2011-03-09-2011-03-07

To buy up to 15,000 net acres prospective for the Bakken & Three Forks formations in Williston Basin ND.

Denver-based Triangle Petroleum Corp. (Amex: TPLM; Toronto Venture: TPO) plans to acquire up to 15,000 net acres prospective for the Bakken and Three Forks formations in the Williston Basin in North Dakota in two separate transactions, both of which will increase Triangle's total net acreage position in the play to approximately 30,000 net acres (7,000 operated net acres).

In the first deal, Triangle entered an agreement with an undisclosed seller to acquire certain assets consisting of approximately 7,700 undeveloped net acres in McKenzie County for $34.1 million in cash. Based on Triangle's initial due diligence, however, Triangle believes that it will only acquire approximately 6,500 net acres, as 1,200 net acres of the original 7,700 net acres are being conveyed in the form of a top lease that the company does not currently believe will vest due to an existing well producing on the underlying leases in question and held by another operator. In the event the top lease does not vest, the purchase price could be adjusted downward to approximately $28.6 million. The deal is expected to close by March 14.

Additionally, Triangle plans to acquire certain oil and gas assets in Williams County from privately held Slawson Exploration Inc. for $14.5 million in cash and approximately 1 million shares of Triangle stock. The assets comprise approximately 6,700 undeveloped net acres. Triangle is currently the minority working interest owner and Slawson is the majority working interest owner on approximately 1,600 of these net acres. The deal is expected to close by April 1.

Triangle has also purchased an additional 1,800 net non-operated acres at an average cost of approximately $1,200 per net acre in Williams and McKenzie counties.