Triangle Petroleum Reports Third Quarter Fiscal 2012 Financial and Operational Results
(firmenpresse) - DENVER, COLORADO -- (Marketwire) -- 12/15/11 -- Triangle Petroleum Corporation ("Triangle" or "the Company") (NYSE Amex: TPLM) today reported its third quarter fiscal 2012 financial and operational results. Triangle is a high-growth oriented energy company with a current strategic focus on developing the Bakken Shale and Three Forks formations of the Williston Basin in North Dakota and Montana.
Highlights Include:
Budget and Liquidity Update
In its consolidated financial statements for the third quarter ended October 31, 2011, Triangle reported a total cash balance of $93.86mm and no debt. In December 2011, the Board of Directors approved the following fiscal 2013 budget for the period between February 1, 2012 and January 31, 2013:
Triangle has reduced its non-operated drilling budget as a result of current market conditions and to increase the Company's focus on its operated drilling program as well as incremental growth needs. Despite the budget change, Management is increasing its guidance for fiscal 2013 exit rate production to between 2,600 and 3,200 Boe/d. The increase in production guidance despite a drop in total projected drilling capital expenditures is due to improved production rates in offset wells in McKenzie and Williams counties compared to previous expectations, a modest increase in the operated drilling budget because of higher working interests in operated wells, anticipated drilling and completion efficiencies attributed to pad drilling and the impact of Triangle's vertically integrated strategy.
Management currently estimates that approximately $18mm of the Company's $131mm fiscal 2013 budget is discretionary, with minimal impact on production guidance. The Company will adjust its total spend based on market conditions and the cost of accessing the capital markets relative to anticipated returns from program acceleration or acquisition opportunities.
To support its continued growth, Triangle is in ongoing discussions with multiple potential joint venture partners regarding its Williston Basin assets. Triangle has also retained a financial advisor on behalf of RockPile Energy Services to seek private growth capital as RockPile expands its product offering, geographic footprint and total horsepower in the Williston Basin. Triangle will also seek a private capital partner for its midstream and infrastructure business in fiscal 2013.
Third Quarter Fiscal 2012
"We are currently focused on building out our operational capacity while controlling our cost structure, which are two critical determining factors in the return on capital of our drilling program. We continue to believe that a vertically integrated business model is essential to efficient and low cost operations in the Williston Basin. We are also focused on maintaining a strong balance sheet and liquidity position, and will manage our capital expenditures to maximize total returns on a per share basis. 2012 will be an important year in our development, and right now our primary goal is operational execution combined with conservative balance sheet management" said Jonathan Samuels, President and Chief Financial Officer of Triangle.
About Triangle
Triangle (NYSE Amex: TPLM) is a high-growth oriented energy company with a current strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. Triangle has acquired approximately 81,000 net acres in the Williston Basin and approximately 475,000 gross acres (413,000 net acres) in the Windsor Block of Nova Scotia. For more information, visit Triangle's Web site at .
Conference Call Information
Dr. Peter Hill, Chief Executive Officer of Triangle, and Jonathan Samuels, President and Chief Financial Officer of Triangle, will host a conference call at 8:30 AM MT (10:30 AM ET) today to provide an overview of results and current position, immediately followed by a question and answer session. Interested parties may dial in using the conference call number (877) 331-9829 (participant passcode #28035450). International parties may dial-in using (973) 935-8352. A recording of the conference call will be available through December 22, 2011 at (855) 859-2056 (participant passcode # 28035450). For international participants, the encore dial-in number is (404) 537-3406.
Forward-looking Statements Disclosure
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future events or outcomes. Whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties. We refer you to the discussion of risk factors in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K for the year ended January 31, 2011. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on our company or our business or operations. Such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements.
Contacts:
Triangle Petroleum Corporation
Jonathan Samuels
President & Chief Financial Officer
303-260-7125
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Datum: 15.12.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 97345
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