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...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details