Document:

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 TOTRIANGLE 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 Rowlings Financial Inc. (the “Holder”)
        or its
        registered assigns or successors in interest, the sum of One Million Dollars
        ($1,000,000), together with any accrued and unpaid interest hereon, on June
        10,
        2007 (the “Maturity
        Date”)
        if not
        sooner paid.

       

      Capitalized
        terms used herein without definition shall have the meanings ascribed to
        such
        terms in that certain Purchase Agreement dated as of June 14, 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 eight percent (8%) (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.”

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      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.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      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.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      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
        3.10, 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.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      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.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      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.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      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.]

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF,
        Borrower has caused this Convertible Debenture to be signed in its name
        effective as of this 14th day of June, 2005.

       

      TRIANGLE
        PETROLEUM CORPORATION

       

      

       

      

       

      By: /s/
        MARK GUSTAFSON
       
        Name: Mark Gustafson
        Title:
        President

       

      
        
           

        

        
          8

          
            

          

        

        
           

          
          

        

      

       

      EXHIBIT
        A

       

      NOTICE
        OF CONVERSION

       

      (To
        be
        executed by the Holder in order to convert all or part of the
        Debenture

       

      into
        Common Stock)

       

      [Name
        and
        Address of Holder]

       

      

       

      The
        undersigned hereby converts $_________ of the principal due on [specify
        applicable Date] under the Convertible Debenture issued by Triangle Petroleum
        Corporation (“Borrower”) dated as of ___, 2005 by delivery of shares of Common
        Stock of Borrower on and subject to the conditions set forth in Article II
        of
        such Debenture.

       

      1. Date
        of
        Conversion  _______________________

       

      2. Shares
        To
        Be Delivered: _______________________

       

      ______________________________

       

      By:_______________________________

       

      Name:_____________________________

       

      Title:______________________________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 JUNE 15, 2008 (the “EXPIRATION DATE”).

      

      No.
        CA-1

       

      TRIANGLE
        PETROLEUM CORPORATION

      

      WARRANT
        TO PURCHASE 1,000,000 SHARES OF

      COMMON
        STOCK, PAR VALUE $0.00001 PER SHARE

      

      For
        VALUE
        RECEIVED, Rowlings Financial Inc. (“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 $1.00 (the exercise price in effect being herein called the “Warrant
        Price”), 1,000,000 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.

      

      
        
          
          

        

        
          -
            2
            -

          
            

          

        

        
          
          

        

      

      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.

      

      (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.

      

      
        
          
          

        

        
          -
            4
            -

          
            

          

        

        
          
          

        

      

      (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 [ ]. 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

      Sun
        Life
        Plaza

      Suite
        1600, 144-4th
        Avenue
        SW

      Calgary,
        Alberta R2P 3N4 

      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
        18. Cashless
        Exercise.
        Notwithstanding any other provision contained herein to the contrary, from
        and
        after the first anniversary of the Closing Date (as defined in the Purchase
        Agreement) and so long as the Company is required under the Registration
        Rights
        Agreement to have effected the registration of the Warrant Shares for sale
        to
        the public pursuant to a Registration Statement (as such term is defined
        in the
        Registration Rights Agreement), if the Warrant Shares may not be freely sold
        to
        the public for any reason (including, but not limited to, the failure of
        the
        Company to have effected the registration of the Warrant Shares or to have
        a
        current prospectus available for delivery or otherwise, but excluding the
        period
        of any Allowed Delay (as defined in the Registration Rights Agreement), the
        Warrantholder may elect to receive, without the payment by the Warrantholder
        of
        the aggregate Warrant Price in respect of the shares of Common Stock to be
        acquired, shares of Common Stock equal to the value of this Warrant or any
        portion hereof by the surrender of this Warrant (or such portion of this
        Warrant
        being so exercised) together with the Net Issue Election Notice annexed hereto
        as Appendix B duly executed, at the office of the Company. Thereupon, the
        Company shall issue to the Warrantholder such number of fully paid, validly
        issued and nonassessable shares of Common Stock as is computed using the
        following formula:

      

      X
        =
Y
        (A -
        B)

      A

      

      where 

      

      
        
          
          

        

        
          -
            7
            -

          
            

          

        

        
          
          

        

      

      X
        = the
        number of shares of Common Stock which the Warrantholder has then requested
        be
        issued to the Warrantholder;

      

      Y
        = the
        total
        number of shares of Common Stock covered by this Warrant which the Warrantholder
        has surrendered at such time for cash-less exercise (including both shares
        to be
        issued to the Warrantholder and shares to be canceled as payment
        therefor);

      

      A
        = the
        “Market Price” of one share of Common Stock as at the time the net issue
        election is made; and

      

      B
        = the
        Warrant Price in effect under this Warrant at the time the net issue election
        is
        made.

      

      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.

      

      Section
        20. 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
        21. 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
        22. 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 14th day of June, 2005.

      

       

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

      

      

      
        
          
          

        

        
          -
            9
            -

          
            

          

        

        
          
          

        

      

      APPENDIX
        A

      TRIANGLE
        PETROLEUM CORPORATION

      WARRANT
        EXERCISE FORM

      

      To
        Triangle Petroleum Corporation:

      

      The
        undersigned hereby irrevocably elects to exercise the right of purchase
        represented by the within Warrant (“Warrant”) for, and to purchase thereunder by
        the payment of the Warrant Price and surrender of the Warrant, _______________
        shares of Common Stock (“Warrant Shares”) provided for therein, and requests
        that certificates for the Warrant Shares be issued as follows: 

      

      _______________________________

      Name

      ________________________________

      Address

      ________________________________

      ________________________________

      Federal
        Tax ID or Social Security No.

      

      and
        delivered by (certified
        mail to the above address, or 

      (electronically
        (provide DWAC Instructions:___________________), or 

      (other
        (specify): __________________________________________). 

      

      and,
        if
        the number of Warrant Shares shall not be all the Warrant Shares purchasable
        upon exercise of the Warrant, that a new Warrant for the balance of the Warrant
        Shares purchasable upon exercise of this Warrant be registered in the name
        of
        the undersigned Warrantholder or the undersigned’s Assignee as below indicated
        and delivered to the address stated below.

       

      
        
          	
                  Dated:
                    ___________________, ____

                	 
	 	 
	
                  Note:
                    The signature must correspond with

                	
                  Signature:______________________________

                
	
                  the
                    name of the Warrantholder as written

                	 
	
                  on
                    the first page of the Warrant in every

                	
                  ______________________________

                
	
                  particular,
                    without alteration or enlargement

                	
                  Name
                    (please print)

                
	
                  or
                    any change whatever, unless the Warrant

                	 
	
                  has
                    been assigned.

                	
                  ______________________________

                
	 	
                  ______________________________

                
	 	
                  Address

                
	 	
                  ______________________________

                
	 	
                  Federal
                    Identification or

                
	 	
                  Social
                    Security No.

                
	 	 
	 	
                  Assignee:
                    

                
	 	
                  _______________________________

                
	 	
                  _______________________________

                
	 	
                  _______________________________

                

        

         

      

      
        
          
          

        

        
          -
            10
            -

          
            

          

        

        
          
          

        

      

      APPENDIX
        B

      TRIANGLE
        PETROLEUM CORPORATION

      NET
        ISSUE
        ELECTION NOTICE

      

      

      To:
        Triangle Petroleum Corporation

      

      Date:[_________________________]

      

      

      The
        undersigned hereby elects to surrender the right to purchase [____________]
        shares of Common Stock pursuant to this Warrant and hereby requests the issuance
        of [_____________] shares of Common Stock. The certificate(s) for the shares
        issuable upon such net issue election shall be issued in the name of the
        undersigned or as otherwise indicated below.

      

      

      _________________________________________

      Signature

      

      _________________________________________

      Name
        for
        Registration

      

      _________________________________________

      Mailing
        Address

       

      
        
          
          

        

        
          -
            11
            -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]