Triangle Petroleum Corp. has reviewed the company's portfolio of projects and has elevated the 516,000 gross acre Windsor block in the Maritimes basin to Triangle's primary shale gas project and elected to sell its 10,400 net acres in Conway County in the Fayetteville shale project.
Dr. Stephen A. Holditch, director of Triangle, comments "I am cautiously optimistic we have discovered a world class unconventional gas reservoir."
Based upon an estimated resource of 89 to 109 bcf per section from Schlumberger's log analysis, Triangle believes the project has the gas in place to drive the company's exploration program.
Technical data and interpreted results of the seismic programs are being actively marketed to a select group of US and Canadian energy companies to join Triangle as a joint venture partner. A significant portion of the company's resources is dedicated to this process and one or more partners are expected to participate in this summer's drilling program.
In related news, based upon escalating land prices in the company's Arkoma basin – Fayetteville shale project and a lack of progress accelerating the exploration program, Triangle has decided to divest its 10,400 non-operated net acres in the project. The sale is expected to be concluded before by summer.
