Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

May 19, 2008 07:00 ET

Triangle Petroleum Announces Multi-TCF Resource Assessment

CALGARY, ALBERTA--(Marketwire - May 19, 2008) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) is pleased to report that its independent reserves evaluation engineering firm, Ryder Scott Company Petroleum Consultants ("Ryder Scott"), has estimated the resource potential for the Company's Horton Bluff Shale in the Windsor Block of Nova Scotia to be 69 trillion cubic feet ("TCF") of original gas-in-place.

Ryder Scott calculated gas-in-place at the Kennetcook #1 well using the extensive database of log and core data for the well, mapped the rock volume within Triangle's seismic survey, correlated the well to the seismic, and then determined the resource potential of the seismically-delineated area. A 3D seismic survey of 16,200 acres (25 sq. mi), which contains the two test wells drilled to date, is encompassed within the overall 2D seismic area. Within this subset land block, Ryder Scott estimates a resource potential of 3 TCF, which is included in the 69 TCF total. Triangle's 2D seismic database consists of 142 linear miles of recently-shot, high quality data.

Howard Anderson, Triangle's Vice-President of Engineering and Chief Operating Officer, stated, "The identification of 69 TCF of resource potential by Ryder Scott is a major step in our development of the Horton Bluff Shale resource in Nova Scotia. Although this resource assessment only covers 40% of Triangle's land block that is delineated by seismic, this is an extraordinarily large accumulation of natural gas in close proximity to a premium market."

Triangle provided Ryder Scott with all available data, including logs, core, geochemistry and test results from the two test wells drilled in 2007 by Triangle's Canadian operating subsidiary, Elmworth Energy Corporation. The Company also provided all seismic data, both 2D and 3D, covering a total area of 207,200 acres (324 square miles), representing approximately 40% of the area of Triangle's gross land holdings in the Windsor Block.

Both Ryder Scott and Triangle do not purport to classify any of the resource potential as reserves, under any definition of reserve category. For a complete copy of the Ryder Scott Resource Assessment Report, please visit www.trianglepetroleum.com.

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.

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 1250, 521-3rd Avenue SW Calgary, Alberta, Canada, T2P 3T3. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Examples of such disclosures would be statements regarding "probable," "possible," or "recoverable" reserves among others.

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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