Triangle Petroleum Obtains Exemption from Canadian Oil and Gas Reporting Obligations

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DENVER, COLORADO--(Marketwire - Dec. 21, 2012) - Triangle Petroleum Corporation ("Triangle" or the "Company") (NYSE MKT:TPLM) (NYSE Amex:TPLM) announces that the securities commissions for the provinces of Alberta and Ontario have issued a decision document (the "Decision"), which has the effect of granting Triangle exemptive relief from the disclosure requirements contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, the Company will not be required to comply with the requirements of NI 51-101 and, accordingly, will not be required to file Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor and From 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure. In lieu of such filings, the Company is permitted, pursuant to the Decision, to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements of the United States Securities and Exchange Commission, the United States Securities Act 1933, as amended, the United States Securities Exchange Act of 1934, as amended, the United States Sarbanes-Oxley Act of 2002, and the rules of the NYSE MKT (collectively, the "U.S. Rules"). The Company is required to file such disclosure with the securities regulatory authority or regulator in the provinces of British Columbia, Alberta and Ontario as soon as practicable after such disclosure is filed pursuant to the U.S. Rules.

Canadian readers should be aware that the Company's future disclosure relating to its oil and gas activities will comply with the U.S. Rules rather than NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. The U.S. Rules differ in a number of respects from the disclosure otherwise required under NI 51-101 and the Canadian Oil and Gas Evaluation Handbook, and Canadian readers are urged to consider these differences when considering all future disclosures made by Triangle relating to its oil and gas activities.

About Triangle

Triangle Petroleum Corporation (NYSE MKT:TPLM) (NYSE Amex:TPLM) is a high-growth oriented energy company with a current strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. Triangle has acquired approximately 86,000 net acres in the Williston Basin. For more information, visit Triangle's Web site at www.trianglepetroleum.com.

Forward-Looking Statements Disclosure

Certain statements in this press release regarding the Company's oil and gas activities and reserve reporting are "forward-looking statements" as defined by the Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including the risks discussed in the Company's annual report on Form 10-K and the Company's other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.

Contact:
Triangle Petroleum Corporation
Mike Grijalva
VP of Capital Markets
303-260-7125
info@trianglepetroleum.com

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