Triangle Commences Alberta Deep Drilling Programs

Triangle Petroleum Corporation on Wednesday said that it has begun two new exploratory gas drilling programs in its wholly owned subsidiary, Elmworth Energy Corporation. Both of these drilling programs are in the Alberta Deep Basin, which is one of four core project areas that the company is actively exploring.

Natural Gas Drilling Program Musreau, Alberta

Elmworth and its operating partner are currently drilling a 3,200 meter (10,000 feet) exploration test well in the Musreau area of the Alberta Deep Basin. Elmworth has a 20% working interest in the program. This well is targeting a multi-horizon natural gas opportunity based on current geological and geophysical interpretations of the area. Two sections of land (1,300 acres) will be earned by drilling this test well. It is anticipated that a fracture stimulation program will be initiated shortly after the well has been drilled to total depth. Existing infrastructure in the area should minimize delays if commercial production can be established. Reduced well down-spacing regulations and vertical natural gas co-mingling options are positive contributors to activity in this general area of the Deep Basin.

Natural Gas Drilling Program Wapiti, Alberta

Elmworth is adding to its Deep Basin program through the completion of a shallow gas test well in the Wapiti area of the Deep Basin. Both Elmworth and its operating partner have a 50% working interest in this well, which has already been drilled to a total depth of 2,400 meters (7,900 feet). This shallow Cretaceous well is located within the multi-township 3-D seismic volume currently under license to Elmworth. Assuming commercial production from the initial test location can be established, there are an additional thirteen sections of land (8,300 acres) available for future drilling programs. A commercial well from this area of Wapiti has the potential for production revenue to commence during the first quarter of 2007.

Ron Hietala, President of Elmworth, comments, "These two Deep Basin wells will assist the Company in evaluating the opportunities which have been developed over the last year. We anticipate near-term production from both projects. A multi-well program will be pursued on the Wapiti project along with potential incremental opportunities with the Musreau operator."

Triangle is an exploration company focused on the Barnett Shale project in Texas, the Fayetteville Shale project in Arkansas, large resource plays in the Deep Basin area of Western Canada and in select areas of the western United States. An experienced team comprising technical and business skills has been formed to optimize the Company's opportunities through its operating subsidiaries, Triangle USA Petroleum Corporation in the United States and Elmworth Energy Corporation in Canada.