Triangle Petroleum's CEO Outlines Corporate and Exploration Progress

Market Wire, November, 2006

Triangle's strategy is to establish commercial production from the Fayetteville in the joint venture controlled areas that will be capable of accessing current and expanded pipeline connectivity. Expectations are to participate in the drilling of between five and ten wells during the next twelve months. Working interests will vary for the joint venture as a combination of pooled and 100% joint venture lands will be drilled. The key business issues associated with the Fayetteville include optimizing drilling and completion costs in the area as the service industry matures along with assessing the optimum multi-stage stimulation programs in the horizontal wells.

One of our longer term objectives is to capitalize on the technical and business experience gained in the United States by selecting the most favorable shale gas areas in Canada and establishing an early land position in those areas.

Core Project # 3 - Rocky Mountain Program

The Rocky Mountain region of the Western United States presents opportunities that bear many of the positive attributes of the Alberta Deep Basin. The Rocky Mountain core area strategy for Triangle has been to identify higher-risk, large growth potential projects that have low to moderate acreage costs which can also be readily leased.

Triangle has embarked on a joint venture with Hunter Energy LLC ("Hunter") of Denver, Colorado. Hunter has developed an extensive project inventory based on the successful exploration track record of John Masters, co-founder of Canadian Hunter. John Masters, along with his team of geo-scientists and engineering specialists, has analyzed each of the Western United States' sub-basins and selected those which demonstrate key indicators for major new hydrocarbon accumulations. In turn, Triangle has made an initial commitment to participate in the drilling of three new projects, each of which are anticipated to require multiple wells to evaluate the acreage positions currently held by the joint venture. Each of the three Hunter Energy exploration prospects is believed to have the potential to contain significant quantities of recoverable oil or gas.

Triangle Petroleum USA has a 25% working interest in the three new Hunter Energy projects. The project areas are geographically located in north-western Colorado, south-western Wyoming, and northern Montana. The gross acreage position in the three areas is approximately 91,000 acres.

An initial exploration test well was drilled on the north-western Colorado project. Production has not been established to date from this first well. Plans for the north-west Colorado project include working with area operators to continue the exploration program, which management believes should be very active. Drilling on the south west Wyoming project and the Montana project are anticipated to commence in the first half of 2007 with consideration being given to service industry equipment availability and prevailing short-term winter weather conditions.

The re-evaluation of the Rocky Mountain basins has identified significant opportunities which were not the prime targets at the time of previous and deeper drilling by the industry. The predominant issues associated with the shallower Rocky Mountain project areas are reservoir permeability and the occurrence of local fresh waters being present.