CALGARY, ALBERTA--(Marketwire - July 28, 2008) - Triangle Petroleum Corporation (the "Company" or "Triangle") (OTCBB:TPLM) today reported the following update on its Maritimes Basin shale gas programs:

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

The Company's first exploration well of the 2008 drilling season, the N-14-A well, was spud earlier this month and is currently drilling. This is a vertical well with a target depth of 3,000 meters (10,000 feet). It is located approximately 5 miles north of Triangle's two original vertical test wells, Kennetcook #1 and Kennetcook #2. The well location was identified based on the interpretation of previous well results and an extensive seismic database. The objective of this well is to penetrate the Horton Bluff shale in a separate, deeper fault block, where the shale is expected to be significantly thicker than anything the Company has drilled to date in the Windsor Block. A comprehensive logging, coring, and laboratory analysis program will be undertaken in order to assist management in determining the most appropriate zones to complete later this fall.

As of the date of this release, the Company has received approximately $6.5 million from its joint venture partners related to the Windsor Block. Approximately $3 million was received from one partner for reimbursement of Triangle's 2007 seismic and test well expenditures and approximately $3.5 million has been received, in advance, from both partners for the drilling of the N-14-A exploration well. The partners have agreed to fund 80% of this well. Triangle is responsible for 20% of the costs and will retain at least a 45% working interest in the wells and associated lands.

Howard Anderson, President of Triangle's operating subsidiaries, states "We are very pleased with our partners' technical and financial participation in the Windsor Block shale project. We look forward to assessing the log and core data from this current drilling program in order to design an appropriate completion, frac, and test program for these wells to be executed in the fourth quarter of this year."

Beech Hill Block (68,000 gross acres) in New Brunswick

The Company has completed the acquisition phase of approximately 30 kilometers (18 miles) of 2-D seismic on the Beech Hill Block. As part of the farm-in agreement, Triangle now has until the end of this year to interpret this data and decide whether or not to drill a well by mid-2009 in order to earn a 70% working interest in this block of land. Zodiac Exploration Corp. has paid $250,000 towards the seismic program, thereby retaining an option to participate in the drilling of the first well. Terms would require Zodiac to pay 50% of Triangle's cost to earn a 25% interest in the lands.

About Triangle Petroleum Corporation

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.

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.

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Jason Krueger, CFA
Redwood Capital Corporation
T: (403) 374-1234
E: jason@redwood-capital.com