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Abstract
(Marketwire - April 9, 2009) - Triangle Petroleum Corporation (the "Company" or "Triangle") (TSX VENTURE:TPE)(OTCBB:TPLM) today reported financial and operational results for its fourth fiscal quarter and full fiscal year ended January 31, 2009. Unless otherwise noted, all references to "$" are to U.S. dollars. All references to "Cdn$" are to Canadian dollars (Cdn$1.00 equals US$0.81 at closing April 7, 2009).
In the fourth quarter of fiscal 2009, the Company spent $1.2 million on investing activities mainly related to shale gas exploration in the Windsor Block of Eastern Canada of which $0.4 million was used for the completion of the N-14-A well and the remaining $0.8 million was used to pay down payables from the prior quarter related to the E-38-A well drilling costs. For the full fiscal year ended January 31, 2009, the Company spent $6.1 million on net oil and gas investing additions: $1.3 million to complete and test the two Kennetcook wells drilled in the prior year as part of the first phase of the Windsor Block exploration program; $2.8 million to drill three vertical wells and complete one of these wells related to the second phase of the Windsor Block exploration program; and $1.9 million to pay prior year payables related to the two test wells drilled in and completed in 2007. Also during the full fiscal year ended January 31, 2009, the Company received $4.2 million in cash related to dispositions of oil and gas properties: $3.0 million for the recovery from a partner of 2007 Windsor Block exploration expenditures related to the Kennetcook #2 well and seismic acquisition; $0.8 million for the sale of its non-core U.S. Rocky Mountain program Montana land; $0.3 million for the sale of 240 net acres of non-core Fayetteville program Arkoma Basin land; and $0.2 million for the sale of a non-core Barnett shale well.
In May 2007, the Company entered into the Beech Hill farm-in agreement in the Moncton Sub-Basin of the Maritimes Basin located in the Province of New Brunswick, Canada. Triangle was entitled to earn a 70% working interest in the block subsequent to the acquisition and evaluation of a minimum Cdn$250,000 seismic program and then electing no later than December 31, 2008 to drill a test well by mid-2009. During June and July 2008, approximately $345,000 gross ($95,000 net) expenditures were incurred to complete the acquisition phase of approximately 30 kilometers (19 miles) of 2D seismic on the Beech Hill Block and another $33,000 gross ($33,000 net) was spent to interpret the seismic. In December 2008, the Company elected to not drill the test well, thus forfeiting its right to earn in the Beech Hill Block.