Triangle Petroleum's CEO Outlines Corporate and Exploration Progress

Market Wire, November, 2006

Over the past 18 months, Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB: TPLM) has progressed from a raw startup company to a thriving exploration company that has drilling programs planned in four core project areas. Two of these projects are in shale gas areas (Barnett in Texas and Fayetteville in Arkansas) which we believe will provide us with a strong and repeatable base of drilling opportunities. Another project area in the Rocky Mountains allows us to drill wells in areas that could generate significant production and financial success. Our final project area in Western Canada should generate additional drilling and production opportunities from our base in Calgary, Alberta.

The Company now has a very capable management team and an experienced board of directors with a clear mandate to establish and grow production and cash flow.

Management Team

The Company started with the combined skill sets of Ron Hietala and Mark Gustafson.

Ron Hietala spent nineteen years at Canadian Hunter Exploration Ltd. ("Canadian Hunter") as Vice President, Manager of Reservoir Evaluation. As a Petrophysicist, he was a key contributor to several of Canadian Hunter's multi-TCF natural gas discoveries. Canadian Hunter was acquired in 2001 by Burlington Resources Inc. Ron is the President of both of the Company's operating subsidiaries and his past Canadian Hunter contacts have led the Company to all four of its current project areas. Many of the Company's consultants also have a strong connection to Canadian Hunter.

Mark Gustafson spent seven years as a Chartered Accountant with Price Waterhouse, then became the CFO of EnServ Corporation (acquired by Precision Drilling), followed by President of Total Energy Services Ltd. and President of Torrent Energy Corporation. He is the CEO of the Company and was responsible for securing $31 million US in funding for the Company to date.

The management team has been strengthened with the addition of Troy Wagner as the COO/VP Engineering (10 years with a large Canadian company producing 36,000 BOEPD) and Aly Musani as CFO (Chartered Accountant with a progressive oilfield service company). In addition the Company has appointed Andy Prefontaine as Land Manager (Landman for a large independent operating in Canada and the U.S.). This team is complemented by a core group of consultants with extensive geological, geophysical and engineering experience.

Board of Directors

Besides Mr. Hietala and Mr. Gustafson, Triangle has two additional board members.

Dr. Steve Holditch is a Houston-based petroleum engineer who built a very successful production and reservoir engineering company over a 20 year period (S.A. Holditch & Associates Inc.) then sold the firm to Schlumberger Technology Corporation. Dr. Holditch is currently the Head of the Petroleum Engineering Department at Texas A&M University and actively consults to clients around the world.

John Carlson is a Calgary-based petroleum engineer who spent 16 years with Sproule Associates Ltd., a well respected reservoir engineering firm. He is currently the President and CEO of Torrent Energy Corporation, a coalbed methane exploration and production company.

The Company intends to recruit additional independent directors as it considers moving to a more established exchange or marketplace.

Core Project # 1 - Barnett Shale Program

We believe that a major shift is unfolding in the recognition and commercialization of unconventional gas reservoirs. Specifically, commercial shale gas production in the United States is emerging as a cornerstone of the overall North American gas supply. We have successfully initiated a business relationship with a focused shale gas company, Kerogen Resources Inc. ("Kerogen") of Houston, Texas. The principals of Kerogen and Ron Hietala have experienced a long history of working together and developing new opportunities. We believe that the Kerogen team has a well established track record in shale gas and unconventional reservoir development.

Triangle has acquired a 30% working interest position in a five county joint venture program with Kerogen. The five counties are located in the South Fort Worth Basin and include Johnson, Hood, Hill, Sommerville and Bosque. To date, approximately 13,000 gross acres have been leased. One new ten square mile 3-D seismic survey has been shot over an acreage tract in Hill County. A suitable drilling location is currently being reviewed along with pooling strategies to include other companies in the area.

The Company has participated in four lower working interest (approximately 6%) horizontal wells (1 Johnson County and 3 Hill County). The four wells which are all currently producing had initial gross production rates of between 400 mcf/day (million cubic feet per day) and 2,800 mcf/day. These initial production rates should stabilize at lower levels over the next six to twelve months. The Kerogen joint venture plans further drilling over the next three to six months which will be a combination of traditional Barnett programs and new opportunities which have been identified by recent industry drilling and the proprietary 3-D seismic acquired by the joint venture.