Triangle Petroleum Corp. announced today the acquisition of 4,000 net acres in North Dakota’s McKenzie and Williams counties, as well as the introduction of a new strategic focus in ND’s Bakken shale play and a partnership with Slawson Exploration to acquire and develop sites from the Three Forks and Middle Bakken formations in the Williston Basin.
An independent oil and gas exploration company founded in 2006, Triangle Petroleum also has 475k gross acres in Nova Scotia’s Windsor Block.
CEO of TPLM Dr. Peter Hill declared the Bakken Shale to be the Company’s new core area of U.S. operations. This decision, which is the culmination of years of work, precedes Hill’s arrival at Triangle Petroleum and focuses on the science and geological characteristics of the play, as well as the production potential.
Dr. Hill pointed out that the production potential will be governed by the application of completion technology and the “ability to drill long, carefully directed, horizontal wells”. Dr. Hill also commented that he believed the Williston Basin Bakken play would prove to be one of the biggest North American oil deposits of all time, and would be largely developed by smaller independent companies and service sectors that have proven to be the innovators of the play.
The Triangle Petroleum acreage is in the prime Bakken fairway, according to Dr. Hill, and the Company has multiple contiguous lots in the Rough Rider area with identifiable locations for wells to be drilled later this year.
Dr. Hill detailed Triangle Petroleum’s business strategy of direct acquisition and development of the Bakken at profitable margins, noting that today marked a significant first step in that strategy. Hill also said he looked forward to growing the overall business platform in order to “deliver both early production and the turn round of Triangle”.
Wichita-based Slawson Exploration has extensive experience in the Williston Basin, stretching back to 1970, and Dr. Hill said Slawson was the ideal partner for TPLM’s operations, with the ability to deliver low-cost and efficient results that will aid in expanding this joint venture in the coming months.