Triangle Petroleum Provides Operational Update

Source: 6/10/2013, Location: North America

Triangle Petroleum Corporation ("Triangle" or the "Company") provides an operational update.

Operational Update
- E&P current production of approximately 4,300 Boepd net produced volumes based on a 21-day average Increased quarterly sales volumes to 242 Mboe (+284% y/y) as compared to 63 Mboe in the same period in Q1 fiscal 2013.
- First gas sales from operated production anticipated to begin by Friday, June 14.
- Drilling and completion costs declining; targeting 10% - 15% reduction in AFE amounts.
- Targeting $10.0 - $10.5 million AFE costs in McKenzie County before any realized benefit from RockPile Energy Services ("RPES") or Caliber Midstream ("CLBR").
- Costs savings generated from a combination of overall cost declines in the Williston Basin; drilling efficiencies due to pad drilling and batch completions; successful tests using hybrid sliding sleeve and plug and perf completion design.
- Additional savings possible if future tests of lightweight ceramic proppant indicate no EUR or production profile impact.
- Recent downspacing test indicates potential for 6 - 8 middle Bakken wells per 1,280 acre spacing unit with no communication; additional 2 - 4 potential locations in the Three Forks (excluding potential to develop the 2nd and 3rd benches of the Three Forks as a distinct reservoir) resulting in a current estimate of between 8 - 12 operated locations per 1,280 acre spacing unit possible; initial tests confirm reported results of other operators in the Williston Basin.
- Completed first-ever remote frac (while rig still on location) in North Dakota, resulting in IP of Dwyer 150-101-35-26-1H approximately 70 days earlier than otherwise possible.
- Executed 46-stage hybrid completion on Rowe 150-101-1-12-3H with bottom 27 stages as sleeve-based and top 19 stages as standard plug and perf.
- Decreased average spud to total depth days; average of 27 days for Q1 fiscal 2014.
- Drilled and completed five gross operated wells in Q1 fiscal 2014 under two-rig program.
- Currently operating three full-time rigs, and one part-time rig.
- RPES generated approximately $26.9 million of stand-alone revenue (approximately $13.2 million of consolidated revenue) in Q1 fiscal 2014.
- Completed five Triangle operated wells and five third-party wells (305 total stages) in Q1 fiscal 2014.
- Backlog of approximately 12 wells, including six for third-party operators, at Q1 end fiscal 2014.
- Staffing and equipment for second spread and wire-line on schedule for Q2 fiscal 2014 operations; total capacity increasing to 36,000 HHP.
- CLBR generated $3.1 million in stand-alone revenue in Q1 fiscal 2014.
- Salt Water Disposal infrastructure and facilities fully operational.
- Successfully delivered fresh water to five Triangle fracs during Q1 fiscal 2014.
- Mobilizing crews to install natural gas piping with expected Q3 fiscal 2014 in-service date.
- Crude gathering lines and processing facilities on-track for Q2 fiscal 2014 in-service date.
- Recently appointed Chief Financial Officer, Controller, and Operations Manager.

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