Triangle Petroleum Commences Third Vertical Exploration Well

Triangle Petroleum Commences Third Vertical Exploration Well

Triangle Petroleum Corporation today reported the following update on its Maritimes Basin shale gas exploration program.

Windsor Block (516,000 gross acres) in Nova Scotia

The Company’s second vertical exploration well of 2008, O-61-C, finished drilling and was cased near the town of Walton, Nova Scotia. This well is located approximately 14 miles (22 kilometers) west of the first vertical exploration well of the 2008 drilling season, N-14-A. The O-61-C well is located in a separate fault block from N-14-A, and extends the geologic trend from the original two Kennetcook test wells drilled by Triangle in 2007. Total depth drilled was 9,700 feet (2,960 meters). This well was positioned seismically to test the Horton Bluff shales and also to evaluate potential uphole conventional reservoirs. Logs indicate over 1,000 feet (300 meters) of shale within the Horton Bluff section. Lab work is ongoing to determine organic content and gas potential. The well also encountered several other intervals in the Windsor and Horton groups which may contain conventional hydrocarbons.

The drilling rig, Nabors Rig #4, is being moved and rigged up at a third location, E-38-A, in the Kennetcook area of the Windsor Block. This well is testing another new fault block in which Horton Bluff shales have been identified on seismic, and the well is positioned to evaluate additional uphole conventional targets. Total depth is expected to be 7,200 ft (2,200 meters).

Completion operations are expected to commence before the end of October on the N-14-A well, followed closely by O-61-C. Individual completion intervals are currently being identified by Triangle’s technical staff. Triangle’s objective in completing these exploration wells is to clearly identify the most prolific gas-bearing zones, quantify gas deliverability and point towards the optimum drilling and completion strategy for commercial development.

Triangle’s capital interest in the drilling and completion of all the wells in the current drilling program is 20%, while retaining a minimum 45% working interest. Triangle is also the operator.

Howard Anderson, President of Triangle, stated “We are very encouraged with results to date and look forward to continuing our exploration program with the drilling of the third well of this year’s program. We want to thank our partners, Contact Exploration Inc. and Zodiac Exploration Corp. for their continued support and participation given the current difficult market conditions. We are proceeding according to plan, with an overall goal to identify technical and economic signposts towards commercial development of the Horton Bluff shale.”

Triangle is an exploration company focused on emerging Canadian shale gas projects covering 584,000 gross acres in the Maritimes Basin in Nova Scotia and New Brunswick. 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.

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