TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

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TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 3, 2017, Triangle Petroleum Corporation (the “Company”) received a letter from NGP Triangle Holdings, LLC (“NGP”) on May 2, 2017 electing to require the Company to repurchase the 5.0% Convertible Promissory Note dated July 31, 2012 executed by the Company and payable to the order of NGP (the “Note”). The letter acknowledged the occurrence of a “Fundamental Change” under the Note, specified May 17, 2017 as the repurchase date, and demanded payment of $153,841,831.05 by wire transfer of immediately available funds on such date. The Company did not repay the Note on May 17, 2017, which constituted an “Event of Default” under the Note and caused the outstanding balance to become immediately and automatically due and payable in full.

A complete copy of the Note was filed as Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on August 1, 2012.

Item 8.01 Other Events.

The Company continues to engage in discussions with certain of its stakeholders with respect to a potential consensual restructuring or recapitalization of the Company. To date, such discussions have not resulted in any definitive agreements. If the Company is unable to restructure or recapitalize, it may be compelled to reorganize through bankruptcy.


About TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM)

Triangle Petroleum Corporation (Triangle) is an energy holding company. The Company operates through two segments: exploration and production segment, and oilfield services segment. The focus of the exploration and production operating segment is finding and producing oil and natural gas. The focus of the oilfield services operating segment is pressure pumping and complementary services for both TUSA-operated wells and third-party-operated wells. The Company has three principal lines of business: oil and natural gas exploration, development and production; oilfield services, and midstream services. It conducts these activities in the Williston Basin of North Dakota and Montana through the Company’s subsidiaries and its equity joint venture. Triangle USA Petroleum Corporation (TUSA), the Company’s subsidiary, conducts its exploration and production operations by acquiring and developing unconventional shale oil and natural gas resources.

TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM) Recent Trading Information

TRIANGLE PETROLEUM CORPORATION (NYSEMKT:TPLM) closed its last trading session up +0.0008 at 0.0460 with 341,938 shares trading hands.