Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

June 11, 2009 08:00 ET

Triangle Petroleum Increases Working Interest in Core Area to 87%

CALGARY, ALBERTA--(Marketwire - June 11, 2009) - Triangle Petroleum Corporation (the "Company" or "Triangle") (TSX VENTURE:TPE) (OTCBB:TPLM) today reported that it now holds a working interest of 87% in the 475,000 gross acre Windsor Block in Nova Scotia.

Triangle has executed a definitive agreement with Contact Exploration Inc. ("Contact") to acquire Contact's 30% working interest in the Windsor Block in exchange for agreeing to provide Contact a 5.75% non-convertible gross overriding royalty interest. Contact also received a cash payment of $270,000 and Triangle assumed the liabilities related to Contact's former working interest.

Howard Anderson, President of Triangle, indicates "We would like to thank Contact for their support and cooperation as a responsible joint venture partner. This transaction enables us to increase our focus on the search for a new joint venture partner to invest in our core shale gas project in the Windsor Block."

About Triangle Petroleum Corporation

Triangle is an exploration company focused on an emerging Canadian shale gas project covering 475,000 gross acres (413,000 net acres) in the Maritimes Basin in Nova Scotia through Elmworth Energy Corporation, its Calgary-based operating subsidiary. Triangle's common shares trade on the TSX Venture Exchange under the symbol TPE and on the OTC Bulletin Board under the symbol TPLM.

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 Company's planned joint venture activities. 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 and on SEDAR.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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