Triangle Petroleum Corp
Triangle Petroleum Provides Update on Core Projects
Triangle Petroleum Corporation / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Triangle Petroleum Provides Update on Core Projects Calgary, Alberta – June 25, 2007 – Triangle Petroleum Corporation (the 'Company' or 'Triangle') (OTCBB: TPLM) today provided a corporate update on several matters, including progress on its core exploration programs and expectations for the remainder of 2007. FAYETTEVILLE SHALE GAS PROJECT: Drill cuttings and other samples taken from the first vertical test well are in the final stages of laboratory analysis. The initial results are in line with the Company’s expectations. In addition the 3-D seismic survey covering 12 miles in Conway County is in the final stages of interpretation. As a result of the acquired sub-surface information, Triangle and its Houston based partner are refining a multi-well horizontal program which is expected to commence this summer. Triangle plans on participating in four to six gross wells in the Fayetteville project this year and expanding its core acreage position. EASTERN CANADA SHALE GAS PROJECT: Earlier this year, Triangle announced the acquisition of leases on 68,000 gross acres in New Brunswick and then the addition of 516,000 gross acres in Nova Scotia. As a result of extensive screening and review of certain technical data, the Company believes there are comparable geological attributes in the Eastern Canadian basins to the Barnett and Fayetteville trends of the Fort Worth and Arkoma basins. Laboratory testing is currently being completed on core samples and drill cuttings from previously drilled conventional wells. As part of Triangle’s commitment, which has resulted in the Company’s ability to capture a 70% working interest in the lands, Triangle is embarking on its initial exploration drilling program. Depending upon the availability of drilling rigs and crews in this area, Triangle plans on drilling several test wells this year. The Company is also actively pursuing the acquisition of additional leases to expand its land position in Eastern Canada. ROCKY MOUNTAIN OIL PROJECT: The re-evaluation of the Rocky Mountain basins has identified significant opportunities which were not the prime targets of previous and deeper drilling programs by the industry. Through its Denver based partner, Triangle has two conventional oil prospects, one in Wyoming (17,000 gross acres) and the other in Montana (38,000 gross acres). Depending upon rig and crew availability in these areas, Triangle plans on drilling both of these test wells this year. If either of these test wells indicates the potential for commercial oil production, then a follow-up multi-well program would be aggressively planned and implemented. Mark G. Gustafson, Triangle’s Chairman, President and CEO commented, 'Management’s immediate focus is on production and cash flow. To this end, the Fayetteville, Eastern Canada, and the Rocky Mountain projects are expected to represent the Company’s core exploration activities at this time. While we will move forward with our current programs in the Barnett Shale and Alberta Deep Basin, any future investment to expand operations in these areas will be assessed once the land, drilling, and completion costs associated with each of these projects can be managed in a manner that generates a stronger return on investment. Triangle will remain prudent with its capital expenditure program and continue to maintain a strong balance sheet.' Gustafson continued, 'It is important for us to keep the investment and financial communities informed about our company, our current operations, and our opportunities for the future. On a going forward basis, we will provide regular updates from management which will address our anticipated exploration programs and our corporate focus. Based on the accumulation of 679,000 gross acres in our three core project areas highlighted above, we are excited and optimistic to see the results of our planned drilling programs.' About Triangle Petroleum Corporation Triangle is an exploration company focused on the Fayetteville Shale in Arkansas, emerging Canadian shale gas projects and 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. For more information please visit www.trianglepetroleum.com. On behalf of the Board of Directors, TRIANGLE PETROLEUM CORPORATION Mark Gustafson, President & CEO For more information contact: Jason Krueger, CFA, Corporate Communications E-mail: info@trianglepetroleum.com Telephone: (403) 374-1234 Safe Harbor Statement. This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, the amount of funds the Company may receive, the Company’s proposed acquisition and development of properties, including drilling projects. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the possibility that additional investments will not be made or that appropriate opportunities for development will not be available or will not be properly developed. For additional risk factors about our Company, readers should refer to risk disclosure contained in our reports filed with the Securities and Exchange Commission. Contact: Jason Krueger 403-374-1234 info@trianglepetroleum.com DGAP 25.06.2007 ----------------------------------------------------------------------
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