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Triangle Petroleum Corporation Message Board

  • nyserdafiles nyserdafiles Nov 4, 2012 11:55 AM Flag

    Joint Venture

    Any thoughts on piping infrastructure JV?

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    • About Caliber Midstream Partners, LP

      Caliber is a newly-formed, Denver-based limited partnership which will focus on midstream and infrastructure opportunities in the Williston Basin of North Dakota and Montana

      Caliber will initially be capitalized with a total of $180mm of equity commitments ($150mm from FREIF, $30mm from Triangle)

      Caliber will focus its efforts on designing safe and reliable pipeline solutions for the water, oil and gas transportation and processing needs of its customers

      Construction is underway on a Phase 1 pipeline system in McKenzie County which will serve the needs of Triangle and other Caliber customers by reducing the cost of oil and gas drilling and completion operations as well as the environmental impact associated with those operations

      Caliber plans to expand its Phase 1 system in McKenzie County and to build new infrastructure in other counties of North Dakota and Montana as needed by its customers

      Caliber plans to begin transportation and processing operations in November 2012, with all business lines expected to be in service by August 2013

      At inception, Caliber will provide services to Triangle under a 15-year volume-based contract, and will also seek to add future third party volumes to its system

    • That would be an ideal scenario. My main concern for the time being is the allocation between debt and equity for the $400 million shelf offering. I'm hoping they can work out a deal similar to the one they did with NGP. This will probably continue to drift lower until some clarity is added surrounding the debt/equity allocation. I'm a buyer in the low 5's and am looking for a double from that point. I do believe TPLM has a very good chance of trading in the $10+ range in 1-2 years but not before dipping back to the $5 mark.

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