Attached files
| file | filename |
|---|---|
| 8-K - Triangle Petroleum Corp | v170498_8k.htm |
| EX-99.2 - Triangle Petroleum Corp | v170498_ex99-2.htm |
| EX-99.1 - Triangle Petroleum Corp | v170498_ex99-1.htm |
For
Immediate Release
Triangle
Petroleum Announces Changes to the Senior Management Team
Calgary, Alberta – January 5, 2010 –
Triangle Petroleum Corporation (the “Company” or “Triangle”) (OTCBB: TPLM; TSXV:
TPE) today announced further changes to its executive management team as
part of a larger cost-cutting and strategic restructuring initiative. Howard
Anderson, President and Chief Operating Officer, and Shaun Toker, Chief
Financial Officer, will both leave the Company, effective January 4th, 2010
and December 23rd, 2009,
respectively. Mr. Toker will remain at Triangle though April 30th, 2010 to
advise and assist during a transition period. The Company also announced the
appointment of Jonathan Samuels, a Director, as the Company’s new Chief
Financial Officer.
“I would
like to personally thank Howard for his commitment, leadership and service to
the Company. Likewise, Shaun has accomplished a great deal over the past two
years and faced a difficult task in cleaning up, and maintaining the current
solid balance sheet during a difficult period for Triangle.” said Dr. Peter
Hill, the new Chief Executive Officer of Triangle Petroleum. “Jon brings
extensive finance and capital markets expertise and together with a revitalized
team of experienced management, brings a deep commitment to building
sustainable, long term shareholder value.”
Before
joining Triangle, Mr. Samuels spent 5 years in principal investing, primarily in
the energy sector: Palo Alto Investors, a California based, $1.3 billion
investment fund that owns 21% of Triangle; Alpine Investors, a private equity
firm; and Orient Global, a Singapore based privately-held investment firm.
Samuels holds a bachelor’s degree from the University of California, San Diego
and an MBA from the Wharton School at the University of Pennsylvania. He is a
CFA Charterholder.
“I’m
honored to join Triangle Petroleum and assume the role of CFO.” said Samuels.
“We are currently given very little credit for our asset base and opportunity
set. It has been a tough 12 months for the oil and gas sector, but we feel that
cost control combined with a disciplined approach to exploration and development
spending will allow us to create value in any phase of the economic
cycle.”
In the
past month, Triangle has taken significant action to redefine the strategic
direction of the Company. “Our priority is to reduce overhead costs and apply a
new technical approach to our asset in Nova Scotia.” said Dr. Hill. “Combined
with a revised Board of Directors and management team, our new technical and
fiscally disciplined approach will allow the Company to deliver a low cost,
skilled platform and execute a growth strategy based on entry into the most
attractive unconventional oil and gas basins in North America.”
About Triangle
Petroleum
Founded
in 2006, Triangle Petroleum (OTCBB: TPLM; TSXV: TPE) is an
independent oil and gas exploration company with approximately 475,000 gross
acres (413,000 net acres) in the Windsor Block of Nova Scotia.
For more
information please visit www.trianglepetroleum.com.
For more
information contact:
Jonathan
Samuels, Chief Financial Officer
E-mail:
jsamuels@trianglepetroleum.com
or
Jason
Krueger, CFA, Corporate Communications
E-mail:
info@trianglepetroleum.com
Telephone:
(403) 374-1234
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Safe
Harbor Statement. This news release includes statements about expected future
events and/or results that are forward-looking in nature and subject to risks
and uncertainties. Forward-looking statements in this release include, but are
not limited to the Company’s planned drilling and evaluation program, operating
costs and expectations of undiscovered resources. It is important to note that
actual outcomes and the Company's actual results could differ materially from
those in such forward-looking statements. Factors that could cause actual
results to differ materially include the possibility that additional investments
will not be made or that appropriate opportunities for development will not be
available or will not be properly developed. For additional risk
factors about our Company, readers should refer to risk disclosure contained in
our reports filed with the Securities and Exchange Commission and on
SEDAR.