Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

October 24, 2005 09:00 ET

Triangle Secures Drilling Rig and Hires Chief Financial Officer

CALGARY, ALBERTA--(CCNMatthews - Oct. 24, 2005) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) is pleased to announce the following developments in the Company and its wholly-owned operating subsidiary, Elmworth Energy Corporation ("Elmworth").

Elmworth has executed a letter of intent with a Calgary, Alberta based drilling contractor to secure a drilling rig for Elmworth's Canadian winter 2005/2006 program with a start date of December 1, 2005. The 3,000 meter rig will be located in the south Grande Prairie Area. Crest Energy Consultants has been engaged by Elmworth to design and supervise all phases of the drilling and completion programs for the company in Canada.

Elmworth plans to work with industry partners to establish gas production in the greater Deep Basin area of Alberta and welcomes strategic partners and joint ventures. Elmworth's geo-science team is developing new prospects based on area experience and a recently acquired 3-D seismic survey (see June 28 press release).

Ron Hietala, President of Elmworth, states "we are fortunate to contract a drilling rig given the strong levels of activity in the industry right now and look forward to utilizing the very capable team at Crest for our drilling programs."

In addition, Triangle has secured the services of a qualified financial professional to oversee all financial reporting activities of the Company. Mr. Aly Musani has agreed to join the Company and its subsidiaries as Chief Financial Officer effective November 14, 2005. Mr. Musani received his Chartered Accountant designation in 1999 while employed by Deloitte & Touche in Calgary, Alberta. He has been working for the past six years in Calgary with a private and now public oilfield services firm that has experienced significant growth.

Mark Gustafson, President of Triangle, indicates "we are very confident that his integrity and skill set are a great fit for the people in our organization and to meet the growing financial and regulatory demands of our public 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 propriety 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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