Triangle Acquires 2,600 Acres in Barnett Shale Project
Triangle Petroleum's subsidiary, Triangle USA, along with Kerogen Resources Inc. and two other partners has acquired its first Barnett Shale acreage position. Approximately 2,600 acres in the Greater Fort Worth Basin have been secured this month with additional acreage being actively pursued by the land acquisition team. The current leasehold positions will be evaluated by 3-D seismic later this spring as the permitting process is completed. A detailed interpretation of the seismic is required before the drilling and completion operations commence. The joint venture expects to drill its first well this summer.
Industry activity and growth continues in the Barnett Shale as companies continue to expand out from the earlier defined core areas. The top company in the Barnett Shale has current estimated production of 600 million cubic feet per day ("MMcf/d") of natural gas with the second and third companies having current production of 125 MMcf/d and 100 MMcf/d respectively. Total Barnett Shale daily production exceeds 1,200 MMcf/d backed up by multi TCF's (trillion cubic feet) of proven reserves.
Mr. Ron Hietala, President of Triangle USA, comments "it is clear to industry participants that the Barnett Shale is rapidly becoming one of the largest onshore gas fields in the United States. We are excited by this opportunity and hope our investment in this project will increase significantly over the next few years."
Triangle is an exploration company focused primarily on large
resource plays in the Deep Basin area of Western Canada and in select
areas of the western United States. An experienced team comprising
technical and business skills has been formed to exploit the
Company's opportunity portfolio. Advanced reservoir description
techniques will complement state of the art 3-D seismic
interpretations to optimize drill sites. Project specific drilling
and well completion techniques will be employed to optimize the
production potential for each new pool. A land acquisition strategy
employing traditional and new business models will be used to secure
the opportunities for Triangle.
- 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)