Triangle Petroleum Corp (TPLM)

Description:

Triangle Petroleum Corporation was incorporated in the State of Nevada on December 11, 2003 under the name Peloton Resources Inc. In December 2003, the Company purchased six mineral claims situated in the Greenwood Mining Division in the Province of British Columbia, Canada. Its principal business plan was to acquire, explore and develop mineral properties and to ultimately seek earnings by exploiting the mineral claims. The Company abandoned its mineral property as a result of poor exploration results, and decided to change its principal business to that of acquisition and exploration of oil and gas resource properties. On May 10, 2005, it changed its name to Triangle Petroleum Corporation. The Company has two wholly-owned subsidiaries: Triangle USA Petroleum Corporation, which was incorporated under the laws of the State of Colorado on October 27, 2005 and Elmworth Energy Corporation, which was incorporated under the laws of the province of Alberta, Canada on June 1, 2005. The Company conducts its operations through these subsidiaries, Triangle USA in the U.S. and Elmworth in Canada. Triangle is an exploration company focused on emerging shale gas opportunities in the Maritimes Basin of Eastern Canada through its 57% working interest in 516,000 gross acres on the Windsor Block in Nova Scotia where, in 2007 and 2008, the Company acquired 2D and 3D seismic, drilled and completed two vertical test wells and drilled three vertical exploration wells, of which, they completed one. In addition, the Company has non-core interests in the Fayetteville Shale trend in Arkansas (20,344 gross acres, 10,172 net acres), the Barnett Shale trend in Texas (three producing wells), and conventional oil and gas properties in Alberta (two producing wells), Colorado (18,987 gross acres and 4,747 net acres) and Wyoming (17,307 gross acres and 4,327 net acres). In the Maritimes Basin of Eastern Canada, the competitors are Contact Exploration Inc., Stealth Ventures Ltd. and Corridor Resources Inc. In the Fayetteville Shale area, the Company competes with Southwestern Energy Corporation, Chesapeake Energy Resources, and Hallwood Petroleum. In the Barnett Shale area of Texas, the Company competes with a number oil and gas exploration companies such as Burlington Resources, Devon Energy, EOG Resources, Encana, Murphy Oil and Quicksilver Resources. In the Deep Basin area of Western Canada, the Company competitors that are actively exploring and producing from the Deep Basin area include BP Canada Energy Company, Devon Canada Corporation, and Talisman Energy Inc. In the Rocky Mountain region of the United States, the Company competes with Encana, EOG Resources, Anadarko Petroleum and Ultra Petroleum. The Company's business is affected by numerous laws and regulations, including energy, environmental, conservation, tax and other laws and regulations relating to the oil and gas industry.