Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

March 27, 2006 09:00 ET

Triangle Provides Update on its U.S. Projects

CALGARY, ALBERTA--(CCNMatthews - March 27, 2006) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) is pleased to announce the following developments in its wholly owned subsidiary, Triangle USA Petroleum Corporation ("Triangle USA").

Barnett Shale Project

Further to the Company's press release on February 8, 2006, Triangle USA's first project in the Barnett Shale Hill County program is currently being drilled. The initial horizontal well in this multi-well project has been drilled to the projected total depth. Intermediate casing is being set in the second well with the horizontal section of the Barnett to be finished in April. A third horizontal well will be drilled in the project prior to commencing the completion program. The completion program will be a large multi-stage water fracturing with real time monitoring of the stimulation. Triangle USA's capital commitment to this pilot project is approximately $1 million.

Stimulation procedures and techniques developed in this first pilot project will be applied to the significant land block currently held by Triangle USA and its partner group. The group has recently increased its land holdings from 2,600 acres to 7,500 acres. A ten square mile initial 3-D seismic program has been designed and an acquisition contract was awarded this month. It is anticipated the data will be acquired, processed and interpreted by the end of June. Drilling targets will then be selected and prioritized based on availability of drilling services and equipment. Well spacing for the Barnett Shale ranges from 40 to 100 acres across the productive areas. The currently leased acreage position held by the Triangle USA partner group has the potential to be a core area upon the establishment of commercial production.

Triangle USA's second project in Johnson County has commenced drilling. This well is located in the active development area of the Barnett Shale. Triangle's capital commitment to this Johnson County project is approximately $300,000 for the drilling and completion. Expected timing for first production in this area of Johnson County is averaging six months after drilling operations.

Hunter Joint Venture

The first well in the Rocky Mountain joint venture with Hunter Energy of Denver, Colorado has not established commercial hydrocarbons. The completion rig for the exploration test located in northwest Colorado was released in the middle of March. Triangle USA will review the operator's technical assessment of the exploration test. Triangle USA will also work with Hunter Energy to evaluate other hydrocarbon opportunities on the large land block that has been earned by the drilling of this first well.

Triangle USA currently has a 25% working interest position in three projects with Hunter Energy of which this was the first. Testing of the second Hunter Energy project is anticipated to commence in the latter half of 2006. Additional Hunter Energy prospects are also being reviewed for participation.

Mr. Ron Hietala, President of Triangle USA, comments "we have recently approved a capital expenditure budget for fiscal 2007 of $17 million and we are aggressively pursing additional joint venture projects."

About Triangle Petroleum Corporation

Triangle is an exploration company focused primarily on 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 exploit the Company's opportunity portfolio. Advanced reservoir description techniques will complement state of the art 3-D seismic interpretations to optimize drill sites. Project specific drilling and well completion techniques will be employed to optimize the production potential for each new pool. A land acquisition strategy employing traditional and new business models will be used to secure the opportunities for Triangle.

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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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