**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-Q**

**[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE      ACT      OF 1934**

**For      the Quarterly Period Ended April 30, 2008**

**[      ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE      ACT OF 1934**

**For      the Transition Period from _________ to _________**

**Commission      file number: 000-51321**

**TRIANGLE        PETROLEUM CORPORATION**

| **Nevada**                                                                    | **98-0430762**                                   |
|-------------------------------------------------------------------------------|--------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) | (IRS                Employer Identification No.) |

----

**TRIANGLE      PETROLEUM CORPORATION AND SUBSIDIARIES**

**INDEX**

| PART                  I.  |  FINANCIAL                  INFORMATION |                                                                                                                                                      |   |   |
|---------------------------|----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  1.                     | Financial                  Statements                                                                                                                     |   | 3      |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      |                                         | Consolidated                  balance sheets at April 30, 2008 and January   31,                  2008  (unaudited)                   |   | 3      |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      |                                         | Consolidated                  statements of operations for the three months ended April 30, 2008                  and 2007 (unaudited)                    | 4      |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      |                                         | Consolidated                statement of stockholder's equity (deficit) for the                period from January 31, 2008 to April 30, 2008 (unaudited) | 5      |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      |                                         | Consolidated                  statements of cash flows for the three months ended April 30, 2008                  and                  2007 (unaudited)   | 6      |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      |                                         | Notes                  to unaudited consolidated financial statements                                                                                     |        | 7-12   |   |
|                      |                                         |                                                                                                                                                      |   |   |
|                           | ITEM                2.                       | Management’s                  Discussion and Analysis of Financial Condition and Results of                  Operations                             |        | 13-21  |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  3.                     | Quantitative                  and Qualitative Disclosures About Market Risk                                                                               |   | 21     |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  4T.                    | Controls                  and Procedures                                                                                                                  |   | 21     |   |
|                      |                                         |                                                                                                                                                      |   |   |
| PART                  II. | OTHER                  INFORMATION           |                                                                                                                                                      |   |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  1                      | Legal                  proceedings                                                                                                                        |   | 23     |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  1                      | Risk                  factors                                                                                                                             |   | 23     |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  2                      | Unregistered                  sales of equity securities and use of proceeds                                                                              |   | 23     |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  3                      | Defaults                  upon senior securities                                                                                                          |   | 23     |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  4                      | Submission                  of matters to a vote of security holders                                                                                      |   | 23     |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  5                      | Other                  information                                                                                                                        |   | 23     |   |
|                      |                                         |                                                                                                                                                      |   |   |   |
|                      | ITEM                  6                      | Exhibits                                                                                                                                                  |   | 23     |   |
|                      |                                         |                                                                                                                                                      |   |   |
|                      | SIGNATURES                                   |                                                                                                                                                      | 24     |   |

----

|                                                                                                                                                                      | April                30,2008$ | January                31,2008$ |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|---------------------------------|
|                                                                                                                                                                      |                          |                            |
| ASSETS                                                                                                                                                                    |                          |                            |
|                                                                                                                                                                      |                          |                            |
| Current                Assets                                                                                                                                             |                          |                            |
|                                                                                                                                                                      |                          |                            |
| Cash                and cash equivalents                                                                                                                                  | 1,195,535                     | 4,581,589                       |
| Prepaid                expenses                                                                                                                                           | 676,917                       | 797,307                         |
| Other                receivables                                                                                                                                          | 1,693,975                     | 1,689,391                       |
|                                                                                                                                                                      |                          |                            |
| Total                Current Assets                                                                                                                                       | 3,566,427                     | 7,068,287                       |
|                                                                                                                                                                      |                          |                            |
| Debt                Issue Costs, net                                                                                                                                      | 356,250                       | 465,833                         |
|                                                                                                                                                                      |                          |                            |
| Property                and Equipment                                                                                                                                     | 58,087                        | 66,121                          |
|                                                                                                                                                                      |                          |                            |
| Oil                and Gas Properties (Note 4)                                                                                                                            | 25,595,471                    | 24,978,949                      |
|                                                                                                                                                                      |                          |                            |
| Total                Assets                                                                                                                                               | 29,576,235                    | 32,579,190                      |
|                                                                                                                                                                      |                          |                            |
|                                                                                                                                                                      |                          |                            |
| LIABILITIES                AND STOCKHOLDERS’ EQUITY                                                                                                                 |                          |                            |
|                                                                                                                                                                      |                          |                            |
| Current                Liabilities                                                                                                                                        |                          |                            |
|                                                                                                                                                                      |                          |                            |
| Accounts                payable                                                                                                                                           | 1,783,119                     | 3,533,833                       |
| Accrued                interest on convertible debentures                                                                                                                 | 3,005,076                     | 2,751,096                       |
| Accrued                liabilities                                                                                                                                        | 464,339                       | 420,384                         |
| Derivative                liabilities (Note 7)                                                                                                                            | 1,516,142                     | 3,262,846                       |
| Convertible                debentures, current portion, less unamortized discount of $695,296                and                $1,321,869, respectively (Note 6)         | 3,929,704                     | 4,778,271                       |
|                                                                                                                                                                      |                          |                            |
| Total                Current Liabilities                                                                                                                                  | 10,698,380                    | 14,746,430                      |
|                                                                                                                                                                      |                          |                            |
| Asset                Retirement Obligations (Note 5)                                                                                                                      | 870,124                       | 1,003,353                       |
|                                                                                                                                                                      |                          |                            |
| Convertible                Debentures, less unamortized discount of $2,640,494 and $3,229,279,                respectively (Note 6)                                       | 7,359,506                     | 6,770,721                       |
|                                                                                                                                                                      |                          |                            |
| Total                Liabilities                                                                                                                                          | 18,928,010                    | 22,520,504                      |
|                                                                                                                                                                      |                          |                            |
| Going                Concern (Note 2)                                                                                                                                     |                          |                            |
| Subsequent                Events (Note 10)                                                                                                                                |                          |                            |
|                                                                                                                                                                      |                          |                            |
| Stockholders’                Equity                                                                                                                                 |                          |                            |
|                                                                                                                                                                      |                          |                            |
| Common                Stock (Note 8)Authorized:                100,000,000 shares, par value $0.00001 Issued:                48,653,758 shares (2008 - 46,794,530 shares) | 487                           | 468                             |
|                                                                                                                                                                      |                          |                            |
| Additional                Paid-In Capital (Note 8)                                                                                                                        | 60,268,052                    | 57,852,277                      |
|                                                                                                                                                                      |                          |                            |
| Deficit                                                                                                                                                                   | (49,620,314)                  | (47,794,059)                    |
|                                                                                                                                                                      |                          |                            |
| Total                Stockholders’ Equity                                                                                                                           | 10,648,225                    | 10,058,686                      |
|                                                                                                                                                                      |                          |                            |
| Total                Liabilities and Stockholders’ Equity                                                                                                           | 29,576,235                    | 32,579,190                      |
|                                                                                                                                                                      |                          |                            |

----

|                                                                             |   | Three                MonthsEndedApril                30,  |   |   | Three                MonthsEndedApril                30,  |   |
|----------------------------------------------------------------------------------|--------|----------------------------------------------------------------|--------|--------|----------------------------------------------------------------|--------|
|                                                                             |   | 2008                                                      |   |   | 2007                                                      |   |
|                                                                             |   | $                                                         |   |   | $                                                         |   |
| Revenue,                net of royalties                                         |   | 152,119                                                        |   |   | 68,591                                                         |   |
|                                                                             |   |                                                           |   |   |                                                                |   |
| Operating                Expenses                                                |   |                                                                |   |   |                                                                |   |
|                                                                             |   |                                                                |   |   |                                                                |   |
| Oil                and gas production                                            |   | 59,227                                                         |   |   | 2,310                                                          |   |
| Depletion,                depreciation and accretion                             |   | 70,299                                                         |   |   | 75,468                                                         |   |
| Depreciation                - property and equipment                             |   | 9,759                                                          |   |   | 6,780                                                          |   |
| General                and administrative                                        |   | 1,200,718                                                      |   |   | 2,133,428                                                      |   |
| Foreign                exchange (gain) loss                                      |   | (4,006                                                         | )      |   | 95,060                                                         |   |
|                                                                             |   |                                                                |   |   |                                                                |   |
| Total                Operating Expenses                                          |   | 1,335,997                                                      |   |   | 2,313,046                                                      |   |
|                                                                             |   |                                                                |   |   |                                                                |   |
| Loss                from Operations                                              |   | (1,183,878                                                     | )      |   | (2,244,455                                                     | )      |
|                                                                             |   |                                                           |   |   |                                                                |   |
| Other                Income (Expense)                                            |   |                                                           |   |   |                                                                |   |
|                                                                             |   |                                                                |   |   |                                                                |   |
| Accretion                of discounts on convertible debentures                  |   | (1,215,358                                                     | )      |   | (2,340,726                                                     | )      |
| Amortization                of debt issue costs                                  |   | (109,584                                                       | )      |   | (117,708                                                       | )      |
| Interest                expense                                                  |   | (253,980                                                       | )      |   | (382,351                                                       | )      |
| Interest                income                                                   |   | 17,215                                                         |   |   | 192,423                                                        |   |
| Unrealized                gain on fair value of derivatives                      |   | 919,330                                                        |   |   | 1,467,540                                                      |   |
|                                                                             |   |                                                                |   |   |                                                                |   |
| Total                Other Income (Expense)                                      |   | (642,377                                                       | )      |   | (1,180,822                                                     | )      |
| Net                Loss for the Period                                           |   | (1,826,255                                                     | )      |   | (3,425,277                                                     | )      |
| Net                Loss Per Share - Basic and Diluted                            |   | (0.04                                                          | )      |   | (0.11                                                          | )      |
|                                                                             |   |                                                                |   |   |                                                                |   |
| Weighted                Average Number of Shares Outstanding - Basic and Diluted |   | 47,433,000                                                     |   |   | 30,579,000                                                     |   |

----

|                                                                                                                                          | Common                Stock  |   |      |                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|--------|-----------|--------------------------|
|                                                                                                                                          | Shares                            |   | Amount    | AdditionalPaid-inCapital | Deficit | Total |
|                                                                                                                                          | #                            |   | $    | $                   | $  | $  |
| Balance                - January 31, 2008                                                                                                     | 46,794,530                   |   | 468  | 57,852,277          | (47,794,059)  | 10,058,686  |
|                                                                                                                                          |                              |   |      |                     |   |   |
| Issuance                of common stock on conversion of convertible debentures at a weighted                average price of $0.79 per share | 1,859,228                         |   | 19        | 1,475,121                | - | 1,475,140 |
|                                                                                                                                          |                              |   |      |                     |   |   |
| Fair                value of conversion features of convertible debentures                converted                                           | -                                 |   | -         | 827,374                  | - | 827,374 |
|                                                                                                                                          |                              |   |      |                     |   |   |
| Stock                based compensation                                                                                                       | -                                 |   | -         | 113,280                  | - | 113,280 |
|                                                                                                                                          |                              |   |      |                     |   |   |
| Net                loss for the period                                                                                                        | -                                 |   | -         | -                        | (1,826,255) | (1,826,255) |
|                                                                                                                                          |                              |   |      |                     |   |   |
| Balance                - April 30, 2008                                                                                                       | 48,653,758                        |   | 487       | 60,268,052               | (49,620,314) | 10,648,225 |

----

|                                                                                                                    |   | Three                MonthsEndedApril                30, |   |   | Three                Months EndedApril                30, |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------|--------|--------|-----------------------------------------------------------|--------|
|                                                                                                                    |   | 2008                                                |   |   | 2007                                                 |   |
|                                                                                                                    |   | $                                                   |   |   | $                                                    |   |
| Operating                Activities                                                                                     |   |                                                     |   |   |                                                      |   |
| Net                loss                                                                                                 |   | (1,826,255                                               | )      |   | (3,425,277                                                | )      |
|                                                                                                                    |   |                                                     |   |   |                                                           |   |
| Adjustments                to reconcile net loss to net cash provided by (used in) operating                activities: |   |                                                     |   |   |                                                           |   |
|                                                                                                                    |   |                                                     |   |   |                                                           |   |
| Accretion                of discounts on convertible debentures                                                         |   | 1,215,358                                                |   |   | 2,340,726                                                 |   |
| Amortization                of debt issue costs                                                                         |   | 109,584                                                  |   |   | 117,708                                                   |   |
| Depletion,                depreciation and accretion                                                                    |   | 70,299                                                   |   |   | 75,468                                                    |   |
| Depreciation                - property and equipment                                                                    |   | 9,759                                                    |   |   | 6,780                                                     |   |
| Stock-based                compensation                                                                                 |   | 113,280                                                  |   |   | 1,625,536                                                 |   |
| Unrealized                gain on fair value of derivatives                                                             |   | (919,330                                                 | )      |   | (1,467,540                                                | )      |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| Asset                retirement costs                                                                                   |   | (170,700                                                 | )      |   | -                                                         |   |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| Changes                in operating assets and liabilities                                                              |   |                                                          |   |   |                                                           |   |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| Prepaid                expenses                                                                                         |   | (48,286                                                  | )      |   | 1,744,000                                                 |   |
| Other                receivables                                                                                        |   | (91,103                                                  | )      |   | (598,711                                                  | )      |
| Accounts                payable                                                                                         |   | 204,651                                                  |   |   | (2,138,855                                                | )      |
| Accrued                interest on convertible debentures                                                               |   | 253,980                                                  |   |   | 382,351                                                   |   |
| Accrued                liabilities                                                                                      |   | 47,492                                                   |   |   | (466,112                                                  | )      |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| Cash                Used in Operating Activities                                                                        |   | (1,031,271                                               | )      |   | (1,803,926                                                | )      |
|                                                                                                                    |   |                                                     |   |   |                                                      |   |
| Investing                Activities                                                                                     |   |                                                          |   |   |                                                      |   |
| Purchase                of property and equipment                                                                       |   | (1,725                                                   | )      |   | (8,655                                                    | )      |
| Oil                and gas property expenditures                                                                        |   | (2,353,058                                               | )      |   | (2,634,875                                                | )      |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| Cash                Used in Investing Activities                                                                        |   | (2,354,783                                               | )      |   | (2,643,530                                                | )      |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| Financing                Activities                                                                                     |   |                                                          |   |   |                                                           |   |
| Proceeds                from issuance of common stock                                                                   |   | -                                                        |   |   | 20,824,000                                                |   |
| Common                stock issuance costs                                                                              |   | -                                                        |   |   | (1,515,994                                                | )      |
| Cash                Provided by Financing Activities                                                                    |   | -                                                        |   |   | 19,308,006                                                |   |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| (Decrease)                Increase in Cash and Cash Equivalents                                                         |   | (3,386,054                                               | )      |   | 14,860,550                                                |   |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| Cash                and Cash Equivalents - Beginning of Period                                                          |   | 4,581,589                                                |   |   | 5,798,982                                                 |   |
| Cash                and Cash Equivalents - End of Period                                                                |   | 1,195,535                                                |   |   | 20,659,532                                                |   |
| Cash                                                                                                                    |   | 399,258                                                  |   |   | 675,648                                                   |   |
| Cash                equivalents                                                                                         |   | 796,277                                                  |   |   | 19,983,884                                                |   |
| Non-cash                Investing and Financing Activities                                                              |   |                                                          |   |   |                                                           |   |
|                                                                                                                    |   |                                                          |   |   |                                                           |   |
| Common                stock issued for conversion of debentures                                                         |   | 1,475,140                                                |   |   | 1,900,000                                                 |   |
|                                                                                                                    |   |                                                          |   |   |                                                      |   |

----

**1.**
**Basis      of Presentation**

**2.**
**Going      Concern**

**3.**
**Changes      in Significant Accounting Policies**

----

**3.**
**Changes      in Significant Accounting Policies (continued)**

|   | Level                I—Inputs are unadjusted, quoted prices in active markets for identical                assets or liabilities at the measurement                date. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level                II—Inputs (other than quoted prices included in Level I) are either                directly or indirectly observable for the asset or liability through                correlation with market data at the measurement date and for the                duration                of the instrument’s anticipated                life. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level                III—Inputs reflect management’s best estimate of what market participants                would use in pricing the asset or liability at the measurement date.                Consideration is given to the risk inherent in the valuation technique                and                the risk inherent in the inputs to the                model. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                     | April                30, 2008$                          | January                31, 2008$                        |
|----------------------------------------------------------|---------------------------------------------------------|---------------------------------------------------------|
|                                                     | SignificantUnobservableInputs(Level                III) | SignificantUnobservableInputs(Level                III) |
|                                                     |                                                    |                                                    |
| Derivative                liability - conversion feature | 1,516,142                                               | 3,262,846                                               |

**4.**
**Oil      and Gas Properties**

----

**4.**
**Oil      and Gas Properties (continued)**

|                               |       | Costs     |       | Accumulated                Depletion | Net                Carrying |
|------------------------------------|------------|-----------|------------|--------------------------------------|-----------------------------|
|                               | Opening    | Additions | Closing    | Opening                              | Change                      | Closing | Value |
|                               | $          | $         | $          | $                                    | $                           | $ | $ |
|                               |       |      |       |                                 |                        |   |   |
| Proved                Properties   | 12,886,510 | 9,775     | 12,896,285 | 12,472,601                           | 32,828                      | 12,505,429 | 390,856 |
| Unproven                Properties | 34,397,768 | 639,575   | 35,037,343 | 9,832,728                            | -                           | 9,832,728 | 25,204,615 |
| Total                              | 47,284,278 | 649,350   | 47,933,628 | 22,305,329                           | 32,828                      | 22,338,157 | 25,595,471 |

|                                                          |   |   | April                30, 2008$ | January                31, 2008$ |
|---------------------------------------------------------------|--------|--------|--------------------------------|----------------------------------|
|                                                          |   |   |                           |                             |
| Alberta                - Canada                               |   |   | 307,031                        | 324,162                          |
| Barnett                Shale (Texas) - United States          |   |   | 83,825                         | 89,747                           |
| Total                proved acquisition and exploration costs |   |   | 390,856                        | 413,909                          |

|                                                            |   |   | April                30, 2008$ | January                31, 2008$ |
|-----------------------------------------------------------------|--------|--------|--------------------------------|----------------------------------|
|                                                            |   |   |                           |                             |
| Maritimes                Basin (Nova Scotia and New Brunswick)  |   |   | 16,071,074                     | 15,463,119                       |
| Canada                                                          |   |   | 16,071,074                     | 15,463,119                       |
|                                                            |   |   |                           |                             |
| Fayetteville                Shale (Arkansas)                    |   |   | 8,306,166                      | 8,289,901                        |
| Rocky                Mountains (Colorado, Montana, Wyoming)     |   |   | 827,375                        | 812,020                          |
| United                States                                    |   |   | 9,133,541                      | 9,101,921                        |
| Total                unproven acquisition and exploration costs |   |   | 25,204,615                     | 24,565,040                       |

| o   | In                Canada, $16,071,074 of unproven property costs were excluded from                costs                subject to depletion which relate to Eastern Canada shale gas exploration                costs mainly in the Windsor Basin of Nova Scotia. The Company anticipates                that these costs will be subject to depletion in fiscal 2011, when                the                Company anticipates having pipelines built and commissioned to market                potential gas from the Windsor Basin. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | In                the U.S., $8,306,166 of unproven property costs were excluded from                costs                subject to depletion which relate to Fayetteville Shale gas acquisition                costs. During the current quarter, the Company announced that it                anticipates selling its acreage position related to these costs in                fiscal                2009. |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | In                the U.S., $827,375 of unproven property costs were excluded from                costs                subject to depletion which relate to U.S. Rocky Mountain leasehold                acquisition costs. The Company anticipates that these costs will                be                subject to depletion in fiscal 2010, when an exploration well is                planned                to be drilled in this area. |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**5.  **Asset      Retirement Obligations****

|                                        | April                30,2008$ |
|---------------------------------------------|-------------------------------|
|                                        |                          |
| Balance,                beginning of period | 1,003,353                     |
| Liabilities                settled          | (170,700)                     |
| Accretion                                   | 37,471                        |
| Balance,                end of period       | 870,124                       |

**6. **Convertible      Debentures****

| Agreement                Date               | December                8, 2005$ | December                28, 2005$ | Total$      |
|---------------------------------------------|----------------------------------|-----------------------------------|-------------|
|                                        |                             |                              |        |
| Balance,                January 31, 2008    | 4,778,271                        | 6,770,721                         | 11,548,992  |
|                                        |                             |                              |        |
| Converted                                   | (1,475,140)                      | -                                 | (1,475,140) |
| Accretion                                   | 626,573                          | 588,785                           | 1,215,358   |
| Balance,                April 30, 2008      | 3,929,704                        | 7,359,506                         | 11,289,210  |
| Amount                classified as current | 3,929,704                        | -                                 | 3,929,704   |
| Face                value at April 30, 2008 | 4,625,000                        | 10,000,000                        | 14,625,000  |
| Interest                rate                | 5.0%                             | 7.5%                              |        |

**7.**
**Derivative      Liabilities**

|                                       | ConversionFeatureFair                Value |
|--------------------------------------------|--------------------------------------------|
|                                       | $                                          |
|                                       |                                       |
| January                31, 2008            | 3,262,846                                  |
|                                       |                                       |
| Conversion                features settled | (827,374)                                  |
| Change                in fair value        | (919,330)                                  |
|                                       |                                       |
| April                30, 2008              | 1,516,142                                  |
|                                       |                                       |

|                                            | Strike                Price | Volatility | Risk                Free Rate | Dividend                Yield | Term                in Years |
|-------------------------------------------------|-----------------------------|------------|-------------------------------|-------------------------------|------------------------------|
|                                            |                        |       |                          |                          |                         |
| Weighted                Average Assumptions at: |                        |       |                          |                          |                         |
| April                30, 2008                   | $1.2141                     | 84.17%     | 1.94%                         | -                             | 0.61                         |

----

**8.**
**Common      Stock**

|                                    | Shares     | Common                Stock | Additional                Paid-In Capital |
|-----------------------------------------|------------|-----------------------------|-------------------------------------------|
|                                    |       | $                           | $                                         |
|                                    |       |                        |                                      |
| January                31, 2008         | 46,794,530 | 468                         | 57,852,277                                |
| Conversion                of debentures | 1,859,228  | 19                          | 2,302,495                                 |
| Stock                based compensation |       |                        | 113,280                                   |
| April                30, 2008           | 48,653,758 | 487                         | 60,268,052                                |

**9.**
**Stock      Options**

|                                         | Number                of Options | Weighted                Average Exercise                Price$ | Aggregate                Intrinsic Value$ |
|----------------------------------------------|----------------------------------|----------------------------------------------------------------|-------------------------------------------|
|                                         |                             |                                                           |                                      |
| Outstanding,                January 31, 2008 | 2,580,000                        | 2.61                                                           |                                      |
| Granted                                      | 300,000                          | 2.00                                                           |                                      |
| Outstanding,                April 30, 2008   | 2,880,000                        | 2.55                                                           | –                                   |
| Exercisable,                April 30, 2008   | 1,690,000                        | 2.93                                                           | –                                   |

|                                    |   | Three                Months EndedApril                30, 2008 |
|-----------------------------------------|--------|----------------------------------------------------------------|
|                                         |   |                                                           |
| Expected                dividend yield  |   | 0%                                                             |
| Expected                volatility      |   | 75%                                                            |
| Expected                life (in years) |   | 3.5                                                            |
| Risk-free                interest rate  |   | 2.22%                                                          |

| Non-vested                shares              |   |   | Number                of Shares | Weighted-AverageGrant-Date                Fair Value$ |
|-----------------------------------------------|--------|--------|---------------------------------|-------------------------------------------------------|
|                                          |   |   |                            |                                                  |
| Non-vested                at January 31, 2008 |   |   | 1,250,000                       | 0.93                                                  |
|                                          |   |   |                            |                                                  |
| Granted                                       |   |   | 300,000                         | 0.46                                                  |
| Vested                                        |   |   | (360,000)                       | 1.32                                                  |
|                                          |   |   |                            |                                                  |
| Non-vested                at April 30, 2008   |   |   | 1,190,000                       | 0.70                                                  |

----

**10.**
**Subsequent      Events**

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**ITEM      2. MANAGEMENT'S DISCUSSION AND ANALYSIS**
**      OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*This      Management's Discussion and Analysis of Financial Condition and Results of      Operations includes a number of forward-looking statements that reflect      Management's current views with respect to future events and financial      performance. You can identify these statements by forward-looking words such      as“may,” “will,” “expect,” “anticipate,” “believe,” “estimate” and “continue,” or      similar words. Those statements include statements regarding the intent, belief      or current expectations of us and members of our management team as well as      the      assumptions on which such statements are based. Prospective investors are      cautioned that any such forward-looking statements are not guarantees of future      performance and involve risk and uncertainties, and that actual results may      differ materially from those contemplated by such forward-looking      statements.*

*Readers      are urged to carefully review and consider the various disclosures made by      us in      this report and in our other reports filed with the Securities and Exchange      Commission. The following Management’s Discussion and Analysis of Financial      Condition and Results of Operations of the Company should be read in conjunction      with the Consolidated Financial Statements and notes related thereto included      in      this Quarterly Report on Form 10-Q. Important factors currently known to      Management could cause actual results to differ materially from those in      forward-looking statements. We undertake no obligation to update or revise      forward-looking statements to reflect changed assumptions, the occurrence of      unanticipated events or changes in the future operating results over time.      We      believe that our assumptions are based upon reasonable data derived from and      known about our business and operations. No assurances are made that actual      results of operations or the results of our future activities will not differ      materially from our assumptions. Factors that could cause differences include,      but are not limited to, expected market demand for our products, fluctuations      in      pricing for materials, and competition.*

**Overview**

----

**Plan      of Operations**

**Maritimes      Basin - Eastern Canadian Shale Gas Project**

*Beech      Hill Block*

----

*Windsor      Block*

**Western      Canadian Shale Program**

**Arkoma      Basin Arkansas - Fayetteville Shale Program (non-core      project)**

**States      of Colorado, Montana and Wyoming - Rocky Mountain Program (non-core      project)**

**Greater      Fort Worth Basin Texas - Barnett Shale Program (non-core      project)**

----

**Alberta      Canada Deep Basin - Western Canadian Conventional Program (non-core      project)**

**Results      of Operations**

***Daily      Sales Volumes, Working Interest before royalties***

|                                         |                       | Three                Months Ended April                30, 2008 | Three                Months Ended April                30, 2007 |
|----------------------------------------------|----------------------------|-----------------------------------------------------------------|-----------------------------------------------------------------|
| Barnett                Shale in Texas, USA   | Mcfpd                      | 106                                                             | 111                                                             |
| Deep                Basin in Alberta, Canada | Mcfpd                      | 144                                                             | 37                                                              |
| Total                Company                 | Mcfpd                      | 250                                                             | 148                                                             |
| Total                Company                 | Boepd                (6:1) | 42                                                              | 25                                                              |

***Net      Operating Results***

|                                     |   | Three                Months Ended April                30, 2008 | Three                Months Ended April                30, 2007 |
|------------------------------------------|--------|-----------------------------------------------------------------|-----------------------------------------------------------------|
| Volumes                                  | Mcf    | 22,655                                                          | 13,065                                                          |
| Price                                    | $/Mcf  | 8.26                                                            | 7.40                                                            |
| Revenue                                  |   | $                187,023                                        | $                96,644                                         |
| Royalties                                |   | 34,904                                                          | 28,053                                                          |
| Revenue,                net of royalties |   | 152,119                                                         | 68,591                                                          |
| Production                expenses       |   | 59,227                                                          | 2,310                                                           |
| Net                                      |   | $                92,892                                         | $                66,281                                         |

***Depletion,      Depreciation and Accretion (“DD&A”)***

|                                                 |   | Three                Months Ended April                30, 2008 | Three                Months Ended April                30, 2007 |
|------------------------------------------------------|--------|-----------------------------------------------------------------|-----------------------------------------------------------------|
| Depletion                - oil and gas properties    |   | $                37,471                                         | $                74,142                                         |
| Accretion                                            |   | 32,828                                                          | 1,326                                                           |
| Depletion                and Accretion               |   | 70,299                                                          | 75,468                                                          |
| Depreciation                - property and equipment |   | 9,759                                                           | 6,780                                                           |
| Total                                                |   | $                80,058                                         | $                82,248                                         |
| Depletion                per BOE                     |   | $                9.92                                           | $                34.05                                          |

----

***General      and Administrative (“G&A”)***

|                                               |   | Three                Months Ended April                30, 2008 | Three                Months Ended April                30, 2007 |
|----------------------------------------------------|--------|-----------------------------------------------------------------|-----------------------------------------------------------------|
| Salaries,                wages and consulting fees |   | $                                                               | 392,862                                                         | $                  286,244 |
| Other,                travel and office expense    |   |                                                            | 694,576                                                         | 221,648 |
| Stock-based                compensation            |   |                                                            | 113,280                                                         | 1,625,536 |
| G&A                                            |   | $                                                               | 1,200,718                                                       | $2,133,428 |

***Accretion      of Discounts on Convertible Debentures***

|   Agreement                Date   |   | Three                Months Ended April                30, 2008                              | Three                Months Ended April                30, 2007 |
|---------------------------------------------|--------|----------------------------------------------------------------------------------------------|-----------------------------------------------------------------|
| June                14, 2005                |   | $               - | $                   400,000                      |
| December                8, 2005             |   | 626,573                                                                                      | 1,127,942                                                       |
| December                28, 2005            |   | 588,785                                                                                      | 812,784                                                         |
| Total                accretion of discounts |   | $                1,215,358                                                                   | $                2,340,726                                      |

***Interest      Expense***

| Agreement                Date         |   | Three                Months Ended April                30, 2008                      | Three                Months Ended April                30, 2007 |
|---------------------------------------|--------|--------------------------------------------------------------------------------------|-----------------------------------------------------------------|
| June                14, 2005          |   | $                           - | $                  42,795                             |
| December                8, 2005       |   | 69,048                                                                               | 182,877                                                         |
| December                28, 2005      |   | 184,932                                                                              | 156,679                                                         |
| Total                interest expense |   | $                253,980                                                             | $                382,351                                        |

----

***Oil      and Gas Properties***

|                                                                   |   |   | April                30, 2008$ | January                31, 2008$ |
|------------------------------------------------------------------------|--------|--------|--------------------------------|----------------------------------|
|                                                                   |   |   |                           |                             |
| Maritimes                Basin - Eastern Canada Shale                  |   |   | 16,071,074                     | 15,463,119                       |
| Arkoma                Basin, Arkansas - Fayetteville Shale             |   |   | 8,306,166                      | 8,289,901                        |
| U.S.                Rocky Mountains (Colorado, Montana, Wyoming)       |   |   | 827,375                        | 812,020                          |
| Alberta                Deep Basin - Western Canada                     |   |   | 307,031                        | 324,162                          |
| Greater                Fort Worth Basin, Texas - Barnett Shale         |   |   | 83,825                         | 89,747                           |
|                                                                   |   |   |                           |                             |
| Net                carrying value of acquisition and exploration costs |   |   | 25,595,471                     | 24,978,949                       |

**Liquidity      and Capital Resources**

|                                        | April                30, 2008    | January                31, 2008      |
|---------------------------------------------|----------------------------------|--------------------------------------|
|  Agreement                Date         |  Face                Value  |  Discount                       | Carrying Value | Face                Value |  Discount | Carrying                Value |
| December                8, 2005             | $                 4,625,000 | $                  695,296 | $                 3,929,704 | $                 6,100,140 | $1,321,869 | $                 4,778,271 |
| December                28, 2005            | 10,000,000                       | 2,640,494                            | 7,359,506 | 10,000,000 | 3,229,279 | 6,770,721 |
| Total                convertible debentures | $14,625,000                      | $3,335,790                           | $11,289,210 | $16,100,140 | $4,551,148 | $11,548,992 |

----

***June      2008 Private Placement***

----

**Critical      Accounting Policies **

***Use      of Estimates***

***Investment      in Oil and Gas Properties***

***Asset      Retirement Obligations***

***Stock-Based      Compensation***

***Derivative      Liabilities***

----

***Recently      Issued Accounting Pronouncements***

**ITEM      3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK**

**ITEM      4T - CONTROLS AND PROCEDURES**

*(a)      Evaluation of disclosure controls and procedures. *

|   | a) | We                did not have sufficient personnel in our accounting and financial                reporting functions. As a result, we were not able to achieve adequate                segregation of duties and were not able to provide for adequate reviewing                of the financial statements. This control deficiency, which is pervasive                in nature, results in a reasonable possibility that material misstatements                of the financial statements will not be prevented or detected on                a timely                basis; and |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | We                did not maintain sufficient personnel with an appropriate level of                technical accounting knowledge, experience, and training in the                application of US GAAP commensurate with our complexity and our financial                accounting and reporting requirements. This control deficiency is                pervasive in nature and specifically resulted in us restating previously                filed annual and quarterly financial statements as a result of errors                in                the accounting for convertible debentures and warrants. Further,                there is                a reasonable possibility that material misstatements of the consolidated                financial statements including disclosures will not be prevented                or                detected on a timely basis as a                result. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*(b)      Changes in internal control over financial reporting. *

----

**PART      II - OTHER INFORMATION**

**Item      1. Legal Proceedings.**

**Item      1A. Risk Factors.**

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds.**

**Item      3. Defaults Upon Senior Securities.**

**Item      4. Submission of Matters to a Vote of Security Holders.**

**Item      5. Other Information.**

**Item      6. Exhibits**

| 31.1 | Certification                of Chief Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a),                promulgated under the Securities and Exchange Act of 1934, as                amended |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification                of Chief Financial Officer pursuant to Rule 13a-14 and Rule 15d 14(a),                promulgated under the Securities and Exchange Act of 1934, as                amended |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002 (Chief Executive                Officer) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Certification                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                the Sarbanes-Oxley Act of 2002 (Chief Financial                Officer) |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES**

**TRIANGLE      PETROLEUM CORPORATION**

| Date:                June 10, 2008 | By:* */s/                MARK GUSTAFSON                                                                         |
|------------------------------------|----------------------------------------------------------------------------------------------------------------------|
|                               | Mark                Gustafson                                                                                        |
|                               | President                (Principal Executive Officer)                                                               |
|                               |                                                                                                                 |
| Date:                June 10, 2008 | By:* */s/                SHAUN TOKER                                                                            |
|                               | Shaun                Toker                                                                                           |
|                               | Chief                Financial Officer (Principal Financial Officer and Principal Accounting                Officer) |

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