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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

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 ArrangementItem 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On May 2, 2017, Triangle Petroleum Corporation (the “Company”) received a letter from NGP Triangle Holdings, LLC (“NGP”) 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.

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

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 1, 2017, Peter Hill and Roy Aneed resigned from the Company’s Board of Directors.

Item 8.01 Other Events.

The Company has determined not to file its Annual Report on Form 10-K for the fiscal year ended January 31, 2017 and will focus its limited resources on its restructuring efforts.

As previously reported, in March 2016 the Company commenced a process to explore and evaluate strategic alternatives with respect to its individual business units and the Company as a whole. Since that time, the depressed oil and gas pricing environment has persisted, and the Company’s two principal operating subsidiaries have been deconsolidated. In June 2016, Triangle USA Petroleum Corporation (“TUSA”), the Company’s former exploration and production subsidiary, filed for chapter 11 bankruptcy protection. TUSA emerged from bankruptcy in March 2017, at which time the Company’s equity in TUSA was cancelled. In September 2016, RockPile Energy Services, LLC (“RockPile”), the Company’s former oilfield services subsidiary, was sold to a third party in satisfaction of RockPile’s obligations under its credit facility. The debt of each of TUSA and RockPile significantly exceeded its respective enterprise value, resulting in substantial impairment of their creditors and no recovery to the Company as their sole equity holder. The audit opinion related to the Company’s consolidated financial statements for the fiscal year ended January 31, 2016 included an explanatory paragraph indicating substantial doubt about the Company’s ability to continue as a going concern. Due to continued uncertainty regarding the Company’s current liquidity, the Company expects that any audit report relating to the Company’s consolidated financial statements for the fiscal year ended January 31, 2017 would also contain an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern.

The Company has engaged 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. The Company currently has limited financial resources and personnel, its Chief Accounting Officer recently resigned, certain financial

information required from an unconsolidated subsidiary to complete the Company’s fiscal year 2017 audit remains outstanding, and NGP has demanded payment of the Note on May 17, 2017. If the Company is unable to restructure or recapitalize, it may be compelled to reorganize through bankruptcy. As a consequence, the Company has determined to focus all of its limited resources on its restructuring efforts.

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 down -0.0012 at 0.0663 with 341,938 shares trading hands.

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