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Triangle Petroleum Corporation Message Board

  • winallin12 winallin12 Mar 4, 2013 7:31 AM Flag

    Private placement

    All in all I feel this is very positive. Dilution yes but added profits and is providing the needed economy of scale to thrive

    "Anticipated Benefits of Private Placement
    Approximate 30% increase in Fiscal Q4 2014 EBITDA guidance for 19.9% increase in share count
    Approximate 20% increase in Fiscal Q4 2014 production guidance
    Lowers G&A and other fixed overhead costs on a per unit basis
    Escalated operated drilling program improves predictability of operated production volumes through greater frequency of well completions
    Higher capacity utilization at RPES and Caliber Midstream ("CLBR") drives margin expansion
    Increased economies of scale at RPES and CLBR
    Accelerated drilling program and proven reserves growth expected to increase credit facility borrowing base
    Provides balance sheet strength to support an accelerated capital program
    Deeper alignment with high quality, long-term equity partner
    RockPile Energy Services Credit Facility
    RPES secured $20 million of debt financing from Wells Fargo Bank
    Includes revolving line of credit and equipment and capex term loan facilities
    Proceeds will fund second pressure pumping spread planned to be operational in Q2 fiscal 2014
    Triangle expects RPES to be self-funding going forward (no additional Triangle equity)
    Increased Fiscal Year 2014 Capital Expenditure Budget
    The fiscal year 2014 capex budget has been increased from $190 million to $245 million (including previously announced 2nd RPES pressure pumping spread), primarily supporting the operated development program
    Increasing operated drilling program with the addition of a full-time rig, taking the operated rig count to three full-time rigs
    Planned gross operated wells spud increasing from 24 to 33 and gross operated well completions increasing from 24 to 28-30"

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