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Stock Market & Financial Investment News

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October 1, 2012
10:34 EDTTPLMTriangle Petroleum rises after forming pipeline joint venture
Shares of Triangle Petroleum (TPLM), an energy company focused on developing the Bakken Shale and Three Forks formations, rose in early trading after the company announced earlier this morning the formation of Caliber Midstream Partners, a joint venture with First Reserve Corporation's Energy Infrastructure Fund. Triangle said that the Caliber limited partnership will focus on midstream and infrastructure opportunities in the Williston Basin of North Dakota and Montana and will initially be capitalized with a total of $180M of equity commitments, with $150M to come from FREIF and $30M planned from Triangle. Both Triangle and FREIF will own a 50% non-economic stake in Caliber GP and will share governance equally. Triangle said construction is underway on a Phase 1 pipeline system in McKenzie County which will serve the needs of Triangle and other Caliber customers. In early morning trading, shares of Triangle Petroleum rose 36c, or 5.03% to $7.52.
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