Steve Zachritz
Growth, long-term horizon, commodities, oil & gas

Triangle Petroleum - Undervalued Bakken Player

In mid August, Triangle Petroleum (NYSEMKT:TPLM) announced a McKenzie County, ND core acreage acquisition to be funded by public and private offerings. We liked the deal then and wanted to walk through the pieces as TPLM remains one of our largest Bakken positions and one that remains cheap to its peers (you almost get the acreage, its in-house frac spreads and its midstream segment for free at this point just based on production value).

The Offering and Placement:

Triangle priced 17.25 mm shares to the public (including the green shoe) at $6.25 and did a PIPE for another 11.35 mm shares at $7.20 (with a 6 month lockup) raising about $184 mm net of fees. The public offering...

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