TRIANGLE PETROLEUM ANNOUNCES INVESTMENT BY NATURAL GAS PARTNERS,...

TRIANGLE PETROLEUM ANNOUNCES INVESTMENT BY
NATURAL GAS PARTNERS, UPDATED CAPITAL EXPENDITURE BUDGET, AND PROVIDES OPERATIONAL UPDATE

DENVER - July 31, 2012 - Triangle Petroleum Corporation ("Triangle" or the "Company") (NYSE MKT:TPLM) today announced an investment by Natural Gas Partners ("NGP"), an Irving, Texas based private equity firm, a revised capital expenditure program and provided an operational update including operated well results and RockPile Energy Services developments.

Financial Update

Natural Gas Partners purchased, through its recently closed fund, NGP Natural Resources X, L.P., $120 million of Convertible Notes (the "Notes")

Convertible into Triangle common stock at a conversion price of $8.00 per share; full conversion of the Notes is subject to stockholder approval under NYSE MKT rules

5% cashless coupon per annum, with quarterly interest added to principal

Triangle has option to cash-pay interest after 5 years

No stated maturity date on Notes; putable to Triangle for cash after year 10, or following a change of control

Triangle can redeem for cash after year 8 or can force conversion after year 5 if Triangle stock trades above $11.00 per share and certain trading volume requirements are met

No financial or operating covenants; certain actions including dividends and stock repurchases require the consent of NGP

NGP makes long-term investments and has agreed to not sell short or otherwise hedge their position in Triangle while they own the Notes or Triangle shares received upon conversion

Roy A. Aneed, a Principal at Natural Gas Partners, is added to the Triangle Board, which is expanded from 5 to 6 members

For more information on the Notes please see the Company`s 8-K at www.sec.gov [when available]

Wells Fargo reserve-based lending facility borrowing base increased from $10 million to $27.5 million

Increased Capital Expenditure Budget

The fiscal year 2013 capex budget has been increased from $131 million to $173 million, primarily in support of the Triangle operated drilling program

Escalating acreage development with the addition of a full-time rig, taking the operated drilling program to 2 full-time rigs

Planned gross operated wells spud in FY2013 increasing from 15 to 20; planned gross operated wells completed unchanged at 15 wells; planned net non-operated wells completed decreasing from 3.5 to 1.75

Revised FY 2013 (February 1, 2012-January 31, 2013) capex budget is allocated as follows:

Expenditure Budget ($MM)
2-Rig Operated Drilling Program $98
Non-Operated Drilling Program $15
Land Spend $25
Infrastructure $25
Cash G&A $10
Total Budget $173

Operational Update