators of the play. Our acreage lies within the prime Bakken fairway and we have several large and contiguous blocks in the Rough Rider area and identifiable well locations for our operator to commence drilling later this year."
Dr. Hill added "Our business strategy is to directly acquire and develop acreage prospective for capturing the Bakken resource base at attractive margins. Today marks the first step in that strategy and we will continue to grow and develop the business platform needed to deliver both early production and the turn round of Triangle."
Slawson Exploration, a privately held company based in Wichita, has been active in the Williston Basin since the 1970s. "Slawson is an ideal partner and we are delighted to be associated with their entire team. They are experienced, have strong local content and knowledge, and are one of the lowest cost, most efficient operators in the business" said Dr. Hill. "We are very excited and look forward to working with them and expanding our joint venture in the coming months."
Triangle has identified several areas of interest in the Williston Basin, and is in an ongoing process of evaluating further entry opportunities to the Bakken Shale play.
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