SOURCE: Market Pulse

October 19, 2006 08:30 ET

Market Pulse Breaking News Alert for Thursday, October 19, 2006: TPLM - Triangle Petroleum Announces Corporate Development Update on Its Oil and Gas Projects Currently Underway!

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Market Pulse.

ATLANTA, GA--(Marketwire - October 19, 2006) - Market Pulse News Alert for this AM, Stocks to Watch are: Triangle Petroleum Corporation (OTCBB: TPLM), Apple Computer Inc. (NASDAQ: AAPL), SIGA Technologies Inc. (NASDAQ: SIGA) and Ivanhoe Mines Ltd. (NYSE: IVN).

Investors need to be watching Triangle Petroleum Corporation (OTCBB: TPLM) this AM! Triangle Petroleum is an exploration company primarily focused on large resource plays of natural gas in the Deep Basin area of Western Canada, and in selected areas of the Western United States. The Barnett Shale project is located in Texas and the Fayetteville Shale project is located in Arkansas. 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. Triangle Petroleum recently announced its new strategic initiative in Triangle USA Petroleum Corporation. The initiative involves Triangle USA's participation in a $16.1 million US joint venture program which will exploit the Fayetteville Shale of the Arkoma Basin, located in Arkansas. Triangle USA entered into an agreement with Kerogen Resources Inc. of Houston, Texas on September 19, 2006. The agreement enables Triangle to acquire 50% of Kerogen's present land position in the Arkoma Basin (approximately 17,000 acres or 26.5 square miles). The agreement further calls for Triangle USA and Kerogen to conduct two new 3-D seismic programs over the prospective acreage block. The Fayetteville Shale is an industry follow-up to the successful Barnett Shale development of the Fort Worth Basin in Texas. The Fayetteville Shale is a geologic equivalent to the Barnett Shale with a large exploration fairway that extends for a distance of approximately 150 miles. The Fayetteville Shale is believed by industry participants to be the next emerging shale gas play. Ron Hietala, President of Triangle USA, comments, "We believe that this Fayetteville Shale gas project allows us to continue developing a significant near and long term production base for our Company. Based upon significant industry interest in this basin, we are fortunate to acquire this key land position in the Arkoma Basin as we believe it provides us with multiple drilling opportunities. We look forward to aggressively developing this exciting new shale gas project with our partner." Triangle Petroleum's business plan is focused on a strategy for maximizing the success of its long-term exploration and drilling program in Canada and the United States. TPLM has had several excellent news announcements out lately and one again before today's opening bell announcing a corporate development update on its oil and gas projects! The company currently has four programs underway! This could be great news for investors!

Triangle Petroleum Corporation (OTCBB: TPLM) is pleased to announce the following updates in its wholly owned subsidiaries, Triangle USA Petroleum Corporation ("Triangle USA") and Elmworth Energy Corporation ("Elmworth").

Arkoma Basin Program

Triangle USA has committed $16 million to its 50% working interest share of the Arkoma Basin Exploration program, located in Arkansas. The Company and its operating partner currently hold a position in approximately 17,000 acres of the highly prospective Fayetteville shale trend. The initial planning of a new 3-D seismic program is well underway with an expected completion of the acquisition phase to occur within the next three months. Triangle USA is committed to participating in the drilling of a minimum of four exploration tests with its joint venture partner. The Triangle USA joint venture is also seeking to establish drilling participations with other industry parties currently exploring this new and emerging play trend.

Fort Worth Basin Program

Triangle USA has participated in the drilling of four horizontal Barnett Shale wells located in the South Fort Worth Basin. All four wells have tested gas upon completion, with the first well having been on production since July at an initial rate of 2,800 Mcf/d with current production at 1,900 Mcf/d. Three additional wells are flowing back completion fluids and gas at rates between 400 Mcf/d and 1,000 Mcf/d. It is anticipated that over the next thirty days initial productivity levels will be established for these three closely spaced horizontal wells. Triangle USA has increased its gross acreage position in the South Fort Worth Basin program from 9,500 acres to approximately 13,000 acres. A plan is being developed by the joint venture group to evaluate the current acreage position, taking into consideration the industry activity in the area. Triangle USA is actively seeking additional projects to generate production from this particular basin.

Rocky Mountain Program

Triangle USA and its partner, Hunter Energy Inc. of Denver, Colorado, plan to drill the second project in their three well joint venture program. Triangle USA's working interest in this joint venture is 25%. The required acreage position is currently in place which now allows the group to move forward to the drilling phase of the program. Commencement date of the south-western Wyoming well will be timed to the contracting of a suitable drilling rig for the exploration test.

The third project with Hunter Energy Inc. is located in Montana. The technical team is currently assessing the merits of new 3-D seismic applied to the program. Two drill sites have been identified as a result of the subsurface evaluation work completed to date. The review and selection of drilling contractors is currently underway along with consideration being given to identifying an appropriate operating partner to be added to the Triangle USA-Hunter joint venture.

Western Canadian Program

Elmworth has identified multiple drilling targets within the previously acquired 3-D seismic area of the Alberta Deep Basin. These drilling targets, geographically located south of Grande Prairie, are in various stages of land deals and negotiations. It is anticipated that with a more measured pace to industry drilling, incremental acreage opportunities through the farm-out process may become more readily available. Elmworth is currently evaluating additional industry joint ventures in the Deep Basin area.

Mr. Ron Hietala, President of Triangle USA and Elmworth, comments, "We will continue to rank the business opportunities in the Western Canadian Basin along with available project opportunities in the Rocky Mountain region, Fort Worth Basin and the Arkoma Basin. Each area has unique challenges along with the ability to contribute significant shareholder value to the Company."

About Triangle Petroleum Corporation

Triangle is an exploration company focused on the Barnett Shale project in Texas, the Fayetteville Shale project in Arkansas, 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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Stocks in the news and acting well as of late include: Apple Computer Inc. (NASDAQ: AAPL), SIGA Technologies Inc. (NASDAQ: SIGA) and Ivanhoe Mines Ltd. (NYSE: IVN).

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