Triangle Petroleum Announces Changes to Executive Management Team, Provides Operational Update and Reports Fiscal 2012 Results

Triangle Petroleum Corporation

today announced changes to its Executive Management Team, provided an operational update, and reported its fiscal 2012 results for the year ended January 31, 2012 ("FY2012"). Changes to Executive Management Team -- Effective April 14, 2012 the Board of Directors of Triangle approved the following: -- Dr. Peter Hill appointed Executive Chairman of the Board of Directors -- Jonathan Samuels, currently President, appointed Chief Executive Officer -- Joseph Feiten, currently Principal Accounting Officer, appointed Chief Financial Officer -- Previously with Hess Corporation (via acquisition of American Oil & Gas) -- 37 years of experience in oil & gas finance and accounting -- Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer of two publicly-traded E&P companies: American Oil & Gas Inc. and Tipperary Corporation -- Justin Bliffen, currently VP Finance, appointed Head of Corporate Finance -- Vice President of Finance at Triangle since March 2011 -- Previously with Goldman Sachs as Vice President trader of crude oil derivatives -- Served 8 years as a United States Naval Officer and 6 years as a Navy SEAL -- Triangle intends to discuss these changes more fully in its year end conference call held at 9:00am EST on Monday, April 16, 2012. Dial-in information available in this press release and at www.trianglepetroleum.com Operational Update -- Currently preparing for operated well completions; April 23, 2012 expected start date -- Plan to complete 4-5 operated wells in McKenzie county; sequential and simultaneous (zipper frac) operations for 4-5 weeks; fifth well dependent on drilling schedule -- Services to be performed by Schlumberger -- Details of well locations and offset well results available in latest investor presentation -- Anticipate announcing results of all operated wells simultaneously, including 30 day production numbers in mid to late June -- Current production estimated at 780 Boe/d -- Recently added second operated rig for operations in Williams County, North Dakota. -- FY2013 $68mm operated drilling budget unchanged -- RockPile Energy Services re-affirms plan to commence pumping operations July 1, 2012 Acquisition, Strategic & Financial Update -- Recently executed 700 net acre trade with undisclosed public operator; gained control of 2 operated drilling units in McKenzie County, North Dakota -- Recently purchased 1,000 operated net acres for $4,000 / acre from an undisclosed seller, including control of 4 operated drilling units in McKenzie County -- Evaluating 2,000 net acre opportunity including 2 operated drilling units in McKenzie County -- All referenced operated units within close proximity of existing operations -- Sold 7% of Station Prospect for $750 / acre, approx. $3mm of proceeds -- Formed Caliber Midstream, LLC to pursue select infrastructure opportunities -- Funded entirely through existing infrastructure budget -- Closed on $300mm revolving credit facility with Wells Fargo; $10mm current borrowing base Results for Fiscal Year 2012, ending January 31, 2012 ("FY2012") (i)totals may vary slightly from audited financials due to rounding; Please view complete audited financials in our form 10-K at www.sec.gov. -- Exited January 31, 2012 with approximately 530 Boe/d of non-operated production -- FY2012 Total production of 111,836 Boe -- FY2012 revenue of $8.1mm, compared to $0.5mm for FY2011 -- FY2012 lease operating expenses of $1.6mm compared to $0.1mm for FY2011 -- FY2012 cash general & administrative expenses $8.8mm compared to $5.4mm for FY2011 -- Total net income of $(23.8)mm -- Total non-cash charges of $21.3mm include DD&A, accretion, stock- based compensation, and impairment of oil and gas properties -- 100% write-down of Nova Scotia properties; contemplating total exit -- Total Proved Reserves as of January 31, 2012: 1.4MMboe -- Growth of Total Proved Reserves: 19% -- Growth of Total Proved Producing Reserves: 167% -- Production Replacement of 222% -- January 31, 2012 cash balance of $70mm -- No outstanding debt as of April 16, 2012; $10mm credit facility undrawn