Triangle Enters Explortion Joint Venture with Hunter Energy
Triangle Petroleum reports a third significant project. In addition to exploring for natural gas in the Deep Basin of Northwestern Alberta and in the Barnett Shale trend in Texas, the Company's wholly owned subsidiary, Triangle Petroleum USA Corporation has committed to an exploration joint venture with Hunter Energy of Denver, Colorado.
The joint venture currently has approximately 64,000 acres of mineral rights in three prospect areas in Colorado, Wyoming and Montana. At least one well will be drilled in each area. Triangle USA has committed a minimum of $4.5 million to this joint venture. Based upon the results of the initial exploratory program, the Company has the option to fund additional land acquisitions and drilling programs in the joint venture.
Hunter has a unique exploration team whose members have an exceptional track record of finding large oil and gas fields. The company is led by Mr. John Masters, the founder of Canadian Hunter Exploration Limited. Canadian Hunter pioneered the exploration concepts of pervasive gas saturated reservoir accumulations that today are known as Basin Centered Gas Fields. The observations and the technical understanding led by John Masters and the Canadian Hunter team have resulted in multi-TCF's (trillion cubic feet) of gas being produced to date in the Western Canadian Sedimentary Basin. The greater Deep Basin today continues to be a cornerstone in the asset base of many Canadian and international companies. Canadian Hunter was sold in 2001.
Hunter has a team of 11 petroleum technology experts and 12 associated staff, several of whom were trained at Canadian Hunter. John Masters and his team have developed a number of large regional oil and gas projects in the Rocky Mountains of the United States. The detailed geological and subsurface interpretations completed by Hunter form the basis of a new exploration methodology by integrating the fundamentals related to geologic models, well log interpretations, visual examinations of cores and drill cuttings along with an integration of pressures and formation fluids. The business environment of the Rocky Mountain basins is attractive to establishing new projects. Land costs, drilling density and most importantly, hydrocarbon potential are all favorable in the areas selected by the experienced team at Hunter.
John Masters, CEO of Hunter Energy, comments "I worked with Ron Hietala for 19 years at Canadian Hunter and we sincerely look forward to working with Ron and many of his ex-Canadian Hunter team members."
Mark Gustafson, President & CEO of Triangle, indicates "we are
deeply honored to be working with John Masters and his Hunter team.
This third initiative complements our first two projects and provides
a diversified exploration portfolio for our shareholders."
- Triangle Zeroes in on Bakken Shale Play in North Dakota (Feb 08)
- Triangle Targets North American Shale Plays, Appoints New CEO (Dec 01)
- Triangle Petroleum Increases Working Interest in Core Area to 87% (Jun 11)