Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

August 01, 2006 09:00 ET

Triangle Hires Chief Operating Officer / Vice-President Engineering

CALGARY, ALBERTA--(CCNMatthews - Aug. 1, 2006) - Triangle Petroleum Corporation (the "Company") (OTCBB:TPLM) announces the following development in its wholly owned subsidiaries, Elmworth Energy Corporation ("Elmworth") and Triangle USA Petroleum Corporation ("Triangle USA").

Mr. Ron Hietala, President of Elmworth and Triangle USA is pleased to announce the hiring of Troy Wagner, P.Eng., MBA, effective August 8, 2006 as Chief Operating Officer and Vice-President Engineering of both companies.

Mr. Wagner has spent the past 10 years at a publicly traded oil and gas company where he was Vice-President Operations of two companies with combined production of approximately 36,000 barrels of oil equivalent per day, a capital expenditure budget of $160 million Cndn and an operating budget of $110 million Cndn. His responsibilities included leading the technical teams (engineering and geoscience) and field based staff, approving all capital projects, managing budgets and integrating acquisitions.

Mr. Wagner earned a Bachelor of Science in Mechanical Engineering from the University of Calgary (1992) and a Masters of Business Administration from Queens University in Kingston (2003).

Mr. Ron Hietala, President of Elmworth, comments "Troy will have direct responsibility for all aspects of the Company's operations. He will have the mandate to develop new opportunities for the Company in addition to implementing current projects. The strong combination of Troy's technical and business backgrounds along with his demonstrated track record will be a key asset to 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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