ATLANTA, Oct. 12, 2006 (PRIMEZONE) -- Triangle Petroleum (OTCBB:TPLM) announced that the company is now profiled on Market-Pulse.com. Triangle Petroleum is an exploration company primarily focused on large resource plays of natural gas in the Deep Basin area of western Canada, and in selected areas of the western United States. The Barnett Shale project is located in Texas and the Fayetteville Shale project is located in Arkansas. An experienced team comprising technical and business skills has been formed to optimize the company's opportunities through its operating subsidiaries: Triangle USA Petroleum Corporation in the United States and Elmworth Energy Corporation in Canada. Market Pulse's profile focuses on the company itself, TPLM's properties, the industry, management, recent developments and the future. Individuals interested in more information on the company can view the profile at http://www.market-pulse.com/tplmprofile.htm.
Triangle Petroleum recently announced its new strategic initiative in Triangle USA Petroleum Corporation. The initiative involves Triangle USA's participation in a US$16.1 million joint venture program which will exploit the Fayetteville Shale of the Arkoma Basin. Triangle USA entered into an agreement with Kerogen Resources Inc. of Houston, Texas on September 19, 2006. The agreement enables Triangle to acquire 50% of Kerogen's present land position in the Arkoma Basin (approximately 17,000 acres or 26.5 square miles). The agreement further calls for Triangle USA and Kerogen to conduct two new 3-D seismic programs over the prospective acreage block.
The Fayetteville Shale is an industry follow-up to the successful Barnett Shale development of the Fort Worth Basin in Texas. The Fayetteville Shale is a geologic equivalent to the Barnett Shale with a large exploration fairway that extends for a distance of approximately 150 miles. The Fayetteville Shale is believed by industry participants to be the next emerging shale gas play. Public information states a strong commitment to this area by industry leaders such as Chesapeake Energy Corporation and Southwestern Energy Company who have each invested in excess of US$100 million this year alone.
According to Bernard R. Schmitt, CEO of Market Pulse, "We are very excited to introduce Triangle Petroleum Corporation to the investment community. Triangle Petroleum has made excellent fundamental strides over the last few months. TPLM is poised to become a significant player in the natural gas industry." Bernard Schmitt also noted that, "The United States currently depends on natural gas for approximately 23% of its total primary energy requirements. But with its commitment to the use of natural gas, particularly in the electricity sector, the U.S. now finds itself with a supply shortage at a time of increased demand."
Triangle Petroleum's business plan is focused on a strategy for maximizing the success of its long-term exploration and drilling program in Canada and the United States. To date, execution of their business plan has largely focused on acquiring prospective leases from which they intend to establish a going-forward exploration and development plan.
Mr. Ron Hietala, President of Triangle USA, comments, "We believe that this Fayetteville Shale gas project allows us to continue developing a significant near- and long-term production base for our company. Based upon significant industry interest in this basin, we are fortunate to acquire this key land position in the Arkoma Basin as we believe it provides us with multiple drilling opportunities. We look forward to aggressively developing this exciting new shale gas project with our partner."
About Triangle Petroleum Corporation
Triangle is an exploration company focused on the Barnett Shale project in Texas, the Fayetteville Shale project in Arkansas, 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.
About Market Pulse
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