Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

October 01, 2007 09:01 ET

Triangle Petroleum Commences Drilling of Second Well and Reports on First Well in Eastern Canada Shale Gas Project

CALGARY, ALBERTA--(Marketwire - Oct. 1, 2007) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) is pleased to report that the drilling of a second vertical well (Kennetcook # 2) commenced on September 18, 2007 at the Company's Windsor Basin Block, a 516,000 gross acre land position in Nova Scotia, Canada. This second well is anticipated to reach a total depth of approximately 5,500 feet. The Company plans to core approximately 600 feet and acquire a complete logging suite which will be used to assess the resource potential and design the completion program.

Drilling and evaluation program of Kennetcook # 1 -

As previously announced, Triangle commenced drilling the first vertical well on August 26, 2007. Triangle finished drilling on September 13, 2007 after reaching a total depth of 4,500 feet, from which the Company gathered 1,200 feet of full core. Based upon the preliminary log analysis and lab work, the primary zone of interest is approximately 350 feet thick and the secondary zone of interest is approximately 260 feet thick.

On Kennetcook # 1, extensive core analysis is underway, including: (i) rock testing by Omni Labs (Houston, Texas) (ii) geochemical work by Humble Labs (Houston, Texas) and Global Geoenergy (Halifax, Nova Scotia); (iii) desorption measurements (gas content analysis) by Ticora (Arvada, Colorado); and (iv) petrophysical analysis (Schlumberger Calgary, Alberta & Oklahoma City, Oklahoma). This integrated log and core study is expected to be complete by early November.

Seismic program -

The planning and logistics for a 25 square mile 3-D and 30 mile 2-D seismic program is now complete. Acquisition of this seismic data is expected to occur this month and into November with the results to be interpreted within 90 days of the program being completed.

Completion program -

Additionally, the completion program planning and design for Kennetcook # 1 and # 2 is underway. A water withdrawal permit has been obtained from the Nova Scotia Government and water holding ponds are being constructed. BJ Services will provide the fracture stimulation equipment for these wells. The stimulation program will be managed by Nick Steinsberger. Mr. Steinsberger worked as a staff engineer from 1987 to 2003 for Mitchell Energy/Devon Energy and subsequently as an industry shale gas drilling and completion consultant. He was the first engineer to recommend and utilize slick water fracture programs for the Barnett Shale in Texas and has recently been involved in several completion programs in the Fayetteville Shale in Arkansas. Mr. Steinsberger is a registered Professional Petroleum Engineer (Texas 1993).

"Drilling operations on our first company operated shale gas well ran very smooth with timing and costs occurring as projected" commented Mr. Ron Hietala, President of Triangle's operating companies. "The drilling results from our first well support the model developed by the geo-science team. We are applying an experienced knowledge base to assist in the design and implementation of the completion programs which will be critical to establishing commercial productivity from this exciting resource play."

The Company also reports that Mark Gustafson and Ron Hietala are hosting a breakfast table at the IPAA conference in San Francisco on Tuesday, October 2 and Wednesday, October 3.

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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