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Shale-Focused Triangle Petroleum Updates Drilling Efforts

Calgary-based Triangle Petroleum Corp. said it is continuing to build is presence in the Barnett Shale of Texas and the Fayetteville Shale of Arkansas. Both areas are core to the company and are predicted to provide "a strong and repeatable base of drilling opportunities."

"We believe that both the Barnett and Fayetteville projects represent the foundation for our success," said Ron Hietala, president of Triangle's operating subsidiaries. "We are actively evaluating additional opportunities in both of these Basins."

In the Barnett, Triangle, in conjunction with a new operating partner, is drilling and completing four horizontal wells at depths of approximately 6,000 feet. Two of the new wells are located in Parker County and two are in Hood County. Of the four wells, one is currently drilling, and of the three wells that have already been drilled and cased, one well has been completed with a five-stage stimulation treatment. This stimulated well has recently been pipeline connected and is now expected to commence flowback and production. Triangle has working interest in this multi-well program ranging from 11% to 15%. Based upon expected production results from this initial program, a number of additional opportunities will be pursued with this operating partner, which has an established track record in the Barnett.

In another project located in Johnson County, Triangle, along with joint venture partner Kerogen Resources Inc. of Houston, has acquired a 3-D seismic survey over its proposed drilling location. The results of the seismic interpretations support the joint venture plans to drill a horizontal Barnett well in the first quarter of 2007.

Hill County, where Triangle and its joint venture partners have more than 13,000 gross acres, continues to be an area of great industry interest. The joint venture will be evaluating combined industry programs to establish an active exploration program on the Hill County acreage during the first part of 2007.

Triangle is also actively moving forward on its Fayetteville program in the Arkoma Basin. Triangle's initial exploration focus will be in Conway County where the program is being developed on a 50-50 basis with Kerogen Resources. The current acreage position for the two companies is now in excess of 18,000 gross acres.

The first test well will drill to a target depth of 6,000 feet on pooled acreage with another active industry operator. Results from this horizontal test well, on the northwest side of the Conway County acreage, should provide meaningful information for the start of an exploration program in the area.

A new 3-D seismic program incorporating state-of-the-art shear wave data acquisition is under way. The recording phase of this program will be initiated in the first quarter of 2007 and is expected to cover 24 square miles. Additional drilling locations have been identified on acreage where Triangle has a controlling interest and now require prioritization based on the results of the 3-D seismic. It is anticipated that the joint venture will continue to work with other operators in and near Conway County in order to actively drill and develop production from this core area.

Triangle also is focused in resource plays in the Deep Basin area of Western Canada and in select areas of the western United States. Operating subsidiaries are Triangle USA Petroleum Corp. in the United States and Elmworth Energy Corp. in Canada.

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