Triangle Petroleum Provides Update on Its Nova Scotia Shale Gas Project

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

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: www.trianglepetroleum.com

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