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

Triangle Petroleum Corporation (TPLM)

F2Q 2013 Earnings Conference Call

September 06, 2012 10:30 am ET

Executives

Jonathan Ryan Samuels – President and Chief Executive Officer

Analysts

Ronald E. Mills – Johnson Rice & Co. LLC

Mike Kelly – Global Hunter Securities LLC

Peter F. F. Kissel – Howard Weil, Inc.

Jeffrey Hayden – KLR Group

Jason Wangler – Wunderlich Securities

Dan McSpirit – BMO Capital Markets

Presentation

Operator

Good morning ladies and gentlemen. Welcome to the Second Quarter 2013 Triangle Petroleum Corporation Earnings Conference Call. My name is Chris, and I’ll be your conference moderator for today. Presently all participants are in a listen-only mode. Later we will facilitate a question-and-answer session. (Operator Instructions) As a reminder this conference is being recorded for replay purposes.

And at this time, I will now like to turn the conference over to your presenter for today Mr. Jonathan Samuels, President and CEO. Sir, you may proceed.

Jonathan Ryan Samuels

Thank you and good morning everyone. Welcome to the second quarter fiscal 2013 Triangle Petroleum earnings call. There are five topics we’d like to cover this morning and then we’re going to turn it over for Q&A. The first topic will be review of last quarter's operations and financial results. Second topic will be the recent NGP financing. Third will be a review of our balance sheet and our outlook for hedging. Fourth will be a RockPile discussion, both operations and how we account for it. And the fifth will be guidance and outlook for the third quarter.

This past quarter, our second quarter fiscal 2013 was a very good quarter for us. First cash flow from operations, positive quarter in our company's history, and really we think begins the March quarter-after-quarter growth that we’ve been preparing for and building for, for the last year. Our current production in the quarter was approximately 94,000 barrels of oil and 103,000 barrels of oil equivalent. We added approximately 2,000 net acres in the quarter, all operated – all in McKenzie County at a cost of approximately 2,000 per acre.

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