Document:

Exhibit
      4.18

     

    THIS
      DEBENTURE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS DEBENTURE
      HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
      SECURITIES LAWS. THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF
      THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
      ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS DEBENTURE UNDER SAID
      ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY
      SATISFACTORY TO TRIANGLE PETROLEUM CORPORATION THAT SUCH REGISTRATION IS NOT
      REQUIRED.

     

    CONVERTIBLE
      DEBENTURE

     

    FOR
      VALUE
      RECEIVED, Triangle Petroleum Corporation, a Nevada corporation (the
“Borrower”),
      promises to pay to Centrum Bank AG (the “Holder”)
      or its
      registered assigns or successors in interest, the sum of Two Million Five
      Hundred Thousand Dollars ($2,500,000), together with any accrued and unpaid
      interest hereon, on January 23, 2009 (the “Maturity
      Date”)
      if not
      sooner paid.

     

    Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in that certain Securities Purchase Agreement dated as of December 28,
      2005, between Borrower and the Holder (as amended, modified or supplemented
      from
      time to time, the “Purchase
      Agreement”).

     

    The
      following terms shall apply to this Debenture:

     

    ARTICLE
      I

    INTEREST
      & AMORTIZATION

     

    1.1.  Contract
      Rate.
      Subject
      to Sections 4.11 and 6.7 hereof, interest payable on this Debenture shall accrue
      at a rate per annum equal to seven and one-half percent (7.5%) (the
“Contract
      Rate”).
      

     

    1.2.  Payments.
      Payment
      of the aggregate principal amount outstanding under this Debenture (the
“Principal
      Amount”),
      together with all accrued interest thereon shall be made on the Maturity
      Date.

     

    ARTICLE
      II

    CONVERSION
      REPAYMENT 

     

    2.1.  Optional
      Conversion.
      Subject
      to the terms of this Article II, the Holder shall have the right, but not the
      obligation, at any time until the Maturity Date, or thereafter during an Event
      of Default and to convert all or any portion of the outstanding Principal Amount
      and/or accrued interest and fees due and payable into fully paid and
      nonassessable shares of the Common Stock at the Fixed Conversion Price. The
      shares of Common Stock to be issued upon such conversion are herein referred
      to
      as the “Conversion
      Shares.”
The
      “Fixed
      Conversion Price”
shall
      mean $4.00.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.2.  Conversion
      Limitation.
      Notwithstanding anything contained herein to the contrary, the Holder shall
      not
      be entitled to convert pursuant to the terms of this Debenture an amount that
      would be convertible into that number of Conversion Shares which would exceed
      the difference between the number of shares of Common Stock beneficially owned
      by such Holder or issuable upon exercise of the warrant and the option held
      by
      such Holder and 4.99% of the outstanding shares of Common Stock of Borrower.
      For
      the purposes of the immediately preceding sentence, beneficial ownership shall
      be determined in accordance with Section 13(d) of the Exchange Act and
      Regulation 13d-3 thereunder. The Conversion Shares limitation described in
      this
      Section 3.2 shall automatically become null and void without any notice to
      any
      Borrower upon the occurrence and during the continuance beyond any applicable
      grace period of an Event of Default, or upon 65 days prior notice to
      Borrower.

     

    2.3.  Mechanics
      of Holder’s Conversion.
      In the
      event that the Holder elects to convert this Debenture into Common Stock, the
      Holder shall give notice of such election by delivering an executed and
      completed notice of conversion (“Notice
      of Conversion”)
      to
      Borrower and such Notice of Conversion shall provide a breakdown in reasonable
      detail of the Principal Amount, accrued interest and fees that are being
      converted. On each Conversion Date (as hereinafter defined) and in accordance
      with its Notice of Conversion, the Holder shall make the appropriate reduction
      to the Principal Amount, accrued interest and fees as entered in its records
      and
      shall provide written notice thereof to the Borrower on the Conversion Date.
      Each date on which a Notice of Conversion is delivered or telecopied to Borrower
      in accordance with the provisions hereof shall be deemed a Conversion Date
      (the
“Conversion
      Date”).
      A
      form of Notice of Conversion to be employed by the Holder is annexed hereto
      as
Exhibit
      A.
      Pursuant to the terms of the Notice of Conversion, Borrower will issue
      instructions to the transfer agent accompanied by an opinion of counsel to
      Borrower of the Notice of Conversion and shall cause the transfer agent to
      transmit the certificates representing the Conversion Shares to the Holder
      by
      physical delivery or crediting the account of the Holder’s designated broker
      with the Depository Trust Corporation (“DTC”)
      through its Deposit Withdrawal Agent Commission (“DWAC”)
      system
      within three (3) business days after receipt by Borrower of the Notice of
      Conversion (the “Delivery
      Date”).
      In
      the case of the exercise of the conversion rights set forth herein the
      conversion privilege shall be deemed to have been exercised and the Conversion
      Shares issuable upon such conversion shall be deemed to have been issued upon
      the date of receipt by Borrower of the Notice of Conversion. The Holder shall
      be
      treated for all purposes as the record holder of such Common Stock, unless
      the
      Holder provides Borrower written instructions to the contrary.Late
      Payments.
      Each
      Borrower understands that a delay in the delivery of the shares of Common Stock
      in the form required pursuant to this Article beyond the Delivery Date could
      result in economic loss to the Holder. As compensation to the Holder for such
      loss, the each Borrower agrees to jointly and severally pay late payments to
      the
      Holder for late issuance of such shares in the form required pursuant to this
      Article II upon conversion of the Debenture, in the amount equal to $500 per
      business day after the Delivery Date. Each Borrower shall pay any payments
      incurred under this Section in immediately available funds upon demand.

     

    
      
         

      

      
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    2.4.  Conversion
      Mechanics.

     

    (a)  The
      number of shares of Common Stock to be issued upon each conversion of this
      Debenture shall be determined by dividing that portion of the principal and
      interest and fees to be converted, if any, by the then applicable Fixed
      Conversion Price. 

     

    (b)  The
      Fixed
      Conversion Price and number and kind of shares or other securities to be issued
      upon conversion shall be subject to adjustment from time to time upon the
      happening of certain events while this conversion right remains outstanding,
      as
      follows:

     

    A.  Reclassification,
      etc.
      If
      Borrower at any time shall, by reclassification or otherwise, change the Common
      Stock into the same or a different number of securities of any class or classes,
      this Debenture, as to the unpaid Principal Amount and accrued interest thereon,
      shall thereafter be deemed to evidence the right to purchase an adjusted number
      of such securities and kind of securities as would have been issuable as the
      result of such change with respect to the Common Stock (i) immediately prior
      to
      or (ii) immediately after such reclassification or other change at the sole
      election of the Holder.

     

    B.  Stock
      Splits, Combinations and Dividends.
      If the
      shares of Common Stock are subdivided or combined into a greater or smaller
      number of shares of Common Stock, or if a dividend is paid on the Common Stock
      or any preferred stock issued by Borrower in shares of Common Stock, the Fixed
      Conversion Price shall be proportionately reduced in case of subdivision of
      shares or stock dividend or proportionately increased in the case of combination
      of shares, in each such case by the ratio which the total number of shares
      of
      Common Stock outstanding immediately after such event bears to the total number
      of shares of Common Stock outstanding immediately prior to such
      event.

     

    2.5.  Reservation
      of Shares.
      During
      the period the conversion right exists, Borrower will reserve from its
      authorized and unissued Common Stock a sufficient number of shares to provide
      for the issuance of Common Stock upon the full conversion of this Debenture.
      Borrower represents that upon issuance, such shares will be duly and validly
      issued, fully paid and non-assessable. Borrower agrees that its issuance of
      this
      Debenture shall constitute full authority to its officers, agents, and transfer
      agents who are charged with the duty of executing and issuing stock certificates
      to execute and issue the necessary certificates for shares of Common Stock
      upon
      the conversion of this Debenture.

     

    2.6.  Registration
      Rights.
      The
      Holder has been granted registration rights with respect to the shares of Common
      Stock issuable upon conversion of this Debenture as more fully set forth in
      a
      Registration Rights Agreement dated as of the date hereof between Borrower
      and
      the Holder.

     

    
      
         

      

      
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    2.7.  Issuance
      of New Debenture.
      Upon
      any partial conversion of this Debenture, a new Debenture containing the same
      date and provisions of this Debenture shall, at the request of the Holder,
      be
      issued by the Borrower to the Holder for the principal balance of this Debenture
      and interest which shall not have been converted or paid. Subject to the
      provisions of Article III, the Borrower will pay no costs, fees or any other
      consideration to the Holder for the production and issuance of a new
      Debenture.

     

    ARTICLE
      III

    EVENTS
      OF DEFAULT

     

    The
      occurrence of any of the following events set forth in Sections 3.1 through
      3.9,
      inclusive, shall be an “Event
      of Default”:

     

    3.1.  Failure
      to Pay Principal, Interest or other Fees.
      Borrower fails to pay when due any installment of principal, interest or other
      fees hereon or on any other promissory note issued pursuant to the Purchase
      Agreement, and such failure shall continue for a period of ten (10) days
      following the date upon which any such payment was due.

     

    3.2.  Breach
      of Covenant.
      Borrower breaches any covenant or other term or condition of this Debenture
      in
      any material respect and such breach, if subject to cure, continues for a period
      of fifteen (15) days after the occurrence thereof.

     

    3.3.  Breach
      of Representations and Warranties.
      Any
      representation or warranty of Borrower made herein, or the Purchase Agreement,
      or in any Ancillary Agreement shall be false or misleading in any material
      respect.

     

    3.4.  Stop
      Trade.
      An SEC
      stop trade order or Principal Market trading suspension of the Common Stock
      shall be in effect for 5 consecutive days or 5 days during a period of 10
      consecutive days, excluding in all cases a suspension of all trading on a
      Principal Market, provided that Borrower shall not have been able to cure such
      trading suspension within 30 days of the notice thereof or list the Common
      Stock
      on another Principal Market within 60 days of such notice. The “Principal
      Market” for the Common Stock shall include the NASD OTC Bulletin Board, NASDAQ
      SmallCap Market, NASDAQ National Market System, American Stock Exchange, or
      New
      York Stock Exchange (whichever of the foregoing is at the time the principal
      trading exchange or market for the Common Stock), or any securities exchange
      or
      other securities market on which the Common Stock is then being listed or
      traded.

     

    3.5.  Receiver
      or Trustee.
      Any
      Borrower or any of its Subsidiaries shall make an assignment for the benefit
      of
      creditors, or apply for or consent to the appointment of a receiver or trustee
      for it or for a substantial part of its property or business; or such a receiver
      or trustee shall otherwise be appointed.

     

    
      
         

      

      
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    3.6.  Judgments.
      Any
      money judgment, writ or similar final process shall be entered or filed against
      any Borrower or any of its Subsidiaries or any of their respective property
      or
      other assets for more than $250,000 in the aggregate for Borrower, and shall
      remain unvacated, unbonded or unstayed for a period of thirty (30)
      days.

     

    3.7.  Bankruptcy.
      Bankruptcy, insolvency, reorganization or liquidation proceedings or other
      proceedings or relief under any bankruptcy law or any law for the relief of
      debtors shall be instituted by or against any Borrower or any of its
      Subsidiaries.

     

    3.8.  Default
      Under Other Agreements.
      The
      occurrence of an Event of Default under and as defined in the Purchase Agreement
      or any Ancillary Agreement or any event of default (or similar term) under
      any
      other agreement evidencing indebtedness of at least $500,000.

     

    3.9.  Failure
      to Deliver Common Stock or Replacement Debenture.
      Borrower’s failure to timely deliver Common Stock to the Holder pursuant to and
      in the form required by this Debenture and the Purchase Agreement, if such
      failure to timely deliver Common Stock shall not be cured within five (5) days.
      If Borrower is required to issue a replacement Debenture to Holder and Borrower
      shall fail to deliver such replacement Debenture within seven (7) Business
      Days.

     

    DEFAULT
      RELATED PROVISIONS

     

    3.10.  Default
      Interest Rate.
      Following the occurrence and during the continuance of an Event of Default,
      interest on this Debenture shall automatically be increased by one-half percent
      (0.50%) per month, and all outstanding Obligations, including unpaid interest,
      shall continue to accrue interest from the date of such Event of Default at
      such
      interest rate applicable to such Obligations until such Event of Default is
      cured or waived.

     

    3.11.  Conversion
      Privileges.
      The
      conversion privileges set forth in Article II shall remain in full force and
      effect immediately from the date hereof and until this Debenture is paid in
      full.

     

    3.12.  Cumulative
      Remedies.
      The
      remedies under this Debenture shall be cumulative.

     

    ARTICLE
      IV

    DEFAULT
      PAYMENTS

     

    4.1.  Default
      Payment.
      If an
      Event of Default occurs and is continuing beyond any applicable grace period,
      the Holder, at its option, may elect, in addition to all rights and remedies
      of
      Holder under the Purchase Agreement and the Ancillary Agreements and all
      obligations of each Borrower under the Purchase Agreement and the Ancillary
      Agreements, to require the Borrowers to make a Default Payment (“Default
      Payment”).
      The
      Default Payment shall be 105% of the outstanding principal amount of the
      Debenture, plus accrued but unpaid interest, all other fees then remaining
      unpaid, and all other amounts payable hereunder. The Default Payment shall
      be
      applied first to any fees due and payable to Holder pursuant to the Debentures
      or the Ancillary Agreements, then to accrued and unpaid interest due on the
      Debentures and then to outstanding principal balance of the
      Debentures.

     

    
      
         

      

      
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    4.2.  Default
      Payment Date.
      The
      Default Payment shall be due and payable immediately on the date that the Holder
      has exercised its rights pursuant to Section 4.1 (“Default
      Payment Date”).

     

    ARTICLE
      V

    MISCELLANEOUS

     

    5.1.  Failure
      or Indulgence Not Waiver.
      No
      failure or delay on the part of the Holder hereof in the exercise of any power,
      right or privilege hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise of any such power, right or privilege preclude other
      or further exercise thereof or of any other right, power or privilege. All
      rights and remedies existing hereunder are cumulative to, and not exclusive
      of,
      any rights or remedies otherwise available.

     

    5.2.  Notices.
      Any
      notice herein required or permitted to be given shall be in writing and provided
      in accordance with the terms of the Purchase Agreement.

     

    5.3.  Amendment
      Provision.
      The
      term “Debenture”
and
      all
      reference thereto, as used throughout this instrument, shall mean this
      instrument as originally executed, or if later amended or supplemented, then
      as
      so amended or supplemented, and any successor instrument as it may be amended
      or
      supplemented.

     

    5.4.  Assignability.
      This
      Debenture shall be binding upon each Borrower and its successors and assigns,
      and shall inure to the benefit of the Holder and its successors and assigns,
      and
      may be assigned by the Holder in accordance with the requirements of the
      Purchase Agreement.

     

    5.5.  Cost
      of Collection.
      If
      default is made in the payment of this Debenture, each Borrower shall jointly
      and severally pay the Holder hereof reasonable costs of collection, including
      reasonable attorneys’ fees.

     

    5.6.  Governing
      Law; Consent to Jurisdiction; Waiver of Jury Trial.
      This
      Debenture shall be governed by, and construed in accordance with, the internal
      laws of the State of Nevada without regard to the choice of law principles
      thereof. Each of the parties hereto irrevocably submits to the exclusive
      jurisdiction of the courts of the State of Nevada and the United States District
      Courts situated therein for the purpose of any suit, action, proceeding or
      judgment relating to or arising out of this Agreement and the transactions
      contemplated hereby. Service of process in connection with any such suit, action
      or proceeding may be served on each party hereto anywhere in the world by the
      same methods as are specified for the giving of notices under this Agreement.
      Each of the parties hereto irrevocably consents to the jurisdiction of any
      such
      court in any such suit, action or proceeding and to the laying of venue in
      such
      court. Each party hereto irrevocably waives any objection to the laying of
      venue
      of any such suit, action or proceeding brought in such courts and irrevocably
      waives any claim that any such suit, action or proceeding brought in any such
      court has been brought in an inconvenient forum. EACH
      OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY
      LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN
      CONSULTED SPECIFICALLY AS TO THIS WAIVER.

     

    
      
         

      

      
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    5.7.  Maximum
      Payments.
      Nothing
      contained herein shall be deemed to establish or require the payment of a rate
      of interest or other charges in excess of the maximum permitted by applicable
      law. In the event that the rate of interest required to be paid or other charges
      hereunder exceed the maximum permitted by such law, any payments in excess
      of
      such maximum shall be credited against amounts owed by Borrowers to the Holder
      and thus refunded to the Borrowers

     

    5.8.  Construction.
      Each
      party acknowledges that its legal counsel participated in the preparation of
      this Debenture and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Debenture to favor any party against the
      other.

     

    [Balance
      of page intentionally left blank; signature page follows.]

     

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF,
      Borrower has caused this Convertible Debenture to be signed in its name
      effective as of this 23rd day of January, 2006.

     

    
      	 	 	 
	 	TRIANGLE
              PETROLEUM CORPORATION
	 	 
	 	 
	 	By: /s/
              MARK GUSTAFSON
	 	Name: Mark Gustafson
	 	
              Title:
                President

            

    

     

     

    
      
         

      

      
        8Exhibit
      4.19

    

    THE
      SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES
      HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS
      AMENDED, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144(K), OR (III)
      THE
      COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT
      SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES
      ACT
      OF 1933 OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.

    

    SUBJECT
      TO THE PROVISIONS OF SECTION 10 HEREOF, THIS WARRANT SHALL BE VOID AFTER 5:00
      P.M. EASTERN TIME ON JANUARY 23, 2007 (THE “EXPIRATION DATE”).

    

    No.
      CB-2

    

    TRIANGLE
      PETROLEUM CORPORATION

    

    WARRANT
      TO PURCHASE 312,500 SHARES OF

    COMMON
      STOCK, PAR VALUE $0.00001 PER SHARE

    

    For
      VALUE
      RECEIVED, Bank Sal. Oppenheim jr. & Cie., (Schweiz) AG (“Warrantholder”), is
      entitled to purchase, subject to the provisions of this Warrant, from Triangle
      Petroleum Corporation, a Nevada corporation (“Company”), at any time not later
      than 5:00 P.M., Eastern time, on the Expiration Date (as defined above), at
      an
      exercise price per share equal to $5.00 (the exercise price in effect being
      herein called the “Warrant Price”), 312,500 shares (“Warrant Shares”) of the
      Company’s Common Stock, par value $0.00001 per share (“Common Stock”). The
      number of Warrant Shares purchasable upon exercise of this Warrant and the
      Warrant Price shall be subject to adjustment from time to time as described
      herein.

    

    Section
      1. Registration.
      The
      Company shall maintain books for the transfer and registration of the Warrant.
      Upon the initial issuance of this Warrant, the Company shall issue and register
      the Warrant in the name of the Warrantholder.

    

    Section
      2. Transfers.
      As
      provided herein, this Warrant may be transferred only pursuant to a registration
      statement filed under the Securities Act of 1933, as amended (the “Securities
      Act”), or an exemption from such registration. Subject to such restrictions, the
      Company shall transfer this Warrant from time to time upon the books to be
      maintained by the Company for that purpose, upon surrender thereof for transfer
      properly endorsed or accompanied by appropriate instructions for transfer and
      such other documents as may be reasonably required by the Company, including,
      if
      required by the Company, an opinion of its counsel to the effect that such
      transfer is exempt from the registration requirements of the Securities Act,
      to
      establish that such transfer is being made in accordance with the terms hereof,
      and a new Warrant shall be issued to the transferee and the surrendered Warrant
      shall be canceled by the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Section
      3. Exercise
      of Warrant.
      Subject
      to the provisions hereof, the Warrantholder may exercise this Warrant in whole
      or in part at any time prior to its expiration upon surrender of the Warrant,
      together with delivery of the duly executed Warrant exercise form attached
      hereto as Appendix A (the “Exercise Agreement”) and payment by cash, certified
      check or wire transfer of funds (or,
      in
      certain circumstances, by cash-less exercise as provided below) for
      the
      aggregate Warrant Price for that number of Warrant Shares then being purchased,
      to the Company during normal business hours on any business day at the Company’s
      principal executive offices (or such other office or agency of the Company
      as it
      may designate by notice to the Warrantholder). The Warrant Shares so purchased
      shall be deemed to be issued to the Warrantholder or the Warrantholder’s
      designee, as the record owner of such shares, as of the close of business on
      the
      date on which this Warrant shall have been surrendered (or evidence of loss,
      theft or destruction thereof and security or indemnity satisfactory to the
      Company), the Warrant Price shall have been paid and the completed Exercise
      Agreement shall have been delivered. Certificates for the Warrant Shares so
      purchased, representing the aggregate number of shares specified in the Exercise
      Agreement, shall be delivered to the Warrantholder within a reasonable time,
      not
      exceeding three (3) business days, after this Warrant shall have been so
      exercised. The certificates so delivered shall be in such denominations as
      may
      be requested by the Warrantholder and shall be registered in the name of the
      Warrantholder or such other name as shall be designated by the Warrantholder.
      If
      this Warrant shall have been exercised only in part, then, unless this Warrant
      has expired, the Company shall, at its expense, at the time of delivery of
      such
      certificates, deliver to the Warrantholder a new Warrant representing the number
      of shares with respect to which this Warrant shall not then have been exercised.
      As used herein, “business day” means a day, other than a Saturday or Sunday, on
      which banks in New York City are open for the general transaction of business.
      Each exercise hereof shall constitute the re-affirmation by the Warrantholder
      that the representations and warranties contained in Section 5 of the Purchase
      Agreement (as defined below) are true and correct in all material respects
      with
      respect to the Warrantholder as of the time of such exercise.

    

    Section
      4. Compliance
      with the Securities Act of 1933.
      Except
      as provided in the Purchase Agreement (as defined below), the Company may cause
      the legend set forth on the first page of this Warrant to be set forth on each
      Warrant or similar legend on any security issued or issuable upon exercise
      of
      this Warrant, unless counsel for the Company is of the opinion as to any such
      security that such legend is unnecessary.

    

    Section
      5. Payment
      of Taxes.
      The
      Company will pay any documentary stamp taxes attributable to the initial
      issuance of Warrant Shares issuable upon the exercise of the Warrant; provided,
      however, that the Company shall not be required to pay any tax or taxes which
      may be payable in respect of any transfer involved in the issuance or delivery
      of any certificates for Warrant Shares in a name other than that of the
      Warrantholder in respect of which such shares are issued, and in such case,
      the
      Company shall not be required to issue or deliver any certificate for Warrant
      Shares or any Warrant until the person requesting the same has paid to the
      Company the amount of such tax or has established to the Company’s reasonable
      satisfaction that such tax has been paid. The Warrantholder shall be responsible
      for income taxes due under federal, state or other law, if any such tax is
      due.

     

    
      
         

      

      
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    Section
      6. Mutilated
      or Missing Warrants.
      In case
      this Warrant shall be mutilated, lost, stolen, or destroyed, the Company shall
      issue in exchange and substitution of and upon cancellation of the mutilated
      Warrant, or in lieu of and substitution for the Warrant lost, stolen or
      destroyed, a new Warrant of like tenor and for the purchase of a like number
      of
      Warrant Shares, but only upon receipt of evidence reasonably satisfactory to
      the
      Company of such loss, theft or destruction of the Warrant, and with respect
      to a
      lost, stolen or destroyed Warrant, reasonable indemnity or bond with respect
      thereto, if requested by the Company.

    

    Section
      7. Reservation
      of Common Stock.
      The
      Company hereby represents and warrants that there have been reserved, and the
      Company shall at all applicable times keep reserved until issued (if necessary)
      as contemplated by this Section 7, out of the authorized and unissued shares
      of
      Common Stock, sufficient shares to provide for the exercise of the rights of
      purchase represented by this Warrant. The Company agrees that all Warrant Shares
      issued upon due exercise of the Warrant shall be, at the time of delivery of
      the
      certificates for such Warrant Shares, duly authorized, validly issued, fully
      paid and non-assessable shares of Common Stock of the Company.

    

    Section
      8. Adjustments.
      Subject
      and pursuant to the provisions of this Section 8, unless waived in a particular
      case by the Warrantholder, the Warrant Price and number of Warrant Shares
      subject to this Warrant shall be subject to adjustment from time to time as
      set
      forth hereinafter.

    

    (a) If
      the
      Company shall, at any time or from time to time while this Warrant is
      outstanding, pay a dividend or make a distribution on its Common Stock in shares
      of Common Stock, subdivide its outstanding shares of Common Stock into a greater
      number of shares or combine its outstanding shares of Common Stock into a
      smaller number of shares or issue by reclassification of its outstanding shares
      of Common Stock any shares of its capital stock (including any such
      reclassification in connection with a consolidation or merger in which the
      Company is the continuing corporation), then the number of Warrant Shares
      purchasable upon exercise of the Warrant and the Warrant Price in effect
      immediately prior to the date upon which such change shall become effective,
      shall be adjusted by the Company so that the Warrantholder thereafter exercising
      the Warrant shall be entitled to receive the number of shares of Common Stock
      or
      other capital stock which the Warrantholder would have received if the Warrant
      had been exercised immediately prior to such event upon payment of a Warrant
      Price that has been adjusted to reflect a fair allocation of the economics
      of
      such event to the Warrantholder. Such adjustments shall be made successively
      whenever any event listed above shall occur.

    

    (b) If
      any
      capital reorganization, reclassification of the capital stock of the Company,
      consolidation or merger of the Company with another corporation in which the
      Company is not the survivor, or sale, transfer or other disposition of all
      or
      substantially all of the Company’s assets to another corporation shall be
      effected, then, as a condition of such reorganization, reclassification,
      consolidation, merger, sale, transfer or other disposition, lawful and adequate
      provision shall be made whereby each Warrantholder shall thereafter have the
      right to purchase and receive upon the basis and upon the terms and conditions
      herein specified and in lieu of the Warrant Shares immediately theretofore
      issuable upon exercise of the Warrant, such shares of stock, securities or
      assets as would have been issuable or payable with respect to or in exchange
      for
      a number of Warrant Shares equal to the number of Warrant Shares immediately
      theretofore issuable upon exercise of the Warrant, had such reorganization,
      reclassification, consolidation, merger, sale, transfer or other disposition
      not
      taken place, and in any such case appropriate provision shall be made with
      respect to the rights and interests of each Warrantholder to the end that the
      provisions hereof (including, without limitation, provision for adjustment
      of
      the Warrant Price) shall thereafter be applicable, as nearly equivalent as
      may
      be practicable in relation to any shares of stock, securities or assets
      thereafter deliverable upon the exercise hereof. The Company shall not effect
      any such consolidation, merger, sale, transfer or other disposition unless
      prior
      to or simultaneously with the consummation thereof the successor corporation
      (if
      other than the Company) resulting from such consolidation or merger, or the
      corporation purchasing or otherwise acquiring such assets or other appropriate
      corporation or entity shall assume the obligation to deliver to the
      Warrantholder, at the last address of the Warrantholder appearing on the books
      of the Company, such shares of stock, securities or assets as, in accordance
      with the foregoing provisions, the Warrantholder may be entitled to purchase,
      and the other obligations under this Warrant. The provisions of this paragraph
      (b) shall similarly apply to successive reorganizations, reclassifications,
      consolidations, mergers, sales, transfers or other dispositions.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    (c) In
      case
      the Company shall fix a payment date for the making of a distribution to all
      holders of Common Stock (including any such distribution made in connection
      with
      a consolidation or merger in which the Company is the continuing corporation)
      of
      evidences of indebtedness or assets (other than cash dividends or cash
      distributions payable out of consolidated earnings or earned surplus or
      dividends or distributions referred to in Section 8(a)), or subscription rights
      or warrants, the Warrant Price to be in effect after such payment date shall
      be
      determined by multiplying the Warrant Price in effect immediately prior to
      such
      payment date by a fraction, the numerator of which shall be the total number
      of
      shares of Common Stock outstanding multiplied by the Market Price (as defined
      below) per share of Common Stock immediately prior to such payment date, less
      the fair market value (as determined by the Company’s Board of Directors in good
      faith) of said assets or evidences of indebtedness so distributed, or of such
      subscription rights or warrants, and the denominator of which shall be the
      total
      number of shares of Common Stock outstanding multiplied by such Market Price
      per
      share of Common Stock immediately prior to such payment date. “Market Price” as
      of a particular date (the “Valuation Date”) shall mean the following: (a) if the
      Common Stock is then listed on a national stock exchange, the closing sale
      price
      of one share of Common Stock on such exchange on the last trading day prior
      to
      the Valuation Date; (b) if the Common Stock is then quoted on The Nasdaq Stock
      Market, Inc. (“Nasdaq”), the National Association of Securities Dealers, Inc.
      OTC Bulletin Board (the “Bulletin Board”) or such similar exchange or
      association, the closing sale price of one share of Common Stock on Nasdaq,
      the
      Bulletin Board or such other exchange or association on the last trading day
      prior to the Valuation Date or, if no such closing sale price is available,
      the
      average of the high bid and the low asked price quoted thereon on the last
      trading day prior to the Valuation Date; or (c) if the Common Stock is not
      then
      listed on a national stock exchange or quoted on Nasdaq, the Bulletin Board
      or
      such other exchange or association, the fair market value of one share of Common
      Stock as of the Valuation Date, shall be determined in good faith by the Board
      of Directors of the Company and the Warrantholder. If the Common Stock is not
      then listed on a national securities exchange, the Bulletin Board or such other
      exchange or association, the Board of Directors of the Company shall respond
      promptly, in writing, to an inquiry by the Warrantholder prior to the exercise
      hereunder as to the fair market value of a share of Common Stock as determined
      by the Board of Directors of the Company. In the event that the Board of
      Directors of the Company and the Warrantholder are unable to agree upon the
      fair
      market value in respect of subpart (c) hereof, the Company and the Warrantholder
      shall jointly select an appraiser, who is experienced in such matters. The
      decision of such appraiser shall be final and conclusive, and the cost of such
      appraiser shall be borne equally by the Company and the Warrantholder. Such
      adjustment shall be made successively whenever such a payment date is
      fixed.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (d) An
      adjustment to the Warrant Price shall become effective immediately after the
      payment date in the case of each dividend or distribution and immediately after
      the effective date of each other event which requires an
      adjustment.

    

    (e) In
      the
      event that, as a result of an adjustment made pursuant to this Section 8, the
      Warrantholder shall become entitled to receive any shares of capital stock
      of
      the Company other than shares of Common Stock, the number of such other shares
      so receivable upon exercise of this Warrant shall be subject thereafter to
      adjustment from time to time in a manner and on terms as nearly equivalent
      as
      practicable to the provisions with respect to the Warrant Shares contained
      in
      this Warrant.

     

    Section
      9. Fractional
      Interest.
      The
      Company shall not be required to issue fractions of Warrant Shares upon the
      exercise of this Warrant. If any fractional share of Common Stock would, except
      for the provisions of the first sentence of this Section 9, be deliverable
      upon
      such exercise, the Company, in lieu of delivering such fractional share, shall
      pay to the exercising Warrantholder an amount in cash equal to the Market Price
      of such fractional share of Common Stock on the date of exercise.

    

    Section
      10. Extension
      of Expiration Date.
      If the
      Company fails to cause any Registration Statement covering Registrable
      Securities (unless otherwise defined herein, capitalized terms are as defined
      in
      the Registration Rights Agreement relating to the Warrant Shares (the
“Registration Rights Agreement”)) to be declared effective prior to the
      applicable dates set forth therein, or if any of the events specified in Section
      2(c)(ii) of the Registration Rights Agreement occurs, and the Blackout Period
      (whether alone, or in combination with any other Blackout Period) continues
      for
      more than 60 days in any 12 month period, or for more than a total of 90 days,
      then the Expiration Date of this Warrant shall be extended one day for each
      day
      beyond the 60-day or 90-day limits, as the case may be, that the Blackout Period
      continues.

    

    Section
      11. Benefits.
      Nothing
      in this Warrant shall be construed to give any person, firm or corporation
      (other than the Company and the Warrantholder) any legal or equitable right,
      remedy or claim, it being agreed that this Warrant shall be for the sole and
      exclusive benefit of the Company and the Warrantholder.

    

    Section
      12. Notices
      to Warrantholder.
      Upon
      the happening of any event requiring an adjustment of the Warrant Price, the
      Company shall promptly give written notice thereof to the Warrantholder at
      the
      address appearing in the records of the Company, stating the adjusted Warrant
      Price and the adjusted number of Warrant Shares resulting from such event and
      setting forth in reasonable detail the method of calculation and the facts
      upon
      which such calculation is based. Failure to give such notice to the
      Warrantholder or any defect therein shall not affect the legality or validity
      of
      the subject adjustment.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    Section
      13. Identity
      of Transfer Agent.
      The
      Transfer Agent for the Common Stock is Pacific Stock Transfer Company. Upon
      the
      appointment of any subsequent transfer agent for the Common Stock or other
      shares of the Company’s capital stock issuable upon the exercise of the rights
      of purchase represented by the Warrant, the Company will mail to the
      Warrantholder a statement setting forth the name and address of such transfer
      agent.

    

    Section
      14. Notices.
      Unless
      otherwise provided, any notice required or permitted under this Warrant shall
      be
      given in writing and shall be deemed effectively given as hereinafter described
      (i) if given by personal delivery, then such notice shall be deemed given upon
      such delivery, (ii) if given by telex or facsimile, then such notice shall
      be
      deemed given upon receipt of confirmation of complete transmittal, (iii) if
      given by mail, then such notice shall be deemed given upon the earlier of (A)
      receipt of such notice by the recipient or (B) three days after such notice
      is
      deposited in first class mail, postage prepaid, and (iv) if given by an
      internationally recognized overnight air courier, then such notice shall be
      deemed given one business day after delivery to such carrier. All notices shall
      be addressed as follows: if to the Warrantholder, at its address as set forth
      in
      the Company’s books and records and, if to the Company, at the address as
      follows, or at such other address as the Warrantholder or the Company may
      designate by ten days’ advance written notice to the other:

    

    If
      to the
      Company:

    

    Mr.
      Mark
      Gustafson

    Triangle
      Petroleum Corporation

    Suite
      1110, 521-3rd Avenue SW

    Calgary,
      Alberta T2P
      3T3 

    Fax: (403)
      269-3537

    

    With
      a
      copy to:

    

    Sichenzia
      Ross Friedman Ference LLP

    1065
      Avenue of the Americas

    New
      York,
      New York 10010 

    Attention:
      Thomas A. Rose, Esq.

    Fax:
      (212) 930-9725

    

    

    Section
      15. Registration
      Rights.
      The
      initial Warrantholder is entitled to the benefit of certain registration rights
      with respect to the shares of Common Stock issuable upon the exercise of this
      Warrant as provided in the Registration Rights Agreement, and any subsequent
      Warrantholder may be entitled to such rights.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    Section
      16. Successors.
      All the
      covenants and provisions hereof by or for the benefit of the Warrantholder
      shall
      bind and inure to the benefit of its respective successors and assigns
      hereunder. 

    

    Section
      17. Governing
      Law; Consent to Jurisdiction; Waiver of Jury Trial.
      This
      Warrant shall be governed by, and construed in accordance with, the internal
      laws of the State of Nevada, without reference to the choice of law provisions
      thereof. The Company and, by accepting this Warrant, the Warrantholder, each
      irrevocably submits to the exclusive jurisdiction of the courts of the State
      of
      Nevada located in Nevada and the United States District Court situated therein
      for the purpose of any suit, action, proceeding or judgment relating to or
      arising out of this Warrant and the transactions contemplated hereby. Service
      of
      process in connection with any such suit, action or proceeding may be served
      on
      each party hereto anywhere in the world by the same methods as are specified
      for
      the giving of notices under this Warrant. The Company and, by accepting this
      Warrant, the Warrantholder, each irrevocably consents to the jurisdiction of
      any
      such court in any such suit, action or proceeding and to the laying of venue
      in
      such court. The Company and, by accepting this Warrant, the Warrantholder,
      each
      irrevocably waives any objection to the laying of venue of any such suit, action
      or proceeding brought in such courts and irrevocably waives any claim that
      any
      such suit, action or proceeding brought in any such court has been brought
      in an
      inconvenient forum. EACH
      OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES
      ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
      WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
      WAIVER.

     

    Section
      19. Limitations
      on Exercise.

    

    (a) Notwithstanding
      anything to the contrary contained herein, the number of Warrant Shares that
      may
      be acquired by the Warrantholder upon any exercise of this Warrant (or otherwise
      in respect hereof) shall be limited to the extent necessary to insure that,
      following such exercise (or other issuance), the total number of shares of
      Common Stock then beneficially owned by such Warrantholder and its Affiliates
      (as such term is defined in the Purchase Agreement) and any other Persons (as
      such term is defined in the Purchase Agreement) whose beneficial ownership
      of
      Common Stock would be aggregated with the Warrantholder's for purposes of
      Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
      Act”), does not exceed 4.99% of the total number of issued and outstanding
      shares of Common Stock (including for such purpose the shares of Common Stock
      issuable upon such exercise). For such purposes, beneficial ownership shall
      be
      determined in accordance with Section 13(d) of the Exchange Act and the rules
      and regulations promulgated thereunder. This provision shall not restrict the
      number of shares of Common Stock which a Warrantholder may receive or
      beneficially own in order to determine the amount of securities or other
      consideration that such Holder may receive in the event of a transaction
      contemplated by Section 8 of this Warrant. By written notice to the Company,
      the
      Warrantholder may waive the provisions of this Section 19(a), but any such
      waiver will not be effective until the 61st day after delivery of such notice,
      nor will any such waiver effect any other Warrantholder.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    Section
      19. No
      Rights as Stockholder.
      Prior
      to the exercise of this Warrant, the Warrantholder shall not have or exercise
      any rights as a stockholder of the Company by virtue of its ownership of this
      Warrant.

    

    Section
      20. Amendment;
      Waiver.
      This
      Warrant is one of a series of Warrants of like tenor issued by the Company
      pursuant to the Purchase Agreement (collectively, the “Company
      Warrants”).
      Any
      term of this Warrant may be amended or waived (including the adjustment
      provisions included in Section 8 of this Warrant) upon the written consent
      of
      the Company and the holders of Company Warrants representing at least 50% of
      the
      number of shares of Common Stock then subject to all outstanding Company
      Warrants (the “Majority
      Holders”);
      provided,
      that
      (x) any such amendment or waiver must apply to all Company Warrants; and (y)
      the
      number of Warrant Shares subject to this Warrant, the Warrant Price and the
      Expiration Date may not be amended, and the right to exercise this Warrant
      may
      not be altered or waived, without the written consent of the Warrantholder.
      Notwithstanding the provisions of the preceding sentence, any Warrantholder
      shall have the right to waive for itself only any adjustment in the Warrant
      Price pursuant to Section 8 hereof.

    

    Section
      21. Section
      Headings.
      The
      section headings in this Warrant are for the convenience of the Company and
      the
      Warrantholder and in no way alter, modify, amend, limit or restrict the
      provisions hereof.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

       

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed, as
      of
      the 23rd day of January, 2006.

     

    
      	 	 	 
	 	TRIANGLE
              PETROLEUM
              CORPORATION
	 	 
	 	 
	 	By: /s/
              MARK GUSTAFSON
	 	Name:  Mark
              Gustafson
	 	Title:  President

     

    
      
         

      

      
        9

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