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Message: NR Bakken progress....Nova Scotia on hold for JV

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NR Bakken progress....Nova Scotia on hold for JV

posted on Aug 10, 10 11:58AM

DENVER, COLORADO, Aug. 9, 2010 (Marketwire) -- Triangle Petroleum Corporation (the "Company" or "Triangle") (TSX VENTURE:TPE) (OTCBB:TPLM) an oil and gas exploration and production company with assets in North Dakota and Eastern Canada, today provided an update to its operations.

In North Dakota, Triangle currently controls approximately 10,000 net acres primarily in Williams and McKenzie Counties. In addition to the previously announced XTO-operated Roedeske Federal well, Triangle is participating in two additional wells in McKenzie County operated by Kodiak Oil and Gas, the Grizzly 13-H and Grizzly 1-27H. Triangle has an approximate 26% working interest in both wells. Triangle expects to report results on all three wells in late September or early October, subject to completion scheduling.

"We are excited to enter the development stage of our Bakken asset base" said Dr. Peter Hill, Chief Executive Officer of Triangle Petroleum Corporation. "We are focused on the rapid and efficient conversion of our acreage into proved reserves, production and cash flow. We believe that rapid acreage conversion combined with low overhead results in higher returns on invested capital for our stockholders, which is the core focus of our business."

The table below represents the format in which Triangle will report its anticipated drilling schedule and well results. Triangle will only report the results of an individual well once that well has been online and producing for 30 full days.



----------------------------------------------------------------------------
Triangle Petroleum North Dakota Bakken & Three Forks Drilling Program
----------------------------------------------------------------------------
Triangle Anticipated Lateral
Well Name Operator WI% Comp. Date Length County
----------------------------------------------------------------------------
Grizzly 13-6H Kodiak 26% Sept. '10 4,000 McKenzie
Roedeske Federal
12x-21 XTO 15% Q3 2010 9,500 McKenzie
Grizzly 1-27H Kodiak 26% Q3 2010 9,623 McKenzie
----------------------------------------------------------------------------
Proposed Wells(i)
----------------------------------------------------------------------------
Koala 9-5-6-5H Kodiak 5% Q4 2010 - McKenzie
East Grizzly Fed.
3-25-13-3H Kodiak
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Triangle Petroleum North Dakota Bakken & Three Forks Drilling Program
----------------------------------------------------------------------------
Target
Well Name T(ii) R(ii) S(ii) Gross AFE Formation Comment
----------------------------------------------------------------------------
Grizzly 13-6H 147N 104W 6 $ 3.2 Bakken Re-entry
Roedeske Federal
12x-21 148N 104W 21 & 22 $ 6.1 Bakken -
Grizzly 1-27H 148N 105W 28 & 34 $ 6.7 Bakken -
----------------------------------------------------------------------------
Proposed Wells(i)
----------------------------------------------------------------------------
Koala 9-5-6-5H 151N 99W 6 TBD Bakken Late Q3
East Grizzly Fed.
3-25-13-3H Q4
----------------------------------------------------------------------------
(i)Subject to permitting and other factors
(ii) T-R-S: Township-Range-Section

Triangle Petroleum North Dakota Bakken & Three Forks Well Production Data
----------------------------------------------------------------------------
Triangle Frac IP 24-Hour
Well Name Operator WI% Choke Size Stages Test (BOE/d)
----------------------------------------------------------------------------
Grizzly 13-6H Kodiak 26% - -
Roedeske
Federal 12x-
21 XTO 15%
Grizzly 1-27H Kodiak 26%
----------------------------------------------------------------------------

Triangle Petroleum North Dakota Bakken & Three Forks Well Production Data
----------------------------------------------------------------------------
30-Day 60-Day 90-Day 1st 90-
Cum Cum Cum Day GOR
Well Name BOE BOE BOE Average %^ Status
----------------------------------------------------------------------------
Grizzly 13-6H - - - - - WOC^^
Roedeske
Federal 12x-
21 Drilling
Grizzly 1-27H Drilling
----------------------------------------------------------------------------
^Natural Gas-to-Oil Ratio
^^Waiting on Completion



In regards to reported well results, Triangle encourages investors to seek out as much information as possible about the nature of an individual well report. "We are focused on the lowest possible finding and development costs from a reserve base standpoint" said Dr. Hill. "Choke size, the gas to oil ratio, bottom hole pressure, and production profile over the first 90 days and longer are key to understanding ultimate recoverable reserves per well, (EUR). We know there is significant oil in place, in both the Bakken and the Three Forks formations. But industry doesn't yet know the most economically efficient completion technique, the drainage area of a well, and therefore the number of wells required to access the recoverable reserves in a given spacing unit."

In Nova Scotia, Triangle continues to seek an industry partner to develop the large natural gas resource potential that is known to be available in the Windsor Basin. Triangle's Windsor Block has over 400bcf of measured, generated natural gas per section making it a very rich source system capable of yielding up to 20tcf of resource, based on a 10% recovery factor of natural gas in place. A large conventional structure has been mapped and is drill ready; additionally, there is an unconventional shale natural gas play that requires a horizontal, fractured completion test. "We are excited about industry activity in the basin" said Dr. Hill. "Apache is currently drilling a horizontal shale well in New Brunswick targeting the same formation that extends to our property, with a follow on well coming. We look forward to seeing well results." In June 2009, Apache announced that it would drill the B-41 Green Road and B-59 Green Road wells, in June and August 2010, respectively, pursuant to its farm-out agreement with Corridor Resources.

About Triangle

Founded in 2006, Triangle (TSX VENTURE:TPE) (OTCBB:TPLM)is an independent oil and gas exploration company with approximately 475,000 gross acres (413,000 net acres) in the Windsor Block of Nova Scotia and over 10,000 net acres in Williams and McKenzie counties of North Dakota.

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