Palo Alto Investors Voices Its Support Of New Management And Board At Triangle Petroleum
PALO ALTO, Calif., Dec. 1 /PRNewswire/ -- Palo Alto Investors, LLC ("Palo Alto"), which exercises control over more than 21% of the common stock of Triangle Petroleum Corporation ("Triangle", or the "Company") (TSXV: TPE; OTC Bulletin Board: TPLM), today applauded the Company's Board for its decisive actions on behalf of shareholders. Earlier today, the Company announced the appointment of Dr. Peter J. Hill as the Company's Chief Executive Officer. It also announced the addition of three new Board members who have been brought in to help the Company create a new strategy focused on near-term opportunities in North American unconventional oil and gas basins. In addition to Dr. Hill, the new Board will include Mr. Gardner Parker and Mr. Jonathan Samuels, who collectively bring tremendous experience to the Company.
David Anderson, Director of Energy Research at Palo Alto Investors, commented: "We are very pleased with the Company's latest changes. We believe Peter Hill brings a wealth of geologic and management expertise that is unparalleled for the task at hand. His knowledge of unconventional oil and gas basins, along with his significant executive experience with growth companies gives us great confidence. Along with the rest of the Directors, this re-invigorated Board and new management team are well positioned to create a positive future for Triangle Petroleum."
Mr. Anderson was also complimentary of the existing Board and team: " Mark Gustafson and the other Directors have been very responsive and recognize that additional resources can help the Company create long-term shareholder value. We are impressed with their clarity of purpose and their willingness to do what is in the best interest of all shareholders."
Palo Alto believes that the Company has the potential to pursue lower-risk development in oil and gas basins that are more suited to a company of its size. "We think the Company should think big, but seek opportunities where development success has higher probability and where significant upside exists," clarified Anderson.
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