Triangle Petroleum Corporation (TPLM)

TPLM 
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Exchange: AMEX
Industry: Energy
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Triangle Petroleum Corporation (TPLM)

February 14, 2013 10:30 am ET

Executives

Jonathan Samuels - Chief Executive Officer, President and Director

Justin Bliffen - Head of Corporate Finance

Presentation

Operator

Good day, ladies and gentlemen. Welcome to the Triangle Petroleum Corporation Interim Operational Update for Fiscal Year 2014 Production and Financial Guidance Conference Call. My name is Beverly and I'll be your operator for today. [Operator Instructions] I would now like turn the presentation over to your host for today, Mr. Jonathan Samuels, President and Chief Executive Officer. Please proceed.

Jonathan Samuels

Thank you and good morning, everyone. Glad you could join. I'm sitting in here today here today with Justin Bliffen, our new CFO; and Mike Grijalva, our VP of Capital Markets. Exciting day for us. Lots going on, lots to talk about this year. We thought this was a pretty meaty press release. We're presenting some things differently and thought it would just be a good opportunity to hop on the phone, walk-through it, share our thoughts on the business, what we're seeing, where we go from here, introduce Justin to those of you who haven't met him and just, in general, give shareholders an update.

So the first point in the press release we covered were some updates to the Executive Management team, and just a couple of words on that. Peter Hill, most of you have followed Triangle for a long time, have known him and probably knew him before then. He's still very much part of our team and this program. He's a partner, he's a partner, he's a mentor. He's the Chairman and this is a role that we see him in for the long-term. He wants to be in there, we want him in there. So he's not going anywhere.

I'm not, obviously, not going anywhere. Joe Feiten, our principal accounting officer remains fully engaged, fully involved. He's been a great asset. If you guys have met Joe, you know his background is very much in the accounting space. He's literally written books, Oil and Gas Accounting 5. He's a co-author of it. So in a Principal Accounting Officer role, that's is the right role for him, we believe.

And so the sum of all this is we think shareholder gain, Justin, who is a very capable Chief Financial Officer. He's been a big part of building this business for the last 2 years. A lot of you have met him and have the opportunity to work for him. And with the sum of these changes, we feel like we have the right senior team in place for the next 5 years and shareholders should feel very good about the people they have in place. It's stable. No one's going anywhere and we are positioned for whatever growth may come over the next couple of years. So very positive on that front.

As you all know, we had our fiscal year-end was January 31, about 2 weeks ago. The only guidance we've given and just to set the stage and remind people, we frac-ed our first operator well last April, so 9, 10 months ago, and we came out with our exit rate guidance, 2,600 to 3,200 a day, before we've even done that. So it's definitely a challenging exercise and we are pretty happy with the results. Our exit rate for the last 21 days, the last 3 weeks of January, was about 3,300 BOE a day, the sold number less. You guys know why that is. That's gas getting flared. You also know that as a result of our partnership with First Reserve and our Caliber investment, we are busy working on a gas plant and a gas gathering system and a large part of that gap and that delta goes away. So as we run our internal model, we have a total produced volumes number, we have a total sold volumes number and that gap narrows as the year progresses. We are also looking up wells in Williams County with third-party service providers being one of them. And you're going to see the production versus sold number narrow. We think that's the right thing to do for all parties for the environment, for shareholders. Emission and regulations are coming that way anyways. So we are on pace for that. But please [ph] we've come, I mean, concerning this team really just started and hasn't even had a full year on the E&P side to build the business. We're happy where our production is and we're happy with the growth that we see this year given a 2-rig program.

A couple of words on that. We continue to pad drill and when you have a 2-rig program and you're pad drilling, that makes the completion somewhat lumpy. So that's why you see full year guidance and you don't see quarterly guidance just yet. We feel very good about our full year guidance. We feel very good about our Q4 guidance. We weren't in a place to give Q1 and Q2, and it really just comes down to the timing of completions, timing of drilling. And when you're pad drilling you want to do things right. You want to do things the safe way and particularly, as RockPile picks up third-party work, there's just a lot of scheduling that goes on. And it doesn't change the NAV. It doesn't change what we look like at year-end this year but some things could fall into Q1, they could fall into Q2. And that makes it a tougher guidance exercise, so we've elected not to do that at this time.

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