Triangle Petroleum Corporation
OTC Bulletin Board : TPLM

Triangle Petroleum Corporation

September 21, 2005 09:00 ET

Triangle Updates Exploration Program

CALGARY, ALBERTA--(CCNMatthews - Sept. 21, 2005) - Triangle Petroleum Corporation (OTCBB:TPLM) (the "Company") is pleased to announce an update on the Company's exploration and corporate development program.

During the recently completed quarter from May 1 to July 31, the company completed the following major initiatives:

- Completed transition to an oil and gas exploration company.

- Elected a new board with significant oil and gas experience.

- Incorporated a wholly owned Alberta subsidiary named Elmworth Energy Corporation, and hired its President.

- Obtained two independent geological and resource assessment reports on the Company's exploration area.

- Completed a $6 million financing.

- Acquired significant seismic data on the exploration area.

For the next twelve months, the Company is planning on accomplishing the following key activities:

Phase I -

- Add qualified directors and advisors.

- Add experienced consultants and employees to the core team.

- Continue processing and interpreting seismic that has been acquired.

- Commence work on target drilling locations.

- Develop a land acquisition strategy.

- Secure a drilling rig for winter drilling program.

- Actively communicate company developments to shareholder base.

- Commence planning for additional financings.

Phase II -

- Continue to add qualified personnel at all levels in the Company.

- Continue acquiring, processing and interpreting seismic in targeted areas.

- Identify specific drilling locations and apply for well permits.

- Secure additional funding from equity sources.

- Acquire initial land positions through crown lease sales.

- Acquire additional land position through joint ventures.

- Prepare drilling sites for winter drilling program.

Phase III -

- Add production expertise to Calgary personnel.

- Commence winter drilling program on targeted locations.

- Raise significant amount of equity capital.

- Continue adding to land position via crown sales and joint ventures.

Phase IV -

- Commence completion programs on wells drilled during the winter.

- Prepare winter accessible locations for production operations.

- Utilize spring breakup period to plan for next round of drilling.

- Continue to increase land position.

- Refine geological and geophysical opportunities based upon results to date.

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.

On behalf of the Board of Directors,

TRIANGLE PETROLEUM CORPORATION

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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