Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

October 19, 2006 07:00 ET

Triangle Petroleum Announces Corporate Development Update on Its Oil and Gas Projects

Company Update on its Four Programs Currently Underway

CALGARY, ALBERTA--(CCNMatthews - Oct. 19, 2006) - Triangle Petroleum Corporation (the "Company") (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.

Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as probable, possible and potential, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-KSB, File No. 0-51321, available from us at Suite 1110, 521 - 3 Avenue SW, Calgary, Alberta T2P 3T3 Canada. You can also obtain this form from the SEC by calling 1-800-732-0330.

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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