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    Hot Oil & Gas Penny Stock TPLM Secures Financing for Bakken Shale Play Development

    Triangle Petroleum Corp. (OTCBB:TPLM) soared 11.8% on October 26 to $0.57 on the announcement of  a joint venture with Oppenheimer Global Resource Private Equity Fund I (OGR) and  the acquisition of additional acreage. The company has also provided an update concerning the drilling and operations plans by the end of 2011, targeting to participate in the drilling of at least 20 gross wells.

    Triangle Petroleum is an oil and natural gas exploration company focused on the acquisition and development of unconventional shale oil resources. The company’s strategy is dually focused on the acquisition and development of acreage in the North Dakota Bakken Shale oil play and the development and exploitation of its existing asset base in the Maritimes Basin of Nova Scotia, where it currently holds an 87% interest in approximately 474,625 gross acres.

    In North Dakota, the company is actively seeking to build on its current 10,000 net acreage position by acquiring additional leasehold interests throughout the Williston Basin with a goal of reaching 30,000 net acres by the end of 2011. Technology advancements in drilling and completion techniques have unlocked the significant resource potential of the Bakken Shale, expanded the scope of the play, and increased the potential reserve additions and production profile of successful wells.

    Triangle Petroleum recently announced a venture with OGR to secure the necessary funding to develop its acreage base. The Fund has made a $25 million capital commitment to co-invest with Triangle in its future acquisition and development of assets in the North Dakota Bakken Shale play. OGR has obtained the right to participate in up to 25% of future Triangle Petroleum activity in the Williston Basin.

    The company has also acquired the assets of Williston Exploration LLC, comprised of approximately 1,732 net undeveloped acres in Williams County, North Dakota (including two operated wells). Total consideration would be up to $2.2 million in cash and up to 4.3 million shares of Triangle Petroleum stock. Additionally, the company has successfully recruited a new land staff, which in the past month has successfully acquired more than 1,200 acres at less than $1,000 per acre, including approximately 700 net acres in the same township as the Williston acquisition. As a result, Triangle Petroleum currently controls approximately 13,000 net acres in the Williston Basin targeting the Bakken Shale and Three Forks formations.

    The company has, to date, participated in the drilling of three gross wells targeting the Bakken and Three Forks, with two wells operated by Kodiak Oil and Gas and the third operated by XTO Energy. Two wells, the XTO-operated Roedeske Federal and the Kodiak-operated Grizzly 13-6H have both been drilled to total depth and are currently waiting on completion. The third well, the Kodiak-operated 1-27H well, produced 507 BOE during its initial 24hr test and is currently being made ready for production. Over the next 15 months, Triangle Petroleum anticipates participating in up to 20 gross and 5.3 net wells, including two Triangle Petroleum operated wells on the Williston package.

    In Nova Scotia, Triangle Petroleum continues to seek an industry partner to develop the large natural gas resource potential that is known to be available in the Windsor Basin. The company completed a five-well test program and reported that its Windsor Block could have more than 400 BCF of measured, generated natural gas per section making it a very rich source system capable of yielding up to 20 TCF of resource, based on a 10% recovery factor of natural gas in place. A large conventional structure has been mapped and is drill ready; additionally, there is an unconventional shale natural gas play that requires a horizontal, fractured completion test.

    The latest development and expansion activities at the Bakken shale basin, as well as enormous reserves potential in Nova Scotia create significant upside potential for the company’s stock.

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