Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

March 06, 2008 09:00 ET

Triangle Petroleum Provides Update on Its Nova Scotia Shale Gas Project

CALGARY, ALBERTA--(Marketwire - March 6, 2008) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) is pleased to report an update on its Kennetcook #1 ("KC #1") and Kennetcook #2 ("KC #2") test wells in the 516,000 gross acre Windsor Basin shale gas project of Nova Scotia, Canada.

Initial Gas Shows

During January, natural gas (predominantly methane) began bubbling out of the recovered completion frac water in KC #2. In the latter half of February, a free gas column began to build in the well's casing while water continued to be pumped up the tubing. Wellhead pressure increased to over 500 psi while fluid levels in the casing continued to drop. On March 4, 2008, crews opened the well to flow through a separator, and small quantities of gas were flared.

As of today's date approximately 71% of the 1.3 million gallons of water that had been pumped into the reservoir during the completion process has been recovered. Additional frac water still needs to be recovered in order to increase flowable gas from the KC #2 well.

A smaller amount of frac water has been recovered from the KC #1 well to date. Of the 1.5 million gallons of water pumped into the well during the completion process, approximately 66% has been recovered. KC #1 is showing the same dissolved gas production characteristics as did KC #2 prior to the onset of free gas production.

As noted in previous press releases, both KC #1 and KC #2 are vertical test wells designed to provide the Company with technical information to assess the Horton Bluff shale potential in the Windsor Basin.

Howard Anderson, Vice-President Engineering & COO of Triangle, commented "We are very encouraged by the presence of free gas flowing from the Horton Bluff shale reservoir. We have established the technical basis for proceeding with our 2008 plan to drill six to eight more wells to both extend the play and prove the viability of horizontal producing wells. We are now reviewing our Windsor Basin strategy, confidentially, with a select group of potential partner companies who can bring shale gas knowledge and/or financial capability to the play. We intend to secure one or more partners before our summer drilling program commences."

About Triangle Petroleum Corporation

Triangle is an exploration company focused on emerging Canadian shale gas projects covering 584,000 gross acres in Nova Scotia and New Brunswick, and the Fayetteville shale gas project covering 20,800 gross acres in Arkansas. 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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