Triangle Petroleum To Acquire Acreage In North Dakota Bakken Shale Play

Published: 08-Feb-2010

Triangle Petroleum, an oil and gas exploration company, has revealed a new initiative in the Bakken Shale play of North Dakota and the acquisition of 4,000 net acres in Williams and McKenzie counties.

The company has also formed a new partnership with Slawson Exploration, an operator in the fairway, aimed at the acquisition and development of acreage in known areas of production from the Middle Bakken and Three Forks formations of the Williston basin.

Peter Hill, CEO of Triangle Petroleum, said: "The Bakken Shale will be our new core area of operations in the US. Our efforts here are the result of years of work undertaken prior to my joining Triangle this past November. The focus has been on understanding the geology and science of the play, and the capacity of applied technology to unlock the significant oil and gas reserve potential.

"Our business strategy is to directly acquire and develop acreage prospective for capturing the Bakken resource base at attractive margins. Today marks the first step in that strategy and we will continue to grow and develop the business platform needed to deliver both early production and the turn round of Triangle."

Slawson Exploration has been active in the Williston basin since the 1970s. Triangle Petroleum has identified several areas of interest in the Williston basin, and is in an ongoing process of evaluating further entry opportunities to the Bakken Shale play.

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