Triangle Pursues Barnett Shale Project
Triangle Petroleum announces the creation of a wholly owned subsidiary, Triangle USA Petroleum Corporation ("Triangle USA") in order to pursue key emerging resource projects in the United States.
The first project for Triangle USA is in the Barnett Shale trend of the Greater Fort Worth Basin. The Barnett Shale trend was pioneered by Mitchell Energy starting in 1981. Commercialization of the project was slow to occur until the application of large water fracturing stimulations at the Newark East Field in 1997. A second technology breakthrough occurred with the application of horizontal wells and selective stimulations. The Barnett Shale trend now supports daily production in excess of 1 BCF (billion cubic feet) per day of natural gas with the USGS (United States Geological Survey) estimating a resource potential of greater than 25 TCF (trillion cubic feet) of natural gas. The Barnett Shale trend is the largest gas field in Texas with the productive limits being expanded as the eighty plus active drilling rigs deliver new insights and understanding to the area operators.
Triangle USA has entered into the Barnett Shale trend through a joint venture with Kerogen Resources Inc. ("Kerogen") of Houston, Texas. Kerogen's focus is to identify and exploit present and future shale gas projects within the United Sates and internationally. The team forming Kerogen has an excellent track record of finding large resource plays in Canada and the United States. The principals of Kerogen also have many years of shale gas evaluation experience coupled with active involvement in the drilling, completion and production phases of Barnett Shale gas commercialization.
Triangle USA, along with the joint venture partners led by Kerogen, has commenced a land acquisition phase in targeted counties in Texas. The acreage acquisition program will be followed by a focused 3-D seismic acquisition program and horizontal wells designed to quantify the Barnett Shale gas potential. Triangle USA believes the Barnett Shale trend to be a relatively low risk, repeatable opportunity that will continue to benefit from the application of new technology and sound field procedures. Triangle USA along with its joint venture partner, Kerogen, will also evaluate other shale gas projects outside of the Greater Fort Worth Basin.
Mr. Ron Hietala, President of Triangle USA, comments "given my
previous experience working with two of Kerogen's principals at
Canadian Hunter Exploration Ltd., we are very confident that this
joint venture should add a second significant area of focus for our
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