Triangle Petroleum acquires Williston Basin properties

Triangle Petroleum Corp.

Triangle Petroleum Corp. (NYSE MKT: TPLM) reports that Triangle USA Petroleum Corp. (TUSA), the company's wholly owned E&P subsidiary, has entered into two separate definitive agreements to acquire Williston Basin properties, and has received bank commitments for 100% financing of the acquisitions, including a new senior secured second lien term loan facility.

TUSA has signed two separate definitive agreements to acquire 46,100 net acres (46% operated) in a contiguous area of Williams County, North Dakota, and Sheridan County, Montana. The acquisition area includes 1,175 Boepd of current production and 4,450 MBoe of net proved reserves with a PV-10 value of approximately $110 million based upon internal estimates as of April 30.

The transactions included a total consideration of approximately $120 million, net of estimated purchase price adjustments and the sale of an acquired saltwater disposal well to Caliber Midstream Partners LP.

Triangle is focused on developing the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana.

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