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Triangle Petroleum spikes on speculation of potential unit sale

  • Triangle Petroleum (TPLM +8.6%) jumps after Bloomberg says the company has begun seeking an adviser for the sale of its oilfield services business.
  • TPLM has said it may consider splitting off its RockPile Energy Services business, which provides pressure pumping services in the Williston Basin in the midwestern U.S. and generated revenue of ~$194M in the year through January; TPLM estimates the unit has a market value of $572M.
  • TPLM reportedly also may sell or spin off pipeline operator Caliber Midstream Partners after RockPile.

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