Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

December 19, 2006 09:01 ET

Triangle Petroleum Provides Update on Its Core Shale Gas Projects

CALGARY, ALBERTA--(CCNMatthews - Dec. 19, 2006) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) continues to expand its presence in both of its core shale gas project areas. Since Triangle believes that both the Barnett Shale in Texas and the Fayetteville Shale in Arkansas will provide it with a strong and repeatable base of drilling opportunities, the following developments are important as Triangle builds towards 2007.

Barnett Shale Program

Triangle, in conjunction with a new operating partner, is drilling and completing four horizontal wells at depths of approximately 6,000 feet. Two of the new wells are located in Parker County and two are in Hood County. Of the four wells, one is currently drilling and of the three wells that have already been drilled and cased, one well has been completed with a five stage stimulation treatment. This stimulated well has recently been pipeline connected and is now expected to commence flowback and production. Triangle has a working interest in this multi-well program ranging from 11% to 15%. Based upon expected production results from this initial program, a number of additional opportunities will be pursued with this operating partner who has an established track record in the Barnett Shale.

In another project located in Johnson County, Triangle, along with its joint venture partner Kerogen Resources Inc. of Houston, has acquired a 3-D seismic survey over its proposed drilling location. The results of the seismic interpretations support the joint venture plans to drill a horizontal Barnett well in the first quarter of 2007.

Industry activity within Hill County where Triangle and its joint venture partners have in excess of 13,000 gross acres continues to be an area of high industry interest. The joint venture will be evaluating combined industry programs to establish an active exploration program on the Hill County acreage during the first part of 2007.

Fayetteville Shale Program

Triangle is also actively moving forward on its Fayetteville program in the Arkoma Basin. Triangle's initial exploration focus will be in Conway County where the program is being developed on a 50/50 basis with Kerogen Resources. The current acreage position for the two companies is now in excess of 18,000 gross acres.

The first test well will drill to a target depth of 6,000 feet on pooled acreage with another active industry operator. Results from this horizontal test well, on the northwest side of the Conway County acreage, should provide meaningful information for the start of an exploration program in the area.

A new 3-D seismic program incorporating state-of-the-art shear wave data acquisition is under way. The recording phase of this program will be initiated in the first quarter of 2007 and is expected to cover 24 square miles. Additional drilling locations have been identified on acreage where Triangle has a controlling interest and now require prioritization based on the results of the 3-D seismic. It is anticipated that the joint venture will continue to work with other operators in and near Conway County in order to actively drill and develop production from this core area.

Ron Hietala, President of Triangle's operating subsidiaries, states, "We believe that both the Barnett and Fayetteville projects represent the foundation for our success. We are actively evaluating additional opportunities in both of these Basins."

About Triangle Petroleum Corporation

Triangle is an exploration company focused on the Barnett Shale project in Texas, the Fayetteville Shale project in Arkansas, 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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