Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Triangle Acquires Williston Basin Acreage For $120 Million

|Includes:Triangle Petroleum Corporation (TPLM)

Triangle Petroleum has entered into two separate agreements to acquire approximately 46,100 net acres in Williston Basin (46% operated) for $120 million.

Assets overview

· 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.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: TPLM