Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

October 31, 2007 10:23 ET

Triangle Finishes Drilling Second Well and Begins Seismic Program in Nova Scotia Shale Gas Project

CALGARY, ALBERTA--(Marketwire - Oct. 31, 2007) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) is pleased to report that the Company has now drilled two exploration test wells into the Horton Bluff shale formation on its 516,000 gross acre land position in Nova Scotia, Canada. The Horton Bluff shale formation is the exploration target for an unconventional gas resource play.

Drilling and Evaluation Programs -

The following is a summary of the two wells drilled in the Company's Windsor Basin land block.

The first well, Kennetcook #1, reached a total depth of 4,390 feet and was rig released on September 15, 2007 after running casing to total depth. Kennetcook #1 is located 25 miles west of the community of Truro, Nova Scotia. This well was extensively cored over an interval of 1,150 feet. Advanced well log data was acquired on this well and the data is currently being integrated with the special core measurements performed by service companies with extensive unconventional shale gas expertise.

The second well, Kennetcook #2, reached a total depth of 6,350 feet and was rig released on October 13, 2007 after running casing to total depth. Kennetcook #2 is located approximately two miles north-west of Kennetcook #1 and was cored over an interval of 430 feet. Similar logging programs to Kennetcook #1 were performed and the integration with shale gas laboratory measurements is currently underway. Based upon preliminary log analysis, the primary shale zone in Kennetcook # 2 is approximately 500 feet thick.

Management has concluded that a comprehensive hydraulic fracture stimulation ("completion") program is warranted to assess the Horton Bluff deliverability. The Kennetcook #1 well will be completed first with the results of this operation used to guide the completion planning for Kennetcook #2.

Completion Program -

A stimulation program design has moved forward based on favorable laboratory measurements of rock properties, gas content and fluid compatibility. A large, slick water fracture stimulation program is currently planned for late in the fourth quarter of 2007. Two frac water holding ponds have been constructed, each with the capacity to hold up to 2.5 million gallons of fluid. The program for the first frac single stage treatment is anticipated to be approximately 1 million gallons of slick water with 550,000 pounds of sand proppant volumes. Stimulations of this magnitude are in line with the current stimulations in the Barnett Shale of the Fort Worth Basin and the Fayetteville Shale of the Arkoma Basin.

Seismic Program -

An aggressive seismic program is being acquired: the 25 square mile 3-D program covers our initial target area over the Kennetcook wells and the 30 mile 2-D program extends to another favorable area of the land block. Shot hole drilling for both the 3-D and the 2-D programs has been completed and the data is being recorded. The acquisition and processing phase of the seismic program is expected to be finished by the end of November. Interpretation of this data is expected to occur within 60-90 days of the seismic program being completed. The first priority of the interpreted 3-D seismic program will be to select future well locations.

Gas marketing initiative -

The development of on-shore gas production in Nova Scotia is in a very early phase. Triangle is currently in discussions with various marketing groups to communicate the aggressive exploration program initiatives that are in progress for the Windsor Basin of Nova Scotia. The gas currently marketed into the northeastern U.S. markets is being sold at a premium to other North American producing areas.

Ron Hietala, President of Triangle's operating subsidiaries, comments, "The Company is in a very exciting phase for testing this Canadian shale gas project. Within six months Triangle has moved forward with contracts being signed, followed by new drilling to proprietary seismic and now on to completion activities. The ability to operate and move forward under its own timetable has contributed significantly to where the Company is today."

About Triangle Petroleum Corporation

Triangle is an exploration company focused on emerging Canadian shale gas projects, the Fayetteville shale gas project in Arkansas and select conventional oil projects in the Rocky Mountains. An experienced team comprising technical and business skills has been formed to optimize the Company's opportunities through its operating subsidiaries, Triangle USA Petroleum Corporation in the United States and Elmworth Energy Corporation in Canada.

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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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