Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

May 31, 2006 08:00 ET

Triangle Adds 500,000 Acre Shale Gas Exploration Project

CALGARY, ALBERTA--(CCNMatthews - May 31, 2006) - Triangle Petroleum Corporation (OTCBB:TPLM) (the "Company" or "Triangle") announces the following development in its wholly owned subsidiary, Elmworth Energy Corporation ("Elmworth").

Elmworth is pleased to announce it has executed a farm-in agreement with a Canadian company to pursue unconventional shale gas opportunities identified by Triangle and its US based partner, Kerogen Resources Canada ULC. The project covers approximately 500,000 acres and is believed to be located in a favorable geological setting based on technical work performed to date. Additional laboratory measurements are currently being performed on core samples and drill cuttings which were available on previously drilled wells.

Elmworth will base its drilling commitment decision on the results of the new geological studies and interpretation of the seismic available on the project area. The decision to drill will be made by mid-July. Elmworth has screened a number of Canadian shale gas areas and as a result of this screening and its active program in the Barnett Shale of the Fort Worth Basin, has focused on this potentially analogous and significant prospect. Complementary joint venture partners will be approached as the project matures.

Mr. Ron Hietala, President of Elmworth, comments "the identification and capture of our first Canadian non-conventional shale gas opportunity is an exciting time for Triangle. We are pleased to share this project on an equal basis with Kerogen Resources Canada ULC".

About Triangle Petroleum Corporation

Triangle is an exploration company focused primarily on the Barnett Shale project in Texas as well as on large resource plays in the Deep Basin area of Western Canada and in select areas of the western United States. An experienced team comprising technical and business skills has been formed to exploit the Company's opportunity portfolio. Advanced reservoir description techniques will complement state of the art 3-D seismic interpretations to optimize drill sites. Project specific drilling and well completion techniques will be employed to optimize the production potential for each new pool. A land acquisition strategy employing traditional and new business models will be used to secure the opportunities for Triangle.

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On behalf of the Board of Directors,


Mark Gustafson, President

Safe Harbor Statement. This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, the amount of funds the Company may receive, the Company's proposed acquisition and development of properties, including drilling projects. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the possibility that additional investments will not be made or that appropriate opportunities for development will not be available or will not be properly developed. For additional risk factors about our Company, readers should refer to risk disclosure contained in our reports filed with the Securities and Exchange Commission.

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