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Triangle Petroleum Corporation (TPLM) Message Board

  • saywhatup saywhatup Aug 19, 2013 10:49 PM Flag

    TPLM's Newly Acquired Wells Revealed!

    TPLM’s new investor presentation includes the names of the producing wells acquired as part of the purchase of 6,200 net acres of producing and undeveloped acres “from a single seller” that was announced on August 6th. Once I had the names and the basic location of the wells I was able to dig a little deeper and find out some details about the wells, especially their production. All the wells were acquired from Liberty Resources and are located in the Pronghorn field. You will recall that Liberty sold about 42,000 acres to Kodiak in June for $660 million. 25,000 of those acres are in McKenzie County. So obviously Liberty has been an active seller the past few months.

    The fact that Yahoo message boards don’t allow columns or spreadsheets makes it more cumbersome but here goes. Basically, I’ll give you the name of the well and the 30-day, 90-day and 180-day Bo/d numbers. I don’t have boe/d data yet. But they were flaring the gas (until recently) anyway.
    J. Garvin Jacobson 8-5-1H:
    30-Day Oil IP: 736
    90-Day Oil IP: 454
    180-Day Oil IP: N/A

    J. Garvin Jacobson 17-20-1H:
    30-Day Oil IP: 685
    90-Day Oil IP: 524
    180-Day Oil IP: N/A

    Helling 7-6-1H: On Confidential Status until 8/22/2013

    Fritz 32-39-1H:
    30-Day Oil IP: 520
    90-Day Oil IP: 427
    180-Day Oil IP: 326

    Nygaard 28-33-1H:
    30-Day Oil IP: 656
    90-Day Oil IP: 541
    180-Day Oil IP: 410

    Average for these acquired wells is:
    30-Day Oil IP: 649
    90-Day Oil IP: 486
    180-Day Oil IP: 484

    Comment: These wells are very respectable producers, especially for this area. I think it confirms that TPLM’s strategy of concentrating in this part of McKenzie County, where it can leverage all its resources to lower costs is going to pay off very sweetly. I am long and strong TPLM.

    Sentiment: Buy

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    • Saywhat

      These wells were drilled by Liberty but actually sold to TPLM by Kodiak as per the 8K. Kodiak had already closed on their purchase of Liberty.

      Since TPLM owns leases and JV's with Kodiak in their core expect a reciprocal sale with Kodiak buying Triangle land. Both parties get to bring up their Working Interest in the wells.

      Big benefit may be the properties bolt on to the end of Caliber's phase 1 pipeline system

      • 1 Reply to winallin12
      • winallin,
        Thanks for the correction. I actually knew about the seller being Kodiak (per the 10K, as you said) but had a brain fart last night as I was writing the post (and doing math). Interestingly, four of the wells are already selling gas. The Jacobson wells as of late May and the Fritz and Nygaard wells as of February. So these wells are already hooked into pipe. I wonder if that pipe is or will become Caliber pipe.

        Sentiment: Buy

    • how close are these wells to TPLM's current property? close enuf to extend triangle's exisiting pipelines for gas capture and water transport ? ...sounds encouraging- adding close-by property means rockpile equipment will not have to be moved far to drill the new property thus reducing cost and downtime... The current market selloff looks to be setting up a sweet buying oportunity, I'll be adding as we get closer to 6.25

      • 1 Reply to bluedreamdreamer
      • The wells listed in the post are literally "next door" to existing TPLM drilling units. If you want to see the overall view, go the TPLM website and download the latest presentation. Page 13 has the diagram showing well location and all the drilling units around the town of Alexander, N.D. (which is where TPLM's core area is located). Good luck to you and hope you decide to add to your position.

        Sentiment: Buy

 
TPLM
11.37+0.14(+1.25%)Jul 29 4:02 PMEDT

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