Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

May 04, 2007 16:00 ET

Triangle Petroleum Commences Production From Its Alberta Deep Basin Wells

CALGARY, ALBERTA--(CCNMatthews - May 4, 2007) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) announces initial results from the second stage in the Company's multi-phase production program. In addition to phase one production results from both Hood and Parker Counties in its Barnett Shale project (see April 4 press release), Triangle has commenced production from two of three wells drilled in the last four months of 2006 in the Alberta Deep Basin as follows:

Kakwa Area:

Four gas bearing zones (Cadomin, Bluesky, Falher G, Falher B) have been completed in a 10,500 foot well in the Kakwa area of Northwestern Alberta. This well has been tested at a facility restricted rate of 3.6 mmcfpd (million cubic feet per day) or 600 BOED (barrels of oil equivalent per day) and is capable of producing over 5.0 mmcfpd or 830 BOED. The Company paid 20% of the well costs for an 18% interest before payout (and 12% after payout) in this well. At least one additional well is planned in an adjoining section of land.

Wapiti Area:

In the Wapiti area the Company has an approximate 35% working interest in a 7,900 foot well that is located within the multi-township 3-D seismic area licensed by the Company. This well was completed in the shallow Cretaceous Dunvegan sandstone interval. Subsequent to completion, the well was connected to a nearby pipeline. Initial production rates range from 0.4 to 0.6 mmcfpd or 60 to 100 BOED.

Wapiti Area:

Also in the Wapiti area, the Company has a 50% interest in a 9,900 foot well that was testing the Cadomin and Falher zones. The Cadomin zone was completed but tested wet. The Falher zone tested gas but at rates that were uneconomic to tie-in this past winter season. A potential tie-in for this well will be re-evaluated in the future based upon gas prices and future pipeline activity in the area. Accordingly, this well is currently suspended as a potential gas well.

Mr. Ron Hietala, President of Triangle's operating companies comments, "We are encouraged by the initial production from the Barnett Shale and the Deep Basin projects. We will continue to build our near-term production and cash flow base while pursuing additional shale gas opportunities."

About Triangle Petroleum Corporation

Triangle is an exploration company focused on Shale Gas Projects which include the Fayetteville in Arkansas, the Barnett in Texas, and emerging projects in Canada. The Company is also pursuing conventional projects in select areas of the western United States and Canada. 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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On behalf of the Board of Directors,

Mark Gustafson, President

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 - 3 Avenue SW, Calgary, Alberta T2P 3T3 Canada. You can also obtain this form from the SEC by calling 1-800-732-0330.

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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