Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

June 23, 2008 08:00 ET

Triangle Petroleum Announces Joint Venture Partner and Drilling Program for Maritimes Basin

CALGARY, ALBERTA--(Marketwire - June 23, 2008) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) today reported that it has partnered with Zodiac Exploration Corp. ("Zodiac"), a private Calgary-based exploration company, to drill as many as six new delineation wells on its 516,000 gross acre Windsor Block in the Maritimes Basin of Nova Scotia. This drilling program is the second phase of Triangle's three-phase strategy for developing natural gas from shale in Eastern Canada.

Triangle has entered into a joint venture agreement with Zodiac whose founder, President and Chief Executive Officer is W. Murray Rodgers.

Mr. Rodgers is a petroleum geologist with over 28 years of exploration and production experience in both Canada and internationally. With a distinguished career that includes an international multi-TCF gas discovery in Pakistan and co-authorship of the Strategy 2000 study of the Western Canadian Sedimentary Basin, now known as the Edge, Mr. Rodgers brings a wealth of industry experience in the identification and exploitation of high impact conventional and unconventional play types. From mid-2001 to August, 2007, Mr. Rodgers played a key role in the evolution of Trident Exploration Corp., from a start-up to one of Canada's leading coalbed methane operators. In addition, Mr. Rodgers led Trident in establishing an early position in the Montney shale gas play in northeast British Columbia. During this period, Mr. Rodgers fulfilled a series of roles including Vice President Exploration, Executive Vice President, President, and ultimately, President and CEO. Mr. Rodgers is also actively involved in the Quebec Utica shale gas play as a Director of a publicly traded junior exploration and production company.

The joint venture provides for an initial commitment by Zodiac to pay 50% of drilling costs, up to $7.5 million, to earn a 12.5% working interest in the entire Windsor Block. Within thirty days of fulfilling this expenditure commitment, Zodiac has the option to commit another $7.5 million for an additional 12.5% working interest. Based upon Zodiac spending the entire $15 million, Triangle would remain with a 45% working interest and would continue as operator, and Zodiac would have earned a 25% working interest in the Windsor Block.

Mr. Murray Rodgers, CEO of Zodiac, added "We are extremely pleased to participate with Triangle in the Maritimes Basin program. Triangle has done an outstanding job of positioning the company as a leading operator in Eastern Canada and we look forward to a dynamic joint venture partnership. This is a rare opportunity to participate in the exploration and development of a basin scale opportunity with a spectrum of play types that includes a vast shale gas resource."


Nabors rig #4, which has a depth rating of 3,600 meters (12,000 feet), has been contracted by Triangle for the balance of 2008. The first well is expected to spud in late July and is a 3,000 meter (10,000 feet) vertical test that targets the deeper and considerably thicker shale package, in an undrilled fault block north of Triangle's first two vertical test wells. All licensing and regulatory approvals have been received for this drilling location and the lease is now being prepared. Subsequent wells are expected to test the gas content and productivity of the Horton Bluff shales in various locations across the Windsor Block, and also to evaluate potential overlying conventional oil and gas reservoirs. At least one horizontal well is expected to be drilled.

Mr. Mark Gustafson, Chairman and CEO of Triangle, comments "We are excited to have Murray and his Zodiac team as our partner as we move forward in the Maritimes Basin. We now have a partner who can assist us in accelerating the drilling program and who can also contribute significant technical expertise as well."

About Triangle Petroleum Corporation

Triangle is an exploration company focused on emerging Canadian shale gas projects covering 584,000 gross acres in the Maritimes Basin in Nova Scotia and New Brunswick. 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.

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.

Contact Information