This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Triangle Petroleum's CEO Discusses F2Q 2013 Results - Earnings Call Transcript

Total revenue in the quarter was $10.2 million, $7.5 coming from oil and gas sales, $2.6 million coming from our share of RockPile Energy Services revenue. Cash flow from operations in the quarter was approximately $6.7 million and EPS slightly negative, negative $0.02 and hopefully the last negative quarter on a go forward basis. We ended the quarter with 44.3 million shares outstanding as of July 31.

Providing some of the metrics, our average sales price per barrel was $77 that was on $93,730 barrels of oil. We produced 60 million cubic feet of gas with an average sales price of $4.20 and 37,460 gallons of NGL at a sales price of $0.97.

Obviously the big news in the last month was our financing with Natural Gas Partners, based at Irving, Texas, quick recap of the deal. It was a $120 million in convertible notes. The notes convert to $8 a share in the Triangle common stock. Notes carry a cashless coupon with a 5% annual interest rate, that interest is simply added to the principal. There is a note maintenance covenants, and we really treat this internally more or like preferred equity and long-term money.

From NGP, we added a new board member Roy Aneed, and we are very excited about this relationship. Roy has been great to work with along with the rest of the team. Besides capital, we’ve already added value in a number of ways on the financial front, on the strategic front, deal flow. And we really think it’s going to change Triangle on a go forward basis.

We’re also pleased to have sourced this capital ourselves. Thanks to our team here at Triangle. So we didn't pay any fees and we think it was the lowest cost capital available to us at the time.

As a result of the NGP financing, we are very happy with where our balance sheet sits today. We ended the quarter with $116 million of cash and an undrawn credit facility of $27 million. We are going to look to have that credit facility redetermined during the next month or two and expect that to increase. We have no debt outside of the convertible notes, which as I mentioned we consider to be more like preferred equity.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs