Triangle Petroleum Corporation
OTC Bulletin Board : TPLM
TSX VENTURE : TPE

Triangle Petroleum Corporation

March 16, 2010 15:48 ET

Triangle Petroleum Completes Private Placement

CALGARY, ALBERTA--(Marketwire - March 16, 2010) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Triangle Petroleum Corporation (the "Company" or "Triangle") (TSX VENTURE:TPE)(OTCBB:TPLM) today announced the completion of its previously announced private placement with certain accredited investors, pursuant to which such investors purchased an aggregate of 27,993,939 shares of common stock of the Company at a price of US$0.33 per share for aggregate gross proceeds of approximately US$9,238,000 and net proceeds of approximately US$8,300,000.

The private placement was offered through Triangle's placement agent Johnson Rice & Company L.L.C. The Company will pay the placement agent a commission of 5.0% in connection with the private placement.

The common stock offered in the private placement is subject to a hold period expiring on July 12, 2010, and has not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any other jurisdiction. Triangle offered and sold the shares, through its placement agent, Johnson Rice & Company L.L.C., only to certain "accredited investors," as defined in Rule 501(a) under the Securities Act, pursuant to exemptions provided by Section 4(2) and Regulation D of the Securities Act, regulations promulgated under the Securities Act and the securities laws, rules and regulations of other jurisdictions where the common shares are being offered. Triangle is not obligated under any registration rights agreement or other obligation to register these common shares for resale. Any common stock purchased in the private placement may be subsequently transferred only in transactions that are exempt from registration under the Securities Act and the applicable securities laws of any other jurisdiction and by complying with the transfer restrictions on the common shares. Pursuant to the private placement subscription agreements, Triangle will provide limited "piggyback" registration rights to subscribers of shares in the private placement.

About Triangle Petroleum

Founded in 2006, Triangle Petroleum (TSX VENTURE:TPE)(OTCBB:TPLM) is an independent oil and gas exploration company with 4,000 net acres in Williams and McKenzie Counties of North Dakota and approximately 475,000 gross acres (413,000 net acres) in the Windsor Block of Nova Scotia.

Safe Harbor Statement. This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties concerning the Company's future performance. Forward-looking statements in this release include, but are not limited to the Company's planned financing activities, drilling and evaluation program, operating costs and expectations of undiscovered resources. There can be no certainty that the Company will complete the private placement described herein. It is also important to note that actual outcomes and the Company's actual results could differ materially from those predicted in such forward-looking statements. Factors that could cause actual results to differ materially include the possibility that additional investments will not be made or that appropriate opportunities for development will not be available or will not be properly developed. For additional risk factors about the Company, readers should refer to risk disclosure contained in the Company's reports filed with the U.S. Securities and Exchange Commission and on SEDAR.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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