Triangle Reports Initial Production on Its Barnett Shale Projects in Texas

Market Wire, September, 2006

Triangle Petroleum Corporation (the "Company") (OTCBB: TPLM) announces the following update in its wholly owned subsidiary, Triangle USA Petroleum Corporation ("Triangle USA"), regarding the South Fort Worth Basin Area of Texas. To date, Triangle USA and its joint venture partners have drilled four horizontal wells (approximate 6% working interests) and acquired a proprietary ten square mile 3-D seismic survey.

The first horizontal well is located in Johnson County and tests the potential for Barnett productivity south and to the east of the established production in this County. The well was drilled earlier this year, fracture stimulated in April and flow tested in order to recover the stimulation load fluid prior to achieving gas production. Initial gas production flow rates of 2.9- 3.0 MMcf/d were established. The well is currently flowing into production facilities at rates in excess of 2.5 MMcf/d. It is expected that production declines will occur from this excellent starting point and follow a profile that has been observed in other commercial Barnett wells.

- Three additional horizontal wells have been drilled in northern Hill County. The wells have been hydraulic fracture stimulated and are currently in the early flowback phase of the completion program. This program has been designed to evaluate the effectiveness of closely spaced horizontal wells. It is anticipated that production rates this fall should be enhanced by the geometry of the wells and the procedures used to stimulate these wells.

- A ten square mile 3-D seismic program has been acquired and processed covering a significant land block held by the joint venture group in eastern Hill County. Efforts to interpret the seismic in this structurally more active and complex area are continuing. Drilling plans will be determined at a future date pending a clearer understanding of the seismic interpretations and potential drilling challenges.

Mr. Ron Hietala, President of Triangle USA, comments "This is our first producing well and we look forward to increasing production from our other projects. We are actively seeking other projects in the Fort Worth Basin which have short term drilling and completion requirements due to pending lease expiries, equipment shortages and capital commitments beyond the scope of the projects' partners. In addition, opportunities in similar basins are currently under evaluation and will be announced once completed".

About Triangle Petroleum Corporation

Triangle is an exploration company focused primarily on the Barnett Shale project in Texas as well as 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.

On behalf of the Board of Directors,

TRIANGLE PETROLEUM CORPORATION

Mark Gustafson, President

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. 000-51321, available from us at Suite 1110, 521 - 3 Avenue S.W., Calgary, Alberta, Canada, T2P 3T3. You can also obtain this form from the SEC by calling 1-800-732-0330.

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.