Triangle Petroleum Provides Update on Its Nova Scotia Shale Gas Project

• Press Release
• Source: Triangle Petroleum Corporation
• On 8:00 am EST, Monday January 12, 2009

CALGARY, ALBERTA--(MARKET WIRE)--Jan 12, 2009 -- Triangle Petroleum Corporation (the "Company" or "Triangle") (CDNX:TPE.V - News)(OTC BB:TPLM.OB - News) today reported the following update on its 516,000 gross acre shale gas project on the Windsor Block in Nova Scotia, Canada.

Related Quotes

Symbol	Price	Change
TPE.V	0.17	0.00

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Exploration Program:

Completion operations on the first vertical exploration well (N-14-A) have started up again after the holiday break. A service rig is now on site to recover downhole equipment and plugs within the 100 meter interval that was perforated and fracture stimulated in late 2008. Flowback of the 200 tonne, four-stage slickwater frac is expected to start within the next week.

Completion operations on the second vertical exploration well (O-61-C) have now been planned and should move forward pending equipment availability and partner concurrence. The Company has determined that there are five to six potential zones of interest in this well, including deep tight sand and shale, mid-depth conventional carbonate and sandstone intervals, and a potential shallow gas zone.

Technical evaluation, including shale-focused geochemical and rock evaluation of the third vertical exploration well (E-38-A) is almost complete. Completion operations should move forward once government approvals and partner concurrence have been obtained. Results from these completion operations will be reported after the Company has had the opportunity to fully evaluate the extensive suite of technical data received from the three wells.

Joint Venture Partnerships:

Triangle's joint venture partner, Zodiac Exploration Corp. ("Zodiac") has earned an approximate 13% working interest in the Windsor Block by spending approximately US $8 million to date. Zodiac has elected to maintain its future capital expenditures at this 13% working interest level and not commit an additional $7.5 million to earn an additional 12.5% working interest (see June 23, 2008 press release). Triangle now has a 57% working interest in the Windsor Block.

Since an important element of the Company's strategy is to add joint venture partners in order to mitigate exploration risk and accelerate the drilling program for the Windsor Block, Triangle is participating in the North American Prospect Expo (NAPE) in Houston on February 5 and 6. Representatives of the Company will be available at booth # 1333 during the NAPE conference.

Balance Sheet:

As a result of the Company settling all of its remaining debentures and becoming debt-free in the process (see December 19, 2008 press release), the Company has approximately US $11.4 million in cash and US $7.6 million in working capital as of December 31, 2008.

About Triangle Petroleum Corporation

Triangle is an exploration company focused on an emerging Canadian shale gas project covering 516,000 gross acres in the Maritimes Basin in Nova Scotia through Elmworth Energy Corporation, its Calgary-based operating subsidiary. Triangle's common shares trade on the TSX Venture Exchange under the symbol TPE and on the OTC Bulletin Board under the symbol TPLM.

For more information please visit www.trianglepetroleum.com.

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 Company's proposed 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 and on SEDAR.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

     Contacts:
     Triangle Petroleum Corporation
     Jason Krueger, CFA
     Corporate Communications
     (403) 374-1234
     Email: info@trianglepetroleum.com
     Website: http://www.trianglepetroleum.com