Triangle Starts Windsor Basin Exploration Program in Eastern Canada

Triangle Petroleum says that drilling of a vertical well has commenced at the Company's recently acquired Windsor Basin Block, a 516,000 gross acre land position in Nova Scotia, Canada. The Windsor Basin exploration program consists of the following stages.

Geological Evaluation and Interpretation -

This stage has been completed primarily by Clarence Campbell, the Company's new V-P Exploration. Mr. Campbell's geological mapping and analysis of the entire basin included the review of approximately 120 miles of 2-D seismic over this acreage along with drill cuttings and log analysis from a 1975 well which indicated in excess of 600 feet of shale thickness believed to be capable of gas production. The Mississippian Horton Group is the target shale zone.

Initial Vertical Wells -

Precision Drilling rig # 176 has been contracted and drilling has commenced at Kennetcook # 1, the first of two vertical wells in the Windsor Basin. Both wells are expected to be drilled to a depth of approximately 4,500 to 5,000 feet and drilling should be complete by early October. These wellsite locations were chosen based upon the geological work indicated above and the close proximity to the 1975 conventional well. During the drilling of these two wells, the Company will perform extensive coring and logging. After the first well is completed, Triangle will have earned a 70% working interest in the 516,000 gross acre land block.

Seismic Programs -

In addition to the two vertical wells, the Company is planning to acquire a 25 square mile 3-D and a 30 mile 2-D seismic program in order to further define the Horton Shale over a select area of the land block. The seismic program is currently in the permitting and field logistics phase and is expected to be acquired this fall. Processing is scheduled to occur over the winter months.

Completion of Vertical Wells -

Triangle will develop a hydraulic fracture stimulation program for the two wells once the analysis of the core samples, logs, and other tests have been completed. Completion and flow testing of both wells is anticipated to occur in the fourth quarter of this year. The technical evaluation of the drilling, coring, seismic and completion programs will allow Triangle's exploration team to quantify the gas in place estimates. These results will then be reviewed and verified by independent industry experts by the end of this year.

"Our $8 million exploration program here in the Windsor Basin Block is the first shale gas initiative in which we are the operator," commented Mr. Ron Hietala, President of Triangle's operating subsidiaries. "Over the last two years, our participation in several US shale programs has resulted in the acquisition of certain knowledge, experience, and contacts which we will utilize in the exploration and development of our Eastern Canada shale projects."


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