Triangle Petroleum Announces Results for the First Quarter of Fiscal Year 2009

Market Wire, June, 2008

Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB: TPLM) today reported financial and operational results for its first quarter of the fiscal year ended January 31, 2009.

Financial Summary

The Company incurred a net loss of $1.8 million ($0.04 net loss per diluted share) for the first quarter of fiscal 2009 compared to a net loss of $3.4 million ($0.11 net loss per diluted share), for the first quarter of fiscal 2008. A primary contributor to the decrease in the loss was a significant reduction in stock based compensation expense, which is a component of general and administrative expenses. Revenue for the first quarter of fiscal 2009 totaled $0.2 million which was derived from producing wells in the Company's Barnett and Alberta Deep Basin projects compared to approximately $0.1 million in the first quarter of fiscal 2008.

In the first quarter of fiscal 2009, the Company spent $2.4 million on investing activities mainly related to shale gas exploration in the Maritimes Basin of Eastern Canada for completion and testing of two vertical test wells which were drilled in the third quarter of fiscal 2008. In the same quarter of fiscal 2008, the Company invested $2.6 million.

At April 30, 2008, cash and cash equivalents totaled $1.2 million. On June 4, 2008, Triangle announced that it raised $25.5 million through the private placement of 18,257,500 units priced at $1.40 per unit. Each unit consists of one share of common stock and one-half of a warrant. One full warrant can be exercised into one share of common stock for a period of two years at a price of $2.25 per share. The net proceeds of $23.6 million have been used to repay $4 million of secured convertible debentures and will be used to fund a portion of the drilling program in the Maritimes Basin and for general working capital. Canaccord Adams Inc. acted as placement agent for this offering.

Mark G. Gustafson, Triangle's Chairman, President and CEO, commented, "Our recently completed funding provides us with the working capital and strong balance sheet we need to focus our attention on the development of our Maritimes Basin shale gas project. We are reviewing that project with several potential joint venture partners and look forward to selecting one in the near future and to move forward aggressively with our drilling plans. Our capital investment program for the balance of this year will be directed almost exclusively to that area.

Operations Summary - Maritimes Basin (Nova Scotia)

During the first quarter, Triangle announced that its independent reserves evaluation engineering firm, Ryder Scott Company Petroleum Consultants ("Ryder Scott") had estimated the resource potential for the Company's Horton Bluff Shale in the Windsor Block of Nova Scotia to be 69 trillion cubic feet ("TCF") of original gas-in-place. Ryder Scott calculated gas-in-place at the Kennetcook ("KC") #1 well using the Company's extensive database of log and core data for the well, mapped the rock volume within Triangle's seismic survey, correlated the well to the seismic, and then determined the resource potential of the seismically-delineated area. A 3-D seismic survey of 16,200 acres (25 square miles), which contains the two test wells drilled to date, is encompassed within the overall 2-D seismic area. Within this subset land block, Ryder Scott estimates a resource potential of 3 TCF, which is included in the 69 TCF total. Triangle's 2-D seismic database consists of 142 linear miles of recently-shot, high quality data. This resource assessment covers only 40% of the Company's land block that is delineated by seismic.

Both Ryder Scott and Triangle do not purport to classify any of the resource potential as reserves, under any definition of reserve category. For a complete copy of the Ryder Scott Resource Assessment Report, please visit www.trianglepetroleum.com .

Triangle is preparing to conclude its follow up work on the KC #2 vertical test well. This vertical test well has flowed up to 60 thousand cubic feet of gas per day. Following the installation of an electric submersible pump, all frac water and a small amount of formation water have been recovered from the well. The formation water appears to be limited in volume and the Company believes the water source has been substantially depleted and does not appear to significantly impede gas flow. The Company will complete a pressure buildup test to further enhance its understanding of reservoir properties and frac effectiveness. No material new information is expected to be gathered from this test.

Howard Anderson, Triangle's Vice-President of Engineering and Chief Operating Officer, stated, "We continue to be pleased with the results of our two initial test wells in the Windsor Block along with all the analyses that have been done on these wells. Both the KC #1 and KC #2 vertical test wells have fulfilled their purpose by contributing valuable geological information, which led to the Ryder Scott Resource Potential report. Our work on both wells is effectively complete and we will now use the data collected from them and our extensive seismic database to move forward with our plans to drill and complete a multi-well program before the end of calendar 2008."