**TRIANGLE      PETROLEUM CORPORATION**

**2007      INCENTIVE STOCK OPTION PLAN**

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**      2007 Incentive Stock Option Plan**
**Plan**

| 1. | Definitions. |
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|   | (a) | "**Board**"                -                The Board of Directors of the                Company. |
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|   | (b) | "**Code**"                -                The Internal Revenue Code of 1986, as amended from time to                time. |
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|   | (c) | "**Committee**"                -                The Compensation Committee of the Company's Board, or such other                committee                of the Board that is designated by the Board to administer the Plan,                composed of not less than two members of the Board whom are disinterested                persons, as contemplated by Rule 16b-3 ("**Rule                16b-3**")                promulgated under the Securities Exchange Act of 1934, as amended                (the                "**Exchange                Act**"). |
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|   | (d) | "**Company**"                -                TRIANGLE PETROLEUM CORPORATION and its subsidiaries including subsidiaries                of subsidiaries. |
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|   | (e) | "**Exchange** **Act**"                -                The Securities Exchange Act of 1934, as amended from time to                time. |
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|   | (f) | "**Fair                Market Value**"                -                The fair market value of the Company's issued and outstanding Stock                as                determined in good faith by the Board or                Committee. |
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|   | (g) | "**Grant**"                -                The grant of any form of stock option to a Participant pursuant to                such                terms, conditions and limitations as the Committee may establish                in order                to fulfill the objectives of the                Plan. |
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|   | (h) | "**Grant                Agreement**"                -                An agreement between the Company and a Participant that sets forth                the                terms, conditions and limitations applicable to a                Grant. |
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|   | (i) | "**Option**"                -                Either an Incentive Stock Option, in accordance with Section 422                of the                Code, or a Nonstatutory Option, to purchase the Company's Stock that                may                be awarded to a Participant under the Plan. A Participant who receives                an                award of an Option shall be referred to as an "**Optionee**." |
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|   | (j) | "**Participant**"                -                A director, officer, employee or consultant of the Company to whom                an                Award has been made under the Plan. |
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|   | (k) | "**Securities                Act**"                -                The Securities Act of 1933, as amended from time to                time. |
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|   | (l) | "**Stock**"                -                Authorized and issued or unissued shares of common stock of the                Company. |
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| 2. | Administration.                The Plan shall be administered by the Board, provided however, that                the                Board may delegate such administration to the Committee. Subject                to the                provisions of the Plan, the Board and/or the Committee shall have                authority to (a) grant, in its discretion, Incentive Stock Options                in                accordance with Section 422 of the Code, or Nonstatutory Options;                (b)                determine in good faith the fair market value of the Stock covered                by any                Grant; (c) determine which eligible persons shall receive Grants                and the                number of shares, restrictions, terms and conditions to be included                in                such Grants; (d) construe and interpret the Plan; (e) promulgate,                amend                and rescind rules and regulations relating to its administration,                and                correct defects, omissions and inconsistencies in the Plan or any                Grant;                (f) consistent with the Plan and with the consent of the Participant,                as                appropriate, amend any outstanding Grant or amend the exercise date                or                dates thereof; (g) determine the duration and purpose of leaves of                absence                which may be granted to Participants without constituting termination                of                their employment for the purpose of the Plan or any Grant; and (h)                make                all other determinations necessary or advisable for the Plan's                administration. The interpretation and construction by the Board                of any                provisions of the Plan or selection of Participants shall be conclusive                and final. No member of the Board or the Committee shall be liable                for any                action or determination made in good faith with respect to the Plan                or any                Grant made thereunder. |
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| 3. | Eligibility. |
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|   | (a) | General:                The persons who shall be eligible to receive Grants shall be directors,                officers, employees or consultants to the Company. The term consultant                shall mean any person, other than an employee, who is engaged by                the                Company to render services and is compensated for such services.                An                Optionee may hold more than one Option. Any issuance of a Grant to                an                officer or director of the Company subsequent to the first registration                of                any of the securities of the Company under the Exchange Act shall                comply                with the requirements of Rule                16b-3. |
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|   | (b) | Incentive                Stock Options:                Incentive Stock Options may only be issued to employees of the Company.                Incentive Stock Options may be granted to officers or directors,                provided                they are also employees of the Company. Payment of a director's fee                shall                not be sufficient to constitute employment by the                Company. |
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|   | (c) | Nonstatutory                Option:                The provisions of the foregoing Section 3(b) shall not apply to any                Option                designated as a "**Nonstatutory                Option**"                or which sets forth the intention of the parties that the Option                be a                Nonstatutory Option. |
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| 4. | Stock. |
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|   | (a) | Authorized                Stock:                Stock subject to Grants may be either unissued or reacquired                Stock. |
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|   | (b) | Number                of Shares:                Subject to adjustment as provided in Section 5(i) of the Plan, the                total                number of shares of Stock which may be purchased or granted directly                by                Options or purchased indirectly through exercise of Options granted                under                the Plan shall not exceed Two Million (2,000,000). If any Grant shall                for                any reason terminate or expire, any shares allocated thereto but                remaining                unpurchased upon such expiration or termination shall again be available                for Grants with respect thereto under the Plan as though no Grant                had                previously occurred with respect to such shares. Any shares of Stock                issued pursuant to a Grant and repurchased pursuant to the terms                thereof                shall be available for future Grants as though not previously covered                by a                Grant. |
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|   | (c) | Reservation                of Shares:                The Company shall reserve and keep available at all times during                the term                of the Plan such number of shares as shall be sufficient to satisfy                the                requirements of the Plan. If, after reasonable efforts, which efforts                shall not include the registration of the Plan or Grants under the                Securities Act, the Company is unable to obtain authority from any                applicable regulatory body, which authorization is deemed necessary                by                legal counsel for the Company for the lawful issuance of shares hereunder,                the Company shall be relieved of any liability with respect to its                failure                to issue and sell the shares for which such requisite authority was                so                deemed necessary unless and until such authority is                obtained. |
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|  | (d) | Application                of Funds:                 The                proceeds received by the Company from the issuance of Stock pursuant                to                the exercise of Options will be used for general corporate                purposes. |
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|   | (e) | No                Obligation to Exercise:                The issuance of a Grant shall impose no obligation upon the Participant                to                exercise any rights under such                Grant. |
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| 5. | Terms                and Conditions of Options. Options granted hereunder shall be evidenced                by                agreements between the Company and the respective Optionees, in such                form                and substance as the Board or Committee shall from time to time approve.                The form of Incentive Stock Option Agreement attached hereto as                Exhibit                A                and the three forms of a Nonstatutory Stock Option Agreement for                employees, for directors and for consultants, attached hereto as                Exhibit                B-1, Exhibit                B-2                and                Exhibit B-3,                respectively, shall be deemed to be approved by the Board. Option                agreements need not be identical, and in each case may include such                provisions as the Board or Committee may determine, but all such                agreements shall be subject to and limited by the following terms                and                conditions: |
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|   | (a) | Number                of Shares:                Each Option shall state the number of shares to which it                pertains. |
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|   | (b) | Exercise                Price:                Each Option shall state the exercise price, which shall be determined                as                follows: |
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|  | (i) | Any                Incentive Stock Option granted to a person who at the time the Option                is                granted owns (or is deemed to own pursuant to Section 424(d) of the                Code)                stock possessing more than ten percent (10%) of the total combined                voting                power or value of all classes of stock of the Company ("Ten Percent                Holder") shall have an exercise price of no less than 110% of the                Fair                Market Value of the Stock as of the date of grant;                and |
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|  | (ii) | Incentive                Stock Options granted to a person who at the time the Option is granted                is                not a Ten Percent Holder shall have an exercise price of no less                than 100%                of the Fair Market Value of the Stock as of the date of                grant. |
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|   | (c) | Medium                and Time of Payment:                The exercise price shall become immediately due upon exercise of                the                Option and shall be paid in cash or certified check made payable                to the                Company. The Company will not issue any Stock pursuant to the exercise                of                Options prior to payment being received in full for such Options. |
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|   | (d) | Term                and Exercise of Options:                Any Option granted to an employee of the Company shall become exercisable                over a period of no longer than five (5) years. In no event shall                any                Option be exercisable after the expiration of ten (10) years from                the date                it is granted, and no Incentive Stock Option granted to a Ten Percent                Holder shall, by its terms, be exercisable after the expiration of                five                (5) years from the date of the Option. Unless otherwise specified                by the                Board or the Committee in the resolution authorizing such Option,                the date                of grant of an Option shall be deemed to be the date upon which the                Board                or the Committee authorizes the granting of such Option. |
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|   | (e) | Termination                of Status as Employee, Consultant or Director:                If                Optionee's status as an employee shall terminate for any reason other                than                Optionee's disability or death, then Optionee (or if the Optionee                shall                die after such termination, but prior to exercise, Optionee's personal                representative or the person entitled to succeed to the Option) shall                have                the right to exercise the portions of any of Optionee's Incentive                Stock                Options which were exercisable as of the date of such termination,                in                whole or in part, within 10 days after such termination (or, in the                event                of "*termination                for good cause*"                as that term is defined in Nevada case law related thereto, or by                the                terms of the Plan or the Option Agreement or an employment agreement,                the                Option shall automatically terminate as of the termination of employment                as to all shares covered by the Option). |
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*termination      for cause*

|   | (f) | Disability                of Optionee:                If                an Optionee is disabled (within the meaning of Section 22(e)(3) of                the                Code) at the time of termination, the three (3) month period set                forth in                Section 5(e) shall be a period, as determined by the Board and set                forth                in the Option, of not less than six months nor more than one year                after                such termination. |
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|   | (g) | Death                of Optionee:                If                an Optionee dies while employed by, engaged as a consultant to, or                serving                as a director of the Company, the portion of such Optionee's Option                which                was exercisable at the date of death may be exercised, in whole or                in                part, by the estate of the decedent or by a person succeeding to                the right                to exercise such Option at any time within (i) a period, as determined                by                the Board and set forth in the Option, of not less than six (6) months                nor                more than one (1) year after Optionee's death, which period shall                not be                more, in the case of a Nonstatutory Option, than the period for exercise                following termination of employment or services, or (ii) during the                remaining term of the Option, whichever is the lesser. The Option                may be                so exercised only with respect to installments exercisable at the                time of                Optionee's death and not previously exercised by the                Optionee. |
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|   | (h) | Nontransferability                of Option:                No                Option shall be transferable by the Optionee, except by will or by                the                laws of descent and distribution. |
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|   | (i) | Recapitalization:                Subject to any required action of shareholders, the number of shares                of                Stock covered by each outstanding Option, and the exercise price                per share                thereof set forth in each such Option, shall be proportionately adjusted                for any increase or decrease in the number of issued shares of Stock                of                the Company resulting from a stock split, stock dividend, combination,                subdivision or reclassification of shares, or the payment of a stock                dividend, or any other increase or decrease in the number of such                shares                affected without receipt of consideration by the Company; provided,                however, the conversion of any convertible securities of the Company                shall                not be deemed to have been "*effected                without receipt of consideration*"                by the Company. |
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**Reorganization**

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|   | (j) | Rights                as a Shareholder:                An                Optionee shall have no rights as a shareholder with respect to any                shares                covered by an Option until the effective date of the issuance of                the                shares following exercise of such Option by Optionee. No adjustment                shall                be made for dividends (ordinary or extraordinary, whether in cash,                securities or other property) or distributions or other rights for                which                the record date is prior to the date such stock certificate is issued,                except as expressly provided in Section 5(i) hereof. |
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|   | (k) | Modification,                Acceleration, Extension, and Renewal of Options:                Subject to the terms and conditions and within the limitations of                the                Plan, the Board may modify an Option, or, once an Option is exercisable,                accelerate the rate at which it may be exercised, and may extend                or renew                outstanding Options granted under the Plan or accept the surrender                of                outstanding Options (to the extent not theretofore exercised) and                authorize the granting of new Options in substitution for such Options,                provided such action is permissible under Section 422 of the Code                and                applicable state securities laws. Notwithstanding the provisions                of this                Section 5(k), however, no modification of an Option shall, without                the                consent of the Optionee, alter to the Optionee's detriment or impair                any                rights or obligations under any Option theretofore granted under                the                Plan. |
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|   | (l) | Other                Provisions:                The Option agreements authorized under the Plan shall contain such                other                provisions, including, without limitation, restrictions upon the                exercise                of the Options, as the Board or the Committee shall deem advisable.                Shares                shall not be issued pursuant to the exercise of an Option, if the                exercise                of such Option or the issuance of shares thereunder would violate,                in the                opinion of legal counsel for the Company, the provisions of any applicable                law or the rules or regulations of any applicable governmental or                administrative agency or body, such as the Code, the Securities Act,                the                Exchange Act, applicable state securities laws, Nevada corporation                law,                and the rules promulgated under the foregoing or the rules and regulations                of any exchange upon which the shares of the Company are listed.                Without                limiting the generality of the foregoing, the exercise of each Option                shall be subject to the condition that if at any time the Company                shall                determine that (i) the satisfaction of withholding tax or other similar                liabilities, or (ii) the listing, registration or qualification of                any                shares covered by such exercise upon any securities exchange or under                any                state or federal law, or (iii) the consent or approval of any regulatory                body, or (iv) the perfection of any exemption from any such withholding,                listing, registration, qualification, consent or approval is necessary                or                desirable in connection with such exercise or the issuance of shares                thereunder, then in any such event, such exercise shall not be effective                unless such withholding, listing registration, qualification, consent,                approval or exemption shall have been effected, obtained or perfected                free                of any conditions not acceptable to the                Company. |
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| 6. | Investment                Intent. All Grants under the Plan are intended to be exempt from                registration under the Securities Act provided by Rule 701 thereunder.                Unless and until the granting of Options or sale and issuance of                Stock                subject to the Plan are registered under the Securities Act or shall                be                exempt pursuant to the rules promulgated thereunder, each Grant under                the                Plan shall provide that the purchases or other acquisitions of Stock                thereunder shall be for investment purposes and not with a view to,                or for                resale in connection with, any distribution thereof. Further, unless                the                issuance and sale of the Stock have been registered under the Securities                Act, each Grant shall provide that no shares shall be purchased upon                the                exercise of the rights under such Grant unless and until (i) all                then                applicable requirements of state and federal laws and regulatory                agencies                shall have been fully complied with to the satisfaction of the Company                and                its counsel, and (ii) if requested to do so by the Company, the person                exercising the rights under the Grant shall (i) give written assurances                as                to knowledge and experience of such person (or a representative employed                by such person) in financial and business matters and the ability                of such                person (or representative) to evaluate the merits and risks of exercising                the Option, and (ii) execute and deliver to the Company a letter                of                investment intent and/or such other form related to applicable exemptions                from registration, all in such form and substance as the Company                may                require. If shares are issued upon exercise of any rights under a                Grant                without registration under the Securities Act, subsequent registration                of                such shares shall relieve the purchaser thereof of any investment                restrictions or representations made upon the exercise of such                rights. |
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| 7. | Amendment,                Modification, Suspension or Discontinuance of the Plan. The Board                may,                insofar as permitted by law, from time to time, with respect to any                shares                at the time not subject to outstanding Grants, suspend or terminate                the                Plan or revise or amend it in any respect whatsoever, except that                without                the approval of the shareholders of the Company, no such revision                or                amendment shall (i) increase the number of shares subject to the                Plan,                (ii) decrease the price at which Grants may be granted, (iii) materially                increase the benefits to Participants, or (iv) change the class of                persons                eligible to receive Grants under the Plan; provided, however, no                such                action shall alter or impair the rights and obligations under any                Option                outstanding as of the date thereof without the written consent of                the                Participant thereunder. No Grant may be issued while the Plan is                suspended                or after it is terminated, but the rights and obligations under any                Grant                issued while the Plan is in effect shall not be impaired by suspension                or                termination of the Plan. |
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| 8. | Tax                Withholding. The Company shall have the right to deduct applicable                taxes                from any Grant payment and withhold, at the time of delivery or exercise                of Options or vesting of shares under such Grants, an appropriate                number                of shares for payment of taxes required by law or to take such other                action as may be necessary in the opinion of the Company to satisfy                all                obligations for withholding of such taxes. If Stock is used to satisfy                tax                withholding, such stock shall be valued based on the Fair Market                Value                when the tax withholding is required to be made. |
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| 9. | Availability                of Information. During the term of the Plan and any additional period                during which a Grant granted pursuant to the Plan shall be exercisable,                the Company shall make available, not later than one hundred and                twenty                (120) days following the close of each of its fiscal years, such                financial                and other information regarding the Company as is required by the                bylaws                of the Company and applicable law to be furnished in an annual report                to                the shareholders of the Company. |
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| 10. | Notice.                Any written notice to the Company required by any of the provisions                of the                Plan shall be addressed to the chief personnel officer or to the                chief                executive officer of the Company, and shall become effective when                it is                received by the office of the chief personnel officer or the chief                executive officer. |
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| 11. | Indemnification                of Board. In addition to such other rights or indemnifications as                they may                have as directors or otherwise, and to the extent allowed by applicable                law, the members of the Board and the Committee shall be indemnified                by                the Company against the reasonable expenses, including attorneys'                fees,                actually and necessarily incurred in connection with the defense                of any                claim, action, suit or proceeding, or in connection with any appeal                thereof, to which they or any of them may be a party by reason of                any                action taken, or failure to act, under or in connection with the                Plan or                any Grant granted thereunder, and against all amounts paid by them                in                settlement thereof (provided such settlement is approved by independent                legal counsel selected by the Company) or paid by them in satisfaction                of                a judgment in any such claim, action, suit or proceeding, except                in any                case in relation to matters as to which it shall be adjudged in such                claim, action, suit or proceeding that such Board or Committee member                is                liable for negligence or misconduct in the performance of his or                her                duties; provided that within sixty (60) days after institution of                any such                action, suit or Board proceeding the member involved shall offer                the                Company, in writing, the opportunity, at its own expense, to handle                and                defend the same. |
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| 12. | Governing                Law. The Plan and all determinations made and actions taken pursuant                hereto, to the extent not otherwise governed by the Code or the securities                laws of the United States, shall be governed by the law of the State                of                Nevada and construed accordingly. |
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| 13. | Effective                and Termination Dates. The Plan shall become effective on the date                it is                approved by the holders of a majority of the shares of Stock then                outstanding. The Plan shall terminate ten years later, subject to                earlier                termination by the Board pursuant to Section 8. |
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|   | TRIANGLE                PETROLEUM CORPORATIONa                Nevada corporation   |
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|   |                                                                                         |
|   | By:                                                                                          | /s/              MARK              GUSTAFSON |
|   |                                                                                         | Mark              Gustafson |
|   | Its:                                                                                    | Chief Executive              Officer |

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