Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

May 16, 2006 09:01 ET

Triangle Provides Update on its Barnett Shale Projects in Texas

CALGARY, ALBERTA--(CCNMatthews - May 16, 2006) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) announces the following developments in its wholly owned subsidiary, Triangle USA Petroleum Corporation ("Triangle USA").

Triangle USA is pleased to provide an update on the current activities of its first Barnett Shale program in the greater Fort Worth Basin. This joint venture, in which Triangle USA has a 30% working interest, is finishing the acquisition phase of its proprietary 3-D seismic program. This ten square mile (sixteen square kilometer) seismic program is being executed as planned in terms of timing, costs and data quality. This 3-D seismic program will prioritize drilling locations on currently leased land within the next 45 days. The joint venture continues to add leases and now holds 9,500 acres for this first project.

The second project area is located in Hill County and Triangle USA has a 6.75% working interest. This three well horizontal project is currently drilling the third horizontal leg. The three wells will be stimulated with large multi-stage hydraulic treatments. The timing of the stimulation will be coordinated with the construction of pipeline and production facilities.

In a third project area, Triangle USA has acquired a 6% working interest position in a well currently being completed in Johnson County. This horizontal well has been multi-stage fracture stimulated and is currently being flow tested.

Triangle USA is actively pursuing additional Barnett Shale drilling opportunities. It is anticipated that expanded and/or new joint ventures will be implemented over the next few months. This emphasis will contribute to the near term goal of the Company to achieve production. In addition, this strategy will complement the medium term drilling plans on the land base currently held.

Select Canadian shale gas projects are also under technical analysis and review. Triangle USA's business plan includes the establishment of commercial production in the Barnett Shale while applying this experience to key areas in Canada. Knowledge and expertise held by the Company and its joint venture partners will be contributing factors in capturing emerging unconventional Canadian opportunities.

Mr. Ron Hietala, President of Triangle USA, comments "with respect to our $17 million capital expenditure budget for fiscal 2007, we have allocated over 60% to our Barnett Shale program. We believe that the Barnett Shale program will be a cornerstone to the solid production base for the Company".

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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