Triangle

Ongoing low commodity prices compelled Triangle Petroleum Corp. to release its last operated drilling rig during its most recent quarter and negatively impacted its oilfield services subsidiary, but the small vertically-integrated company focused on the Williston Basin still managed to increase production and expects to beat full-year production guidance.

Triangle Petroleum Corp. said Monday it tripled quarterly production in the latest quarter and grew its oilfield and midstream businesses, all while it prepares to complete two agreements this month to acquire more than 46,000 net acres in the Williston Basin.

Triangle Petroleum Corp. reported reduced completion costs and is considering a shift to infill what is rapidly being considered its core acreage in the Bakken Shale, as business from its oilfield services subsidiary and a midstream joint venture (JV) in the play also pick up steam.

Century Midstream LLC, whose focus primarily will be to develop and expand emerging liquids plays across North America, was launched Wednesday by private equity energy firm First Reserve Corp. and a team of seasoned midstream veterans.

The first cavern at the Golden Triangle Storage facility near Beaumont, TX, has entered initial commercial operations, AGL Resources said Thursday. Full commercial service of about 6 Bcf of working capacity is expected to begin after dewatering in December.