Triangle Petroleum Anticipates Historic Q2 After Harsh Winter

By The Bakken magazine staff | May 16, 2014

Harsh winter weather in North Dakota wasn’t enough to keep John Samuels, president and CEO of Triangle Petroleum, from showing optimism about the second quarter. During the company’s fiscal year 2014 conference call, Samuels said that the second quarter will be the greatest in company history. For most companies in the Williston Basin, the first quarter of the year was tough, but even with harsh weather in February, there were still signs of progress. From January to February, oil production increased by 16,000 barrels of oil per day in North Dakota. The drilling rig count did not change, but well completions increased to 70 for the month of February, a jump of 10 over the previous month. Days from spud to initial completion also decreased to 114 in February, according to the N.D. Department of Mineral Resources.

Samuels and his team have several reasons to be optimistic about the spring and summer. Triangle has found a successful way to downspace wells into the Middle Bakken at 600-foot spacing. The spacing will allow the Denver-based exploration and production company to drill eight wells per drilling spacing unit in the future. The infill practice has also increased production. Its infill program will not rob reserves that would otherwise be produced in nearby wells, the company said.

Like many operators, the company has adopted using cemented liners for well completions. Along with a hybrid fracture design that utilizes a slickwater tail, production results using cemented liners have resulted in a 30 to 40 percent increase over wells completed using non-cemented liners. The use of slickwater has helped save up to $400,000 per well. The company is operating four drilling rigs and the rig teams are executing with impressive results. This year, two wells were completed in 12 days and 14 days, both records for the company.

In addition to a new infill drilling program that will use cemented liners and a hybrid fracture design, Triangle’s other entities are set for a great year ahead. RockPile Energy Services has a backlog of 15 wells waiting to be completed, including eight third-party wells. The company, owned by Triangle, also brought on a third pressure pumping spread that is already booked for the next two months.