Exhibit 99.1

 

 

TRIANGLE PETROLEUM PROVIDES OPERATIONAL UPDATE FOR ALL BUSINESS SEGMENTS AND REPORTS FISCAL 2013 RESULTS

 

DENVER, Colorado, May 1, 2013 — Triangle Petroleum Corporation (“Triangle” or the “Company”) (NYSE MKT: TPLM)

today provides an operational update and reports its fiscal 2013 results for the year ended January 31, 2013 (“FY2013”).

 

Operational Update

 

·                  E&P current production of approx. 3,700 Boepd net produced volumes (3,200 Boepd net sold volumes), based on a 21-day average; Caliber Midstream (“CLBR”) gas processing expected in-service August 2013

 

·                  Projected average Q1 fiscal 2014 production of approximately 2,550 Boepd

·                  Operating three-rigs in North Dakota; adding a fourth operated rig for a three to four well program during summer months; no change to existing capex budget

·                  Five operated wells completed in Q1 fiscal 2014

·                  Eight to ten operated wells planned for completion in Q2 fiscal 2014

·                  Syndicated credit facility with an initial $110 million borrowing base

 

·                  RockPile Energy Services (“RPES”) generated approximately $24 - $26 million of stand-alone revenue in Q1 fiscal 2014

 

·                  Staffing and equipment for second spread and wire-line on schedule for Q2 fiscal 2014 operations

·                  Current completion backlog of approximately 12 — 15 wells

 

·                  CLBR generated approximately $2.9 million in stand-alone revenue in Q1 fiscal 2014

 

·                  Commenced freshwater operations with pipeline delivered volumes

·                  SWD, oil and gas processing facilities build-out on schedule

 

Financial Results for Fiscal Year 2013, ended January 31, 2013

 

*E&P Adj.-EBITDA does not include TPC (parent company) cash G&A expense of $4.4 million

 

·                  FY2013 stand-alone revenue and adjusted-EBITDA(1)(2)

 

FY2013

 

Revenue

 

y/y % Change

 

Adj.-EBITDA

 

y/y % Change

 

E&P

 

$

39.4

 

385

%

$

24.8

 

n/a

 

RockPile

 

$

57.2

 

n/a

 

$

10.5

 

n/a

 

Caliber

 

$

0.0

 

n/a

 

$

0.0

 

n/a

 

Total

 

$

96.6

 

 

 

$

35.3

 

 

 

 


The following information was filed by Triangle Petroleum Corp (TPLM) on Wednesday, May 1, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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