Overview
We are a natural gas exploration and development company, principally focused on coal bed methane ("CBM"), from resource plays in the Western Canadian Sedimentary Basin ("WCSB"). Our principal properties are located in Alberta, Canada. We were one of the first exploration and development companies to focus on CBM resource plays in the WCSB, and as a result we have established significant positions in the Horseshoe Canyon and Mannville CBM plays. We believe the coals in our Mannville plays have some of the highest gas content of any coals in Alberta and have structural characteristics that facilitate the production of CBM. In July 2005, along with our partners, we established the first commercial Mannville CBM field. We also explore for other unconventional natural gas resource plays, including shale gas. We have exploration properties in British Columbia, Canada, the State of Washington and the State of Oregon in the northwest United States.
Organizational and Operating History
We are a Delaware corporation. Our primary subsidiary is Trident Exploration Corp., a Nova Scotia unlimited liability company. Our headquarters are in Calgary, Alberta, Canada.
Our business was founded in 2000 with the acquisition of certain working interests in lands in Alberta and British Columbia. TEC was formed in September 2001 and capitalized in October 2001 when the then owners of certain working interests contributed their interests in exchange for common and preferred shares of TEC.
We were incorporated in Delaware in November 2003 for the purposes of acquiring TEC and raising additional capital to expand the business of TEC. TRC holds, directly and indirectly, over 99% of TEC's common shares.
In early 2002 TEC, together with the Southern Ute Indian Tribe ("SUIT"), who then owned approximately 11% of TEC's common shares and 55% of TEC's preferred shares, acquired property in the Corbett project area. The Corbett project is part of the Mannville wet coal formation. Later in 2002 we formed two joint ventures to explore CBM resources within the Horseshoe Canyon dry coal formation.
At the end of 2003, we recorded our first Horseshoe Canyon proved CBM reserves. We booked our first Mannville proved CBM reserves at year end 2004, and in July 2005, we announced the commerciality of the Corbett project in the Mannville.
In December 2005, we completed the purchase of the TEC common shares and preferred shares held by the SUIT, along with its entire working interest in the Corbett project for an aggregate amount of $202.6 million.
In early 2008, we achieved a significant drilling milestone having operated the drillling of 650,000 meters or 2,100,000 feet of horizontal and mulit-lateral horizontal drilling in the first commercial Mannville CBM field in Canada.
