Triangle Petroleum Corp. said it has acquired about 42,000 net acres prospective for the Bakken and Three Forks formations in the Williston Basin, bringing its total net acreage position in the Williston Basin to 72,000 net acres and bring its net operated acres to 51,000.
The 42,000-net acre acquisition, called the Station Prospect, is in an undisclosed area of Montana prospective for both the Middle Bakken and Three Forks formations, Triangle said. The acreage is largely contiguous and Triangle anticipates operating 100% of all acquired acres. Due to ongoing leasing efforts and competitive concerns, Triangle said it is not disclosing the location of the Station Prospect or the price paid.
"The Station Prospect acquisition brings us closer to our long-term goal of 100,000 net acres and a two-thirds operated and one-third nonoperated leasehold position," said Triangle CEO Peter Hill. "The Station Prospect is located in a thermally mature area of the basin and provides us with a significant number of net drilling locations in a largely contiguous block.
"We believe the combination of rapid development of our core nonoperated Rough Rider acres, approximately 5,000 net acres of operated units in Williams and McKenzie counties of North Dakota, and the high growth and value accretion of the Station Prospect provides our shareholders with a balanced portfolio of pure-play exposure to the upside of the Williston Basin."
In North Dakota, Triangle has identified approximately 5,000 net acres of operated acreage that will provide the company's first operated drilling units. Triangle anticipates spudding its first operated well in the fourth quarter.
Denver-based Triangle has assets in North Dakota, Montana and Eastern Canada.