Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

November 15, 2006 09:00 ET

Triangle Petroleum Commences New Drilling Programs in the Alberta Deep Basin

CALGARY, ALBERTA--(CCNMatthews - Nov. 15, 2006) - Triangle Petroleum Corporation (the "Company" or "Triangle Petroleum") (OTCBB:TPLM) is pleased to announce the following exploratory gas drilling programs in its wholly owned subsidiary, Elmworth Energy Corporation ("Elmworth"). Both of these drilling programs are in the Alberta Deep Basin, which is one of four core project areas that the Company is actively exploring.

Natural Gas Drilling Program Musreau, Alberta

Elmworth and its operating partner are currently drilling a 3,200 meter (10,000 feet) exploration test well in the Musreau area of the Alberta Deep Basin. Elmworth has a 20% working interest in the program. This well is targeting a multi-horizon natural gas opportunity based on current geological and geophysical interpretations of the area. Two sections of land (1,300 acres) will be earned by drilling this test well. It is anticipated that a fracture stimulation program will be initiated shortly after the well has been drilled to total depth. Existing infrastructure in the area should minimize delays if commercial production can be established. Reduced well down-spacing regulations and vertical natural gas co-mingling options are positive contributors to activity in this general area of the Deep Basin.

Natural Gas Drilling Program Wapiti, Alberta

Elmworth is adding to its Deep Basin program through the completion of a shallow gas test well in the Wapiti area of the Deep Basin. Both Elmworth and its operating partner have a 50% working interest in this well which has already been drilled to a total depth of 2,400 meters (7,900 feet). This shallow Cretaceous well is located within the multi-township 3-D seismic volume currently under license to Elmworth. Assuming commercial production from the initial test location can be established, there are an additional thirteen sections of land (8,300 acres) available for future drilling programs. A commercial well from this area of Wapiti has the potential for production revenue to commence during the first quarter of 2007.

Mr. Ron Hietala, President of Elmworth, comments, "These two Deep Basin wells will assist the Company in evaluating the opportunities which have been developed over the last year. We anticipate near-term production from both projects. A multi-well program will be pursued on the Wapiti project along with potential incremental opportunities with the Musreau operator."

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 optimize the Company's opportunities through its operating subsidiaries, Triangle USA Petroleum Corporation in the United States and Elmworth Energy Corporation in Canada.

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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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