Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

October 26, 2005 09:00 ET

Triangle Pursues Barnett Shale Project

CALGARY, ALBERTA--(CCNMatthews - Oct. 26, 2005) - Triangle Petroleum Corporation (OTCBB:TPLM) (the "Company" or "Triangle") is pleased to announce the creation of a wholly owned subsidiary, Triangle USA Petroleum Corporation ("Triangle USA") in order to pursue key emerging resource projects in the United States.

The first project for Triangle USA is in the Barnett Shale trend of the Greater Fort Worth Basin. The Barnett Shale trend was pioneered by Mitchell Energy starting in 1981. Commercialization of the project was slow to occur until the application of large water fracturing stimulations at the Newark East Field in 1997. A second technology breakthrough occurred with the application of horizontal wells and selective stimulations. The Barnett Shale trend now supports daily production in excess of 1 BCF (billion cubic feet) per day of natural gas with the USGS (United States Geological Survey) estimating a resource potential of greater than 25 TCF (trillion cubic feet) of natural gas. The Barnett Shale trend is the largest gas field in Texas with the productive limits being expanded as the eighty plus active drilling rigs deliver new insights and understanding to the area operators.

Triangle USA has entered into the Barnett Shale trend through a joint venture with Kerogen Resources Inc. ("Kerogen") of Houston, Texas ( Kerogen's focus is to identify and exploit present and future shale gas projects within the United Sates and internationally. The team forming Kerogen has an excellent track record of finding large resource plays in Canada and the United States. The principals of Kerogen also have many years of shale gas evaluation experience coupled with active involvement in the drilling, completion and production phases of Barnett Shale gas commercialization.

Triangle USA, along with the joint venture partners led by Kerogen, has commenced a land acquisition phase in targeted counties in Texas. The acreage acquisition program will be followed by a focused 3-D seismic acquisition program and horizontal wells designed to quantify the Barnett Shale gas potential. Triangle USA believes the Barnett Shale trend to be a relatively low risk, repeatable opportunity that will continue to benefit from the application of new technology and sound field procedures. Triangle USA along with its joint venture partner, Kerogen, will also evaluate other shale gas projects outside of the Greater Fort Worth Basin.

Mr. Ron Hietala, President of Triangle USA, comments "given my previous experience working with two of Kerogen's principals at Canadian Hunter Exploration Ltd., we are very confident that this joint venture should add a second significant area of focus for our Company."

About Triangle Petroleum Corporation

Triangle is a focused natural gas exploration company developing a large resource play in the Deep Basin area of Western Canada. The Company will use proprietary technology to identify and commercialize natural gas fields. An experienced team comprising technical and business skills is being 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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