Triangle Petroleum has entered into two separate agreements to acquire approximately 46,100 net acres in Williston Basin (46% operated) for $120 million.
· Located in a contiguous area of Williams County, North Dakota and Sheridan County, Wyoming
· 1.2 MBOE/d of current production
· 4.45 MMBOE of net 1P reserves with a PV-10 value of approximately $110 million
Upon completion of the deal, Triangle will hold approximately 135,237 net acres in the Williston Basin, producing about 9.6 MBOE/d.
The company also said that it had received bank commitments for financing of the acquisitions, including a new senior secured second lien term loan facility.
In Aug-2013, Triangle Petroleum signed agreements to acquire core Williston Basin properties for $103.4 million in cash and 325,000 shares of Triangle common stock.
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