Document:

Unassociated Document

    
       

      EXHIBIT 10.57

       

      CONFIDENTIAL

       

      RELEASE AND SETTLEMENT
AGREEMENT

       

      This
Release and Settlement Agreement (the “Agreement”) is made and entered into by
and between BioMimetic Therapeutics, Inc. (hereinafter “Claimant”), and Deutsche
Bank Securities Inc. (hereinafter “DBSI”), collectively referred to as the
“Parties.”

       

      WHEREAS,
Claimant has maintained accounts with DBSI (the “Accounts”);

       

      WHEREAS,
in or about February 2009, Claimant instituted an arbitration proceeding against
DBSI before FINRA Dispute Resolution, FINRA Dispute Resolution Case No.
09-00876 (the “Action”);

       

      WHEREAS,
DBSI filed Answers
in the Action denying all allegations asserted in the Statement of Claim and
Amended Statement of Claim filed by Claimant, and DBSI denies any wrongdoing or
liability to Claimant for any alleged damages whatsoever;

       

      WHEREAS,
the Parties desire to enter into this Agreement to conclude the disputes that
exist or may exist between them and all matters which were asserted or which
could have been asserted by either Party against the other in the Action arising
on or prior to the date of this Agreement.

       

      NOW,
THEREFORE, in consideration of the covenants, conditions and promises contained
in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

       

      1.           Settlement
Payment.  Within ten (10) business days of the execution of
this Agreement by both Parties, DBSI will pay Claimant by wire transfer the
amount of $7,219,270  to the account identified in the wire
instructions included in the Letter Agreement (the “Letter
Agreement”).  All terms not defined herein are defined in the Letter
Agreement.

       

      2.           Dismissal with Prejudice by
Claimant.  Upon full execution of this Agreement and payment of
the amounts due under paragraph 1 hereof and under the Letter Agreement dated
December 18, 2009 between the Parties, Claimant shall immediately notify FINRA
that this matter has been settled and shall promptly (i.e., not later than the
next business day) file with FINRA a formal Dismissal with Prejudice concerning
all claims asserted by Claimant in the Action.  The Parties hereby
agree that if for any reason a decision is rendered by FINRA and delivered to a
Party by FINRA prior to DBSI wiring the payment set forth in paragraph 1 above
and prior to compliance with the Letter Agreement, this Agreement and the Letter
Agreement shall be deemed null and of no force and effect, and any transactions
initiated or executed hereunder or under the Letter Agreement shall be promptly
reversed.

       

      3.           Release.  In
consideration for the settlement payment set forth in paragraph 1 above and
other good and valuable consideration, the receipt of which is hereby
acknowledged, Claimant, for itself and its present and former predecessors, subsidiaries, affiliates,
parent corporations, successors, representatives, agents, independent
committees, shareholders, principals, attorneys, officers, directors, insurers,
administrators, assigns, employees, trusts, trustees, beneficiaries, and
partners, and anyone else who may claim any interest in the Accounts (the
“Claimant Releasing Parties”), does hereby remise, release, acquit, satisfy, and
forever discharge, for itself and for all persons who may claim by, through or
under it, DBSI and all present and former predecessors (including, but not
limited to, Deutsche Banc Alex. Brown Inc., DB Alex. Brown LLC, BT Alex. Brown
Incorporated, and Alex. Brown & Sons Incorporated), subsidiaries,
affiliates, parent corporations, and each of their respective present or past
officers, agents, representatives, employees (including without limitation,
Kevin Lynch, Jonathan DeFreytas, and Dawn Michalik), account executives,
partners, shareholders, directors, attorneys, insurers, sureties, successors and
assigns (hereinafter collectively referred to as the “DBSI Released Parties”),
of and from all, and all manner of action and actions, cause and causes of
action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, executions, claims and demands
whatsoever, regardless of whether known or unknown, whether at law or in equity,
or whether under state or federal law or any other rule, regulation or
authority, which against DBSI or any of the DBSI Released Parties, Claimant or
any of the other Claimant Releasing Parties now has, ever had, or which can,
shall or may hereafter accrue for, upon or by reason of any matter, cause, or
thing whatsoever, from the beginning of the world to the date of this Agreement
related to the Accounts, to the allegations asserted in the Action, to the Note
Obligation, and to Claimant’s financial dealings with the Deutsche Bank Alex.
Brown division of DBSI.  Notwithstanding anything herein to the
contrary, nothing in this Agreement shall release DBSI or any of the DBSI
Released Parties from their obligations under this Agreement or under the Letter
Agreement.

       

      
        
          **
REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

           

        

        
           

          
            

          

        

        
           

        

      

       

      4.           In
consideration of Claimant’s agreement to compromise its claims on the terms set
forth herein and other good and valuable consideration, the receipt of which is
hereby acknowledged, DBSI, for itself and its present and former predecessors, subsidiaries,
affiliates (including
without limitation Deutsche Bank AG (Cayman Islands Branch)), parent corporations, successors,
representatives, agents, committees, shareholders, principals, attorneys,
account executives, officers, directors, insurers, administrators, assigns,
employees, trusts, trustees, beneficiaries, and partners (the “DBSI Releasing
Parties”), does hereby remise, release, acquit, satisfy, and forever discharge,
for itself and for all persons who may claim by, through or under it, Claimant
and all present and former subsidiaries, and affiliates and each of their
respective present or past officers, agents, representatives, employees,
shareholders, directors, attorneys, insurers, sureties, successors and assigns
(hereinafter collectively referred to as the “Claimant Released Parties”), of
and from all, and all manner of action and actions, cause and causes of action,
suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, executions, claims and demands
whatsoever, regardless of whether known or unknown, whether at law or in equity,
or whether under state or federal law or any other rule, regulation or
authority, which against Claimant or any of the Claimant Released Parties, DBSI
or any of the other DSBI Releasing Parties now has, ever had, or which can,
shall or may hereafter accrue for, upon or by reason of any matter, cause, or
thing whatsoever, from the beginning of the world to the date of this Agreement
related to the Accounts, to the allegations asserted in the Action, to the Note
Obligation, and to Claimant’s financial dealings with the Deutsche Bank Alex.
Brown division of DBSI.  Notwithstanding anything herein to the
contrary, nothing in this agreement shall release Claimant or any of the
Claimant Released Parties from their obligations under this Agreement or under
the Letter Agreement.

       

      5.           Claimant
and DBSI acknowledge that each may hereafter discover facts in addition to or
different from those which it now knows or believes to be true with respect to
the subject matter of this Agreement, but that it is each Party’s intention
hereby to fully, finally and forever settle and release the claims set forth in
paragraphs 3 and 4, and that in furtherance of such intention, the releases
herein given shall be and remain in effect, notwithstanding the discovery by
Claimant or DBSI of the existence of any such additional or different
facts.

       

      6.           Covenant Not to
Sue.  Provided DBSI complies timely with its obligations under
this Agreement and under the Letter Agreement, Claimant agrees that it will not
initiate against DBSI or any of the DBSI Released Parties any complaint, or
legal, equitable, or arbitration proceeding of any nature based on any claim,
whether known or unknown, whether in law or equity, whether ex contractu or ex delicto, existing as of
the date of this Agreement related to the Accounts, to the allegations asserted
in the Action, to the Note Obligation, and/or to Claimant’s financial dealings
with the Deutsche Bank Alex. Brown division of DBSI.  Provided
Claimant complies timely with its obligations under this Agreement and under the
Letter Agreement, DBSI agrees that it will not initiate against Claimant or any
of the Claimant Released Parties any complaint, or legal, equitable, or
arbitration proceeding of any nature based on any claim, whether known or
unknown, whether in law or equity, whether ex contractu or ex delicto, existing as of
the date of this Agreement related to the Accounts, to the allegations asserted
in the Action, to the Note Obligation, and/or to Claimant’s financial dealings
with the Deutsche Bank Alex. Brown division of DBSI.

       

      
        
          **
REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

           

        

        
          2

          
            

          

        

        
           

        

      

       

      7.           Enforcement of
Agreement.  In addition to any other remedy at law or in
equity, in the event any Party breaches any provision of this Agreement, then
(i) the non-breaching Party will be entitled to injunctive relief, and (ii) the
breaching Party shall indemnify the non-breaching Party against all costs and
expenses, including attorneys’ fees, incurred by reason of the
breach.  Any dispute concerning the terms or enforcement of this
Agreement shall be determined by arbitration before FINRA in accordance with
FINRA’s rules.  Any such arbitration proceeding shall be held in
Nashville, Tennessee.

       

      8.           Representations and
Warranties.

       

      
        	
                 
      

              	
                a.

              	
                No Prior Assignment or
      Encumbrance: Claimant represents that it has not heretofore
      assigned or transferred or purported to assign or transfer to any person
      or entity: (1) any claim or cause of action arising out of or related to
      the matters released herein or (2) any of the Current
      ARS.  Claimant further represents that as of the date of
      delivery to DBSI, the Current ARS will be free of any liens or
      encumbrances other than any liens or encumbrances of Deutsche Bank AG
      (Cayman Island Branch) or any of its affiliates in connection with the
      Note Obligation.

              

      

       

      
        	
                 
      

              	
                b.

              	
                Full Capacity and
      Authority: Claimant and DBSI each represent and warrant that (i)
      the persons signing this Agreement have full authority and representative
      capacity to execute the Agreement on behalf of themselves and on behalf of
      all other persons, estates, corporations, or entities for whom they
      purport to act as stated herein and (ii) this Agreement has been duly
      executed and delivered and constitutes the valid and binding obligation of
      the Parties to this Agreement.

              

      

       

      
        	
                 
      

              	
                c.

              	
                No Violation:
      Each of the Parties represents and warrants that such Party is not bound
      by any provision of (i) any law, statute, rule, regulation, or judicial or
      administrative decision, or (ii) any judgment, order, writ, injunction or
      decree of any court, governmental body, administrative agency or
      arbitrator, which would prevent or be violated by the execution, delivery
      or performance of the Agreement.

              

      

       

      9.            Settlement of Disputed
Claims.  It is understood and agreed that this settlement is
the compromise of the disputed claims, and that the consideration referred to
herein is not to be construed as an admission of wrongdoing or liability on the
part of any Party or Parties hereto, or any of their employees or agents, which
liability is expressly denied.

       

      10.           Attorneys’ Fees, Costs and
Expenses.  **  DBSI will not be required to reimburse
Claimant for any arbitration fees, filing fees, or costs previously
paid.  Except as otherwise expressly set forth in this paragraph, the
Parties will bear their own attorneys’ fees, costs, and expenses in connection
with the Action and the Agreement.

       

      11.           Integrated
Agreement.  This Agreement supersedes all previous
negotiations, discussions and understandings regarding the terms of the Parties’
settlement of the Action.  The Parties acknowledge and represent that
they have not relied on any promise, inducement, representation, or other
statement made in connection with this Agreement that is not expressly contained
herein.  The terms of this Agreement are contractual and not a mere
recital.

       

      12.           No Oral
Modification.  This Agreement cannot be altered, amended, or
modified in any respect, except by a writing duly executed by the
Parties.

       

      13.           Interpretation of
Agreement.  This Agreement shall be construed without regard to
the Party or Parties responsible for its preparation, and shall be deemed to
have been prepared collectively by the Parties.  Any ambiguity or
uncertainty arising herein shall not be interpreted or construed against any
Party hereto on the basis that a Party prepared or drafted a particular
provision of this Agreement.

       

      14.           Choice of
Law.  The laws of the State of New York (without regard to its
conflict of laws provisions) shall govern the interpretation and enforcement of
this Agreement.

       

      
        
          **
REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

           

        

        
          3

          
            

          

        

        
           

        

      

       

      15.           Severability of
Parts.  If any portion, provision, or part of this Agreement is
held, determined or adjudicated by any court of competent jurisdiction or by any
properly constituted FINRA arbitration panel to be invalid, unenforceable or
void for any reason whatsoever, each such portion, provision, or part shall be
severed from the remaining portions, provisions or parts of the Agreement, and
such determination or adjudication shall not affect the validity or
enforceability of the remaining portions, provisions, or parts.

       

      16.           Confidentiality.  The
Parties agree that all settlement discussions and the terms and conditions of
this Agreement shall remain strictly confidential, including all terms and
amounts discussed and any facts or circumstances of the underlying matter
(collectively referred to herein as “Confidential Information”).  The
Parties may disclose the terms of this Agreement only in the following
situations: (a) to their respective attorneys, accountants, professional
advisers and/or other agents who are required to know of the Agreement or its
terms in order to carry on the business affairs of such Party in the ordinary
course of business, provided that at the time of such disclosure they are made
aware of the confidential nature of this Agreement and they agree to abide by
the provisions of this paragraph; (b) to the extent necessary to enforce the
terms and conditions of this Agreement and any modifications thereto, including
in any subsequent proceeding in which any Party alleges a breach of this
Agreement; (c) at the request of the SEC, FINRA, or any governmental or
regulatory authority; (d) as may be required by any applicable regulatory rules,
regulations, or regulatory agreements.  Claimant’s obligations under
(d) shall be determined in good faith within the sole discretion of Claimant’s
legal counsel, including without limitation as required in order for Claimant to
comply with reporting requirements applicable to a company whose stock is
publicly traded that has entered into a material agreement, taking into account
the confidentiality provisions of this Agreement and Claimant’s obligations
under the Agreement; and (e) validly-issued and enforceable subpoenas by a court
of competent jurisdiction.  Nothing herein shall prohibit any Party or
any Party’s attorney from responding to any request made by any regulator
concerning the Agreement or the underlying facts and circumstances.

       

      17.           Claimant
and its attorneys agree that they will not disclose any Confidential Information
to any person affiliated with any media, news, television, radio, broadcast,
telecommunications, reporting or publishing entity or organization or any other
person, organization or entity who disseminates news to the general public;
provided, however, that Claimant may (a) issue a press release stating only as
follows: “BMTI has reached a settlement of its pending claims concerning certain
securities that it purchased in 2007-2008.  The terms of the
settlement are confidential at this time.”; (b) file a form 8-K indicating that
Claimant has entered into a material agreement to settle its pending claims
concerning certain securities that it purchased in 2007-2008, the terms of which
settlement are confidential at this time; and (c) include in its form 10K for
the year ended December 31,  2009 the disclosure substantially of the
form attached hereto as Exhibit A, and file this Agreement (in redacted form
consistent with the Confidential Treatment Request required by paragraph 18
below) as an exhibit to the Form 10-K.  Statements in the 10K may also
disclose that a cash payment was received in settlement of our previously
disclosed FINRA arbitration relating to investments in certain securities
(including disclosure in the financial statement that the amount of the cash
payment was $7.2M), and the form 10K and subsequent SEC filings by the Company
may also include such other information as may be legally required to satisfy
Claimant’s disclosure obligations as determined in good faith within the sole
discretion of Claimant’s legal counsel, taking into account the confidentiality
provisions of this Agreement and Claimant’s obligations under the
Agreement.   Claimant will use its best efforts not to mention
DBSI in any of its public filings.

       

      18.           Simultaneously
with the filing of its Form 10-K referenced in Paragraph 17 above, Claimant
shall file with the SEC pursuant to Rule 24b-2 under the Securities Exchange Act
of 1934, a request for confidential treatment based on competitive harm to DBSI
of specific words and phrases in this Agreement (not entire paragraphs or
information disclosed in the 10K).  Claimant shall provide counsel of
record for DBSI an opportunity to review and comment upon the form of the
request at least three business days prior to the filing of the request with the
SEC.

       

      19.           Notice Prior to Required
Disclosure.  If Claimant or its attorneys receive any subpoena
in any private civil matter (i.e., not from a regulator) purporting to require
or compel information that is protected from disclosure under this Agreement,
including under Paragraph 16 above, such party shall give counsel of record for
DBSI immediate written notice sufficient to allow counsel for DBSI a reasonable
opportunity to intervene or appear before any disclosure is made.

       

      20.           Return, Deletion, or
Destruction of Materials.  Within 30 days of Claimant’s filing
for Dismissal of the Action, Claimant shall certify to DBSI that Claimant has
either deleted, destroyed, or returned to DBSI (a) any documents, emails, or
exhibits produced by DBSI in the Action and (b) any copies of the transcripts of
the proceedings in the Action.

       

      21.           Cooperation of
Parties.  The Parties agree to cooperate to accomplish the
purpose of this Agreement and to execute any and all supplementary documents and
to take all additional actions not inconsistent with the terms set forth in this
Agreement that are necessary and appropriate to give full force and effect to
the terms and intent of this Agreement.

       

      22.           Advice of
Counsel.  The Parties have been fully advised by their
respective counsel as to the legal and binding effect of the general release and
other agreements provided herein and having been so advised, freely and
voluntarily sign this Agreement.

       

      23.           Non-Disparagement.  The
Parties agree that neither will disparage or make any negative statements about
the other, its employees, agents, or representatives.

       

      
        
          **
REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

           

        

        
          4

          
            

          

        

        
           

        

      

       

      IN
WITNESS WHEREOF, the Parties and their counsel hereto have caused this Agreement
to be executed.

       

      BioMimetic
Therapeutics, Inc.

       

      
        	
                By: 

              	/s/ Samuel Lynch	 
	
                Name:  

              	Samuel Lynch, D.M.D., D.M.Sc.	 
	
                Title:

              	
                President
      & CEO

              	 
	
                Date:

              	
                December
      18, 2009

              	 
	 
      	 
      	 
	 
      	 
      	 
	
                Deutsche
      Bank Securities Inc.

              	 
	 
      	 
      	 
	 
      	 
      	 
	
                By: 

              	/s/ Jeff Whitaker	 
	
                Name:

              	
                Jeff
      Whitaker

              	 
	
                Title:

              	
                COO
      and Managing Director

              	 
	
                Date:

              	
                12/21/09

              	 
	 
      	 
      	 
	 
      	 
      	 
	
                By: 

              	/s/ G. Haig Ariyan	 
	
                Name:

              	
                G.
      Haig Ariyan

              	 
	
                Title:

              	
                Managing
      Director

              	 
	
                Date:

              	
                12-21-09

              	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	 
      	 

      

       

      
        	
                Approved
      as to form, and agreed to with

              	 
      
	
                respect
      to Paragraphs 16, 17, 18, 19 and  20

              	 
      
	
                to
      which my law firm and I are hereby bound:

              	 
      

      

       

      
        	
                /s/Alix C.
      Cross

              	 
      
	
                Alix
      C. Cross, Esq.

              	 
      
	
                Lead
      Counsel for Claimant

              	 
      

      

      

      
        
          **
REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

           

        

        
          5

          
            

          

        

        
           

        

      

       

      Exhibit
A

       

      In
December 2009 we sold all of our ARS investments for $18.58M.  We had
previously determined that our ARS investments had experienced an
other-than-temporary impairment in fair value and we had estimated the fair
value to be $___ million, representing an impairment loss of $___ million, as of
September 30, 2009.  The December 2009 sale of all ARS investments has
resulted in a net realized gain of $___ million as of the twelve months ended
December 31, 2009.  

       

      In
October 2008, to address the liquidity issues associated with these ARS
investments in the short-term, we entered into a Time Promissory Note (“Note”)
credit facility enabling us to borrow up to $39.1 million with certain of
our ARS investments serving as collateral.  With the sale of all our
remaining ARS investments in December 2009, we have repaid in full the remaining
balance on the Note in the amount of $15.16M and the original promissory note
has been returned to us marked “paid in full.”   In addition, the
issuer of the Note has released us from and terminated our security and pledge
agreement and securities account control agreement, and has terminated any UCC
filings made with respect to the Note and security agreements.

       

      In
February 2009, we filed an arbitration claim with the Financial
Industry Regulatory Authority, Inc. (“FINRA”) asserting various claims
relating to investments in certain securities made on our behalf.  In
December 2009 this proceeding was settled (see Notes ___
and  ___).

       

      
        
          **
REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.

           

        

        
          6Unassociated Document

    

      Exhibit
10.1

      

      SUBSCRIPTION
& REGISTRATION RIGHTS AGREEMENT

      FOR
COMMON SHARES

      

      
        
          
            	
                    TO:

                  	 
      	
                    Triangle
      Petroleum Corporation (the “Corporation”)

                  
	
                    AND
      TO:

                  	
                      

                  	
                    Johnson
      Rice & Company LLC
(“Agent”)

                  

          

        

      

       

      The
undersigned (hereinafter referred to as the “Subscriber,” and, together
with the other persons purchasing shares of common stock of the Corporation
offered in this Offering, the “Subscribers”) hereby
irrevocably subscribes for and agrees to purchase the number of shares of common
stock of the Corporation set forth below (the “Common Shares”), for the
aggregate subscription price set forth below (the “Aggregate Subscription
Price”), representing a subscription price of $0.33 (U.S.) per Common
Share, upon and subject to the terms and conditions set forth in “Terms and
Conditions of Subscription for Common Shares of Triangle Petroleum Corporation”
attached hereto (together with this page and the attached Exhibits, the “Subscription Agreement”). In addition to this face page, the
Subscriber must also complete all applicable Exhibits attached
hereto.

      

      
        
          
            
              
                	 
      	 
      	
                        Number
      of Common Shares:

                      	 
      

              

            

          

        

      

      

      
        
          
            
              	 
      	 
      	
                      Aggregate
      Subscription Price (U.S.): $

                    	 
      
	
                      (Name
      of Subscriber − please print)

                    	 
      	 
      	 
      

            

          

        

      

      

      
        
          
            
              
                	
                        By:

                      	 
      	 
      	
                        Deliver the Common Shares as set forth
      below:

                      
	 
      	
                        (Authorized
      Signature)

                      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                        (Name)

                      

              

            

          

        

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          	 	 	 
	
                                                                  (Official Capacity or Title − please
      print)

                                                                	 
      	
                                                                  (Account Reference, if
      applicable))

                                                                
	 
      	 
      	 
      
	 	 	 
	
                                                                  (Please
      print name of individual whose signature appears above if different than
      the name of the subscriber printed above.)

                                                                	 
      	
                                                                  (Contact Name)

                                                                
	 	 	 
	 
      	 
      	
                                                                  (Address, including ZIP
    code)

                                                                
	 	 	 
	 
      	 
      	 
      
	
                                                                  (Subscriber’s
      Address, including ZIP code)

                                                                	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                                                                  Register the Common Shares as set forth
      below:

                                                                
	 	 	 	 
	 
      	 
      	 
      	 
      
	
                                                                  (Telephone
      Number)

                                                                	
                                                                  (E-Mail
      Address)

                                                                	 
      	
                                                                  (Name)

                                                                
	 
      	 
      	 
      	 
      
	 	 	 	 
	
                                                                  (Taxpayer
      Identification Number)

                                                                	 
      	
                                                                  (Account reference, if
      applicable

                                                                
	 
      	 
      	 
      
	 	 	 
	
                                                                    

                                                                	
                                                                    

                                                                	
                                                                  (Address,
      including ZIP
code)

                                                                

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      ACCEPTANCE: The Corporation
hereby accepts the subscription as set forth above on the terms and conditions
contained in this Subscription Agreement.

      

      Dated:
_________________________, 2010

      

      
        
          
            
              
                
                  
                    	
                            TRIANGLE
      PETROLEUM CORPORATION

                          	 	 
      	
                             

                          	 	
                            Subscription
      No:

                          
	 
      	 
      	 	 
      	 
      	 	 
      
	
                            By:

                          	 
      	 	
                            Title:

                          	 
      	 	 
      

                  

                

              

            

          

        

      

       

      This
is the first page of an agreement comprised of 18 pages (including
Exhibits).

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      TERMS
AND CONDITIONS OF SUBSCRIPTION FOR

      COMMON
SHARES OF

      TRIANGLE
PETROLEUM CORPORATION

       

      Terms
of the Offering

       

      1.     The
Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each
person on whose behalf the Subscriber is contracting) that this subscription is
subject to rejection or allotment by the Corporation in whole or in
part.

       

      2.     The
Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each
person on whose behalf the Subscriber is contracting) that:

       

      
        	
              	
                (a)

              	
                the
      Common Shares subscribed for by it hereunder form part of a larger
      issuance and sale by the Corporation of up to 30,000,000 Common Shares at
      an issue price of $0.33(U.S.) per Common Share on a best efforts marketed
      offering basis through the Agent (the “Offering”);
      and

              

      

       

      
        	
              	
                (b)

              	
                the
      Offering is not subject to any minimum subscription level, and therefore,
      any funds invested are available to the Corporation and will be paid to
      the Corporation on the Closing
Date.

              

      

       

      Definitions

       

      3.     The
following terms, as used herein, have the following meanings:

       

      
        	
              	
                (a)

              	
                “1933 Act” means the U.S.
      Securities Act of 1933, as amended.

              

      

       

      
        	
              	
                (b)

              	
                “Prospectus” means the
      prospectus or prospectuses forming a part of, or deemed to form a part of,
      or included in, or deemed included in, any Registration Statement, as
      amended or supplemented by any prospectus supplement with respect to the
      terms of the offering of any portion of the Registrable Shares covered by
      such Registration Statement and by all other amendments and supplements to
      the prospectus, including post-effective amendments and all material
      incorporated by reference in such prospectus or
    prospectuses.

              

      

       

      
        	
              	
                (c)

              	
                “Registrable Shares”
      means Common Shares purchased by the Subscriber in the Offering that do
      not bear a restrictive legend.

              

      

       

      
        	
              	
                (d)

              	
                “Registration
      Statement” means any registration statement
      under the 1933 Act of the Corporation that covers any of the Registrable Shares pursuant
      to the provisions of this Agreement, including the Prospectus, amendments
      and supplements to such Registration Statement, including post-effective
      amendments, all exhibits and all materials incorporated by reference in
      such Registration
      Statement.

              

      

       

      Registration
Rights

       

      4.     If
the Corporation proposes to publicly sell or register for sale any of its Common
Shares for its own account or for the account of any stockholder of the
Corporation (other than in connection with the repurchase, redemption,
acquisition or retirement of capital stock of the Corporation) pursuant to a
registration statement under the 1933 Act (other than a registration statement
on Form S-8 or on Form S-4 or any similar successor forms thereto) on or before
the six month anniversary of the closing of the Offering  (a “Piggyback Registration”), the
Corporation shall give written notice to the Subscriber of its intention to
effect such sale or registration at least 15 days prior the effectiveness of
such Registration Statement and, subject to Section 5, shall include in such transaction all Registrable
Shares with respect to which the Corporation has received a written request from
the Subscriber for inclusion therein within 5 days after the receipt of the
Corporation’s notice.  The failure of the Subscriber to respond to
such notice shall be deemed a waiver of the Subscriber’s rights to participate
in the proposed Piggyback Registration.  The Corporation shall have no
obligation to offer the Subscriber the right to participate in more than one
Piggyback Registration for which the related Registration Statement becomes
effective; provided, however, if the number of Registrable Shares included in
the Registration Statement is cutback pursuant to Section 5 below, the Corporation shall be required to allow
the Subscriber to participate in such additional Piggyback Registrations during
such six month period as is necessary to include all of the Registrable
Shares.  The Corporation may postpone or withdraw the filing or the
effectiveness of a Piggyback Registration at any time in its sole
discretion.

       

      5.     If
a Piggyback Registration is initiated as an underwritten offering, and the
managing underwriter advises the Corporation that in its good faith opinion the
number of securities requested to be included in such registration exceeds the
number that can be sold in such offering without having a material adverse
effect on such offering, including the price at which such securities can be
sold, then the Corporation shall include in such registration the maximum number
of shares that such underwriter advises can be so sold without having such
effect, allocated (i) first, to the securities the Corporation proposes to sell,
(ii) second, pro rata among the Subscriber and the other subscribers purchasing
shares of Common Stock in the Offering based upon the number of Registrable
Shares requested to be included by the Subscriber and each other subscriber, and
(iii) third, among other securities requested to be included in such
registration by other security holders of the Corporation on such basis as such
holders may agree among themselves and the Corporation.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      6.     In
connection with the registration and sale of Registrable Shares pursuant to this
Subscription Agreement, the Corporation shall:

       

      
        	
              	
                (a)

              	
                a
      reasonable time before filing a Registration Statement or Prospectus or
      any amendments or supplements thereto (including any prospectus supplement
      for a shelf takedown) in which the Subscriber is named, furnish to the
      Subscriber copies of such Registration Statement or Prospectus or
      supplement thereto (including any prospectus supplement for a shelf
      takedown) proposed to be filed, and the Subscriber shall have the
      opportunity to review and comment thereon, and the Corporation shall
      consider such changes in good faith prior to filing any such
      document;

              

      

       

      
        	
              	
                (b)

              	
                furnish
      to the Subscriber such number of copies of such Prospectus (including each
      preliminary Prospectus and Prospectus supplement) and such other documents
      as the Subscriber may reasonably request in order to facilitate the
      disposition of the Registrable Shares, provided, however, that the
      Corporation shall have no such obligation to furnish copies of
      a final Prospectus if the conditions of Rule 172(c) under the 1933
      Act are satisfied by the
Corporation;

              

      

       

      
        	
              	
                (c)

              	
                use
      commercially reasonable best efforts to register or qualify such
      Registrable Shares under such other securities or blue sky laws of such
      jurisdictions (domestic or foreign) as the Subscriber reasonably requests
      and do any and all other acts and things that may be reasonably necessary
      or advisable to enable the Subscriber to consummate the disposition in
      such jurisdictions of the Registrable Shares (provided, that the
      Corporation will not be required to (1) qualify generally to do business
      in any jurisdiction where it would not otherwise be required to qualify
      but for this Section 6(c), (2) subject itself
      to taxation in any such jurisdiction or (3) consent to general service of
      process in any such jurisdiction);

              

      

       

      
        	
              	
                (d)

              	
                notify
      the Subscriber, at any time when a Prospectus relating thereto is required
      to be delivered under the 1933 Act, of the occurrence of any event as a
      result of which any Prospectus contains an untrue statement of a material
      fact or omits any material fact necessary to make the statements therein
      not misleading;

              

      

       

      
        	
              	
                (e)

              	
                make
      available for inspection by the Subscriber, and any attorney, accountant
      or other agent retained by the Subscriber, all financial and other
      records, pertinent corporate documents and properties of the Corporation,
      and cause the Corporation’s officers, directors, employees and independent
      accountants to supply all information reasonably requested by the
      Subscriber, attorney, accountant or agent in connection with such
      Registration Statement;

              

      

       

      
        	
              	
                (f)

              	
                promptly
      notify the Subscriber:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                when
      the Registration Statement, any pre-effective amendment, the Prospectus or
      any Prospectus supplement or post-effective amendment to the Registration
      Statement has been filed and, with respect to the Registration Statement
      or any post-effective amendment, when the same has become
      effective;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                of
      any written request by the SEC for amendments or supplements to the
      Registration Statement or any Prospectus or of any inquiry by the SEC
      relating to the Registration
Statement;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                of
      the notification to the Corporation by the SEC of its initiation of any
      proceeding with respect to the issuance by the SEC of any stop order
      suspending the effectiveness of the Registration Statement;
      and

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                of
      the receipt by the Corporation of any notification with respect to the
      suspension of the qualification of any Registrable Shares for sale under
      the applicable securities or blue sky laws of any
      jurisdiction;

              

      

       

      
        	
              	
                (g)

              	
                during
      the period when the Prospectus is required to be delivered under the 1933
      Act, use its reasonable best efforts to promptly file all documents
      required to be filed with the SEC, including pursuant to Sections 13(a),
      13(c), 14, or 15(d) of the U.S. Securities Exchange Act of 1934, as
      amended; and

              

      

       

      
        	
              	
                (h)

              	
                otherwise
      use its reasonable best efforts to comply with all applicable rules and
      regulations of the SEC as in effect from time to
  time.

              

      

       

      7.     The
Corporation shall not, from the date of this Subscription Agreement until after
the six month anniversary of the closing of the Offering, grant any registration
rights which conflict with or impair, or have any priority over, the
registration rights granted hereby.

       

      8.     The
Corporation may require the Subscriber to furnish to the Corporation any other
information regarding the Subscriber and the distribution of such securities as
the Corporation reasonably determines is required to be included in any
Registration Statement and the failure of Subscriber to provide such information
shall be deemed to be a waiver of its right to participate in the Piggyback
Registration.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      9.     The
Subscriber agrees that, upon notice from the Corporation of the happening of any
event as a result of which the Prospectus included (or deemed included) in such
Registration Statement contains an untrue statement of a material fact or omits
any material fact necessary to make the statements therein not misleading (a
“Suspension Notice”),
the Subscriber will forthwith discontinue disposition of Registrable Shares
pursuant to such Registration Statement until the Subscriber is advised in
writing by the Corporation that the use of the Prospectus may be resumed and is
furnished with a supplemented or amended Prospectus.

       

      10.   Except
as provided below in this Section 10, the expenses incurred by the Corporation
in connection with registration and filing fees, printing and delivery expenses,
accounting fees, fees and disbursements of counsel to the Corporation,
consultant and expert fees, premiums for liability insurance, if the Corporation
chooses to obtain such insurance, obtained in connection with a Registration
Statement filed to effect such compliance, and all expenses, including counsel
fees, of complying with any state securities laws, shall be paid by the
Corporation.  All fees and disbursements of any counsel, experts, or
consultants employed by the Subscriber shall be borne by the Subscriber. The
Subscriber agrees that any selling commissions or discounts payable to any
underwriter or broker of securities to be sold by the Subscriber shall be borne
by the Subscriber.  The obligations of the Corporation and the
Subscriber for the expenses described in this Section 10 shall apply
irrespective of whether any sales of Registrable Securities ultimately take
place.

       

      Representations,
Warranties and Covenants by Subscriber

       

      11.   The
Subscriber (on its own behalf and, if applicable, on behalf of each person on
whose behalf the Subscriber is contracting) represents, warrants and covenants
to the Corporation and the Agent and their respective counsels (and acknowledges
that the Corporation and the Agent, and their respective counsels, are relying
thereon) that both at the date hereof and at the Closing Time (as defined in
Section 20 herein):

       

      
        	
              	
                (a)

              	
                Subscriber
      (i) has been advised that trading in the Common Shares will be subject to
      various limitations and holding periods for at least six months under the
      securities laws of the United States; (ii) has been independently advised
      as to restrictions with respect to trading in the Common Shares imposed by
      applicable securities legislation in the jurisdiction in which it resides;
      and (iii) confirms that no representation has been made to it by or on
      behalf of the Corporation with respect thereto.  Subscriber
      further acknowledges that it is aware of the characteristics of the Common
      Shares, the risks relating to an investment therein, and of the fact that
      it may not be able to resell the Common Shares except in accordance with
      limited exemptions under applicable securities legislation and regulatory
      policy until expiry of the applicable restricted period and compliance
      with the other requirements of applicable law and the terms of this
      Subscription Agreement.

              

      

       

      
        	
              	
                (b)

              	
                The
      Confidential Private Placement Memorandum of the Corporation dated
      February 23, 2010, as updated by the Supplement thereto dated March [___],
      2010 (the “PPM”)
      and the documents listed on Exhibit 2 hereto (the
      “SEC Documents”
      and, together with the PPM, the “Disclosure Documents”)
      have been previously made available to or were accessible by
      Subscriber.  Other than the Disclosure Documents, Subscriber
      does not have any need to receive any offering memorandum, any prospectus,
      sales or advertising literature, or any other document describing or
      purporting to describe the business and affairs of the Corporation which
      has been prepared for delivery to, and review by, prospective purchasers
      in order to assist it in making an investment decision in respect of the
      Common Shares.

              

      

       

      
        	
              	
                (c)

              	
                Subscriber
      is, and at all times since the Subscriber received a copy of the
      Disclosure Documents, was, a resident of and was offered the Common Shares
      in the jurisdiction set forth as the “Subscriber’s Address” under its
      signature on the face page of this Subscription Agreement; if the state of
      his or her principal residence, or the state of its principal office or
      principal place of business, changes, or his, her or its address changes
      in any other respect, before the consummation of his, her or its purchase
      of the Common Shares subscribed for under this Subscription Agreement, he,
      she or it will promptly notify the Corporation, and if the change in the
      state or his or her principal residence, or its principal office or
      principal place of business, is to a state in which an offer and/or sale
      of the Common Shares is prohibited by applicable law, any offer to sell
      Common Shares to him, her or it made before notification of the change in
      the state of his or her principal residence, or its principal office or
      principal place of business, shall be deemed retracted and he, she or it
      shall cease to be entitled to purchase Common Shares pursuant to such
      offer.

              

      

       

      
        	
              	
                (d)

              	
                Subscriber
      acknowledges that:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Common Shares in this Offering have not been approved or disapproved by
      the SEC, any state securities commission or any other regulatory
      authority, nor has the SEC, any state securities commission or any other
      regulatory authority passed upon the accuracy or adequacy of any
      Disclosure Documents or any representations of the Corporation and any
      representation to the contrary is a criminal
  offense;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                there
      is no government or other insurance covering the Common
      Shares;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                the
      Common Shares are a speculative investment that involves a high degree of
      risk of loss of entire investment;

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (iv)

              	
                except
      as provided under Section 4, the Corporation
      has not undertaken, and will have no obligation, to register the transfer
      of any of the Common Shares under the 1933 Act;
  and

              

      

       

      
        	
                 
      

              	
                (v)

              	
                except
      to the extent sold pursuant to a Piggyback Registration, the Common Shares
      shall not be resold until after the expiration of the applicable
      “restricted” period attaching to such Common Shares under all applicable
      securities laws, unless sold pursuant to an exemption under all applicable
      securities laws, and the certificates evidencing the Common Shares which
      it shall receive will bear a legend referring to such restrictions on
      resale and neither the Corporation nor any transfer agent of the
      Corporation will register any transfers of such Common Shares not made in
      compliance with such restrictions on
resale.

              

      

       

      
        	
              	
                (e)

              	
                Subscriber
      is purchasing the Common Shares directly from the Corporation pursuant to
      Regulation D promulgated under the 1933 Act,
  and:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                This
      Subscription Agreement has been duly and validly authorized, executed and
      delivered by and constitutes a legal, valid, binding and enforceable
      obligation of the Subscriber, except (i) as limited by applicable
      bankruptcy, insolvency, reorganization, moratorium, and other laws of
      general application affecting enforcement of creditors’ rights generally,
      (ii) as limited by laws relating to the availability of specific
      performance, injunctive relief, or other equitable remedies, and (iii) to
      the extent the indemnification provisions contained herein may be limited
      by applicable federal or state securities
laws;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Subscriber
      understands and acknowledges that the Common Shares have not been
      registered under the 1933 Act, or any applicable state securities laws,
      and that the sale contemplated hereby is being made in reliance on a
      private placement exemption to certain “accredited investors” as defined
      in Rule 501(a)(1), (2), (3), (5) or (7) of Regulation D under the 1933 Act
      (“Accredited
      Investors”) and similar exemptions under state law. Accordingly,
      the Common Shares will be “restricted securities” within the meaning of
      Rule 144 under the 1933 Act, and therefore may not be offered or sold by
      it, directly or indirectly, in the United States without registration
      under United States federal and, if not preempted, state securities laws,
      except in compliance with Section 11(e)(v)
      and, the Subscriber understands that the certificates representing the
      Common Shares issued to it will contain a legend in respect of such
      restrictions which is set out in (vi)
below;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                Subscriber
      has been offered the opportunity to ask questions and receive answers
      concerning the terms and conditions of the Offering and to obtain any
      information the Subscriber deems necessary to verify the accuracy of any
      information regarding the Corporation and has had access to such
      additional information, if any, concerning the Corporation as it has
      considered necessary in connection with its investment decision to invest
      in the Common Shares;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                Subscriber
      has a pre-existing personal or business relationship with the Corporation,
      the Agent or one of their respective officers, directors or controlling
      persons, or by reason of the Subscriber’s business or financial
      experience, has such knowledge and experience in financial and business
      matters as to be capable of evaluating the merits and risks of its
      investment in the Common Shares and is able to bear the economic risks of
      such investment and can be reasonably assumed to have the capacity to
      protect his, her or its own interests in connection with the transaction
      contemplated by this Subscription
Agreement;

              

      

       

      
        	
                 
      

              	
                (v)

              	
                Unless
      the Common Shares are subject to an effective registration statement, the
      Subscriber agrees that it will not sell, transfer or otherwise dispose of
      or encumber the Common Shares unless prior to any such sale, transfer,
      disposition or encumbrance, the Subscriber will, if requested, furnish the
      Corporation and its transfer agent with an opinion of counsel satisfactory
      to the Corporation in form and substance that registration under the 1933
      Act or applicable state securities laws is not
  required;

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                Subscriber
      understands that upon the original issuance thereof, and until such time
      as the same is no longer required under applicable requirements of the
      1933 Act or state securities laws, the certificates representing the
      Common Shares, and all certificates issued in exchange therefor or in
      substitution thereof, shall bear on the face of such certificates the
      following legend:

              

      

       

      THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) OR UNDER THE SECURITIES LAWS OF ANY
STATE.  THEY MAY NOT BE SOLD, OFFERED FOR SALE OR HYPOTHECATED IN THE
ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES
UNDER SUCH ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM
UNDER THE SECURITIES ACT.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      provided,
that if (i) it is not an “affiliate” (as defined in Rule 405 under the 1933 Act)
of the Corporation, (ii) it has not been such an affiliate in the preceding 90
days, and (iii) at least six months (or such other period as may be required
under Rule 144 or any successor rule) have elapsed since the later of the date
the Common Shares were acquired from the Corporation or from an affiliate of the
Corporation, then the above legend may be removed from any certificates
representing such Common Shares held by it by delivery to the Corporation of an
opinion of counsel of recognized standing reasonably satisfactory to the
Corporation, to the effect that any such Common Shares held by it may be sold
pursuant to Rule 144 (or any successor rule) of the 1933 Act and such legend is
no longer required under applicable requirements of the 1933 Act or state
securities laws;

       

      
        	
                 
      

              	
                (vii)

              	
                Subscriber
      is an Accredited Investor as set forth in Exhibit 1 hereto, is
      not a broker-dealer or an affiliate of a broker-dealer, and is acquiring
      the Common Shares as principal for its own account for investment, and not
      with a view to any resale, distribution or other disposition of the Common
      Shares, in violation of United States securities laws; the Subscriber has
      no contract, undertaking, agreement or arrangement with any person to
      sell, transfer, assign or pledge to such person or anyone else all or any
      part of the Common Shares for which the Subscriber hereby subscribes, and
      the Subscriber has no plans or intentions to enter into any such contract,
      undertaking or arrangement;

              

      

       

      
        	
                 
      

              	
                (viii)

              	
                Subscriber
      has concurrently executed and delivered Exhibit 1 hereto with
      this Subscription Agreement which Exhibit is incorporated into and forms a
      part of this Subscription
Agreement;

              

      

       

      
        	
                 
      

              	
                (ix)

              	
                the
      financial condition of the Subscriber is such that he, she or it (i) has
      no need for liquidity with respect to his, her or its investment in the
      Common Shares to satisfy any existing or contemplated undertaking or
      indebtedness, and he, she or it has no need for a current return on his,
      her or its investment in the Common Shares; and (ii) is able to bear the
      economic risk of his, her or its investment in the Common Shares for an
      indefinite period of time, including the risk of losing all of his, her or
      its investment, and the loss of his, her or its entire investment in the
      Common Shares would not materially adversely affect the standard of living
      of the Subscriber or his or her family;
and

              

      

       

      
        	
                 
      

              	
                (x)

              	
                all
      information that the Subscriber has provided in this Subscription
      Agreement concerning the Subscriber and his, her or its financial
      condition is correct and complete as of the date set forth on its executed
      Exhibit 1, and if there should be any material change in such information
      prior to the acceptance of the Subscriber’s subscription for the Common
      Shares subscribed for under this Subscription Agreement, the Subscriber
      will immediately so notify the
Corporation.

              

      

       

      
        	
              	
                (f)

              	
                Subscriber
      understands and acknowledges that the Corporation has the right to
      instruct the transfer agent for the Common Shares not to record a transfer
      by any person in the United States without first being notified by the
      Corporation that it is satisfied that such transfer is exempt from or not
      subject to registration under the 1933 Act and any applicable state
      securities laws.

              

      

       

      
        	
              	
                (g)

              	
                Subscriber
      acknowledges that it has not purchased the Common Shares as a result of
      any general solicitation or general advertising, as such terms are defined
      in Regulation D under the 1933 Act, including, without limitation,
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio or
      television, or any seminar or meeting whose attendees have been invited by
      general solicitation or general
advertising.

              

      

       

      
        	
              	
                (h)

              	
                Except
      as provided herein, no person has made to the Subscriber any written or
      oral representation:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                that
      any person will resell or repurchase the Common
  Shares;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                that
      any person will refund the purchase price of the Common Shares;
      or

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                as
      to the future price or value of the Common Shares or future performance of
      the Corporation.

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Subscriber
      understands and acknowledges that the Corporation (i) is not presently,
      nor is the Corporation under any obligation to become, a “foreign private
      issuer,” as such term is defined in Regulation S of the 1933 Act and (ii)
      because the Corporation is not a foreign private issuer, the 1933 Act
      restricts the offer, sale or transfer of the Common Shares both within and
      outside of the United States, as set forth in this Subscription
      Agreement.

              

      

       

      
        	
                 
      

              	
                (j)

              	
                In
      the case of a subscription by Subscriber for Common Shares acting as agent
      for a disclosed principal, it is duly authorized to execute and deliver
      this Subscription Agreement and all other necessary documentation in
      connection with such subscription on behalf of such principal and this
      Subscription Agreement has been duly authorized, executed and delivered by
      or on behalf of, and constitutes a legal, valid, binding and
      enforceable agreement of, such principal, except (i) as limited by
      applicable bankruptcy, insolvency, reorganization, moratorium, and other
      laws of general application affecting enforcement of creditors’ rights
      generally, (ii) as limited by laws relating to the availability of
      specific performance, injunctive relief, or other equitable remedies, and
      (iii) to the extent the indemnification provisions contained herein may be
      limited by applicable federal or state securities
  laws.

              

      

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      
        	
              	
                (k)

              	
                In
      making the proposed investment decision, Subscriber is relying solely on
      investigations made by the Subscriber and not on the Corporation, the
      Agent or their respective counsels for an evaluation of the investment,
      tax and legal merits and consequences of purchasing and owning the Common
      Shares, and Subscriber acknowledges that the Disclosure Documents are the
      only information provided to the Subscriber by the Corporation or the
      Agent and that the Subscriber is not relying on any other information in
      making the proposed investment
decision.

              

      

       

      
        	
                 
      

              	
                (l)

              	
                Subscriber
      acknowledges that the Corporation’s counsel and the Agent’s counsel are
      acting as counsel to the Corporation and the Agent, respectively, and not
      as counsel to the Subscriber.

              

      

       

      
        	
              	
                (m)

              	
                Subscriber
      understands, acknowledges and is aware that the Common Shares are being
      offered for sale only on a “private placement” basis and that the sale and
      delivery of the Common Shares is conditional upon such sale being exempt
      from the requirements under applicable securities legislation as to the
      filing of a prospectus or delivery of an offering memorandum or upon the
      issuance of such orders, consents or approvals as may be required to
      permit such sale without the filing of a prospectus or delivering an
      offering memorandum and, as a consequence (i) it is restricted from using
      most of the civil remedies available under securities legislation; (ii) it
      may not receive information that would otherwise be required to be
      provided to it under securities legislation; and (iii) the Corporation is
      relieved from certain obligations that would otherwise apply under
      securities legislation.

              

      

       

      
        	
              	
                (n)

              	
                If
      required by applicable securities legislation, regulations, rules,
      policies or orders or by any securities commission, stock exchange or
      other regulatory authority, the Subscriber will execute, deliver, file and
      otherwise assist the Corporation in filing, such reports, undertakings and
      other documents with respect to the issue of the Common Shares, including,
      without limitation, a duly completed copy of Exhibit
    1.

              

      

       

      
        	
              	
                (o)

              	
                The
      acquisition of the Common Shares hereunder by the Subscriber will not
      result in the Subscriber becoming a “control person” as defined under
      applicable securities laws.

              

      

       

      
        	
              	
                (p)

              	
                The
      entering into of this Subscription Agreement and the completion of the
      transactions contemplated hereby do not and will not result in a violation
      of any of the terms or provisions of any law applicable to the Subscriber,
      or if the Subscriber is not a natural person, any of the Subscriber’s
      organizational documents, or any agreement to which the Subscriber is a
      party or by which it is bound.

              

      

       

      
        	
              	
                (q)

              	
                The
      Subscriber acknowledges that it has been encouraged to obtain independent
      legal, income tax and investment advice with respect to its subscription
      for the Common Shares and accordingly, has had the opportunity to acquire
      an understanding of the meanings of all terms contained herein relevant to
      the Subscriber for purposes of giving representations, warranties and
      covenants under this Subscription
Agreement.

              

      

       

      
        	
              	
                (r)

              	
                The
      Corporation is entitled to rely on the representations and warranties and
      the statements and answers of the Subscriber contained in this
      Subscription Agreement (including Exhibit 1), and the
      Subscriber will hold harmless the Corporation from any loss or damage it
      may suffer as a result of the Subscriber’s failure to correctly complete
      this Subscription Agreement (including Exhibit
    1).

              

      

       

      
        	
              	
                (s)

              	
                Additionally,
      the Subscriber is aware that the certificates representing the Purchased
      Securities will be endorsed with a legend setting out resale restrictions
      pursuant to policies of the TSX Venture Exchange in substantially the
      following form:

              

      

       

      “Without
prior written approval of the TSX Venture Exchange and compliance with all
applicable securities legislation, the securities represented by this
certificate may not be sold, transferred, hypothecated or otherwise traded on or
through the facilities of the TSX Venture Exchange or otherwise in Canada or to
or for the benefit of a Canadian resident until [DATE].”

       

      Representations
and Warranties of the Corporation

       

      12.  
The Corporation represents and warrants, as of the date of this Subscription
Agreement and the Closing Date, to the Subscriber, that:

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      
        	
              	
                (a)

              	
                Each
      of the Corporation and its subsidiaries is a corporation, limited
      liability company, partnership or other entity and is duly organized and
      validly existing in good standing under the laws of the jurisdiction in
      which it is organized, and is duly qualified to do business as a foreign
      corporation in all jurisdictions in which the failure to be so qualified
      would materially and adversely affect the business or financial condition,
      properties or operations of the Corporation (a “material adverse
      effect”). Each of the Corporation and its subsidiaries has all
      requisite corporate, partnership, limited liability company or other
      organizational power and authority (i) to own and lease the properties and
      assets it currently owns and leases (if any) and it contemplates owning
      and leasing and (ii) to conduct its activities as such activities (if any)
      are currently conducted and as currently contemplated to be conducted,
      except where failure to have such power and authority would not have a
      material adverse effect.

              

      

       

      
        	
              	
                (b)

              	
                As
      of the date of this Subscription Agreement, the authorized capital of the
      Corporation consists of 150,000,000 shares, of which as of the date of
      this Subscription Agreement 66,926,043 Common Shares are issued and
      outstanding, and 9,128,043 Common Shares are issuable and reserved for
      issuance pursuant to securities exercisable or exchangeable for, or
      convertible into, Common Shares. As of January 31, 2010, 5,550,000 Common
      Shares are reserved for issuance pursuant to the Corporation’s stock
      option plans. All of such outstanding or issuable shares have been, or
      upon issuance will be, validly issued and are, or upon issuance will be,
      fully paid and nonassessable.

              

      

       

      
        	
              	
                (c)

              	
                The
      Corporation has duly authorized the issuance and sale of the Common Shares
      in accordance with the terms of this Subscription Agreement. This
      Subscription Agreement constitutes a valid and legally binding obligation
      of the Corporation, enforceable in accordance with its terms, except (i)
      as limited by applicable bankruptcy, insolvency, reorganization,
      moratorium, and other laws of general application affecting enforcement of
      creditors’ rights generally, (ii) as limited by laws relating to the
      availability of specific performance, injunctive relief, or other
      equitable remedies, and (iii) to the extent the indemnification provisions
      contained herein may be limited by applicable federal or state securities
      laws.

              

      

       

      
        	
              	
                (d)

              	
                The
      Common Shares, when issued and paid for in accordance with this
      Subscription Agreement, will represent validly authorized, duly issued and
      fully paid and nonassessable shares of common stock of the Corporation,
      and the issuance thereof will not conflict with the organizational
      documents of the Corporation.

              

      

       

      
        	
              	
                (e)

              	
                The
      execution and delivery of this Subscription Agreement, the fulfillment of
      the terms set forth herein and the consummation of the transactions
      contemplated hereby will not conflict with, or constitute a breach of or
      default or create an event or condition which gives the holder of
      indebtedness the right to require the redemption, repurchase or repayment
      of such indebtedness under, any agreement, contract, indenture or
      other instrument by which the Corporation is bound or any law,
      administrative rule, regulation or decree of any court or any governmental
      body or administrative agency applicable to the Corporation, except for
      such conflicts, breaches or defaults that would not have a material
      adverse effect.

              

      

       

      
        	
              	
                (f)

              	
                As
      of the date thereof, the SEC Documents complied in all material respects
      with the requirements of the Exchange Act and do not contain any untrue
      statement of a material fact or omit to state any material fact required
      to be stated therein or necessary in order to make the statements therein,
      in the light of the circumstances under which they were made, not
      misleading.  The Corporation has provided the Subscriber with
      all the information that such Subscriber has requested for making an
      investment decision with respect to the Common
  Shares.

              

      

       

      
        	
              	
                (g)

              	
                Subsequent
      to the most recently ended quarterly period for which financial statements
      are disclosed in the Corporation’s quarterly report on Form 10-Q for the
      quarter ending October 31, 2009, except as described therein and in the
      Corporation’s current reports on Form 8-K filed subsequent to such date,
      there has not been any material adverse change with regard to the assets
      or properties, results of operations or financial condition of the
      Corporation.

              

      

       

      
        	
              	
                (h)

              	
                No
      securities commission, stock exchange or comparable authority has issued
      any order preventing the issue and sale of the Common Shares nor
      instituted proceedings for that purpose, and, to the knowledge of the
      Corporation, no such proceedings are pending or
    contemplated.

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Assuming
      the accuracy of the representations and warranties of the Subscriber set
      forth in this Subscription Agreement and of all other subscribers in this
      offering, the offer, issuance and delivery of the Common Shares are exempt
      from or not subject to the registration requirements of the 1933
      Act.

              

      

       

      
        	
                 
      

              	
                (j)

              	
                None
      of the Common Shares are listed on any United States stock exchange or
      automated dealer quotation system and no representation has been made to
      the Subscriber that any of the Common Shares will become listed on any
      stock exchange or automated dealer quotation system, except that certain
      market makers currently make a market in the Corporation’s common
      shares on the over-the-counter bulletin board in the United
      States.

              

      

       

      
        	
              	
                (k)

              	
                The
      consolidated financial statements of the Corporation filed with the SEC as
      a part of the SEC Documents present fairly in all material respects the
      financial condition of the entities purported to be shown thereby, at the
      dates and for the periods indicated, and have been prepared in conformity
      with generally accepted accounting principles in the United States of
      America applied on a consistent basis throughout the periods involved
      except to the extent disclosed in the notes
  thereto.

              

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (l)

              	
                The
      Corporation and each of its subsidiaries are in compliance with all laws
      as in effect on the date hereof applicable to the conduct of their
      business or operations, or applicable to their employees, except where the
      failure to be in compliance would not have a material adverse
      effect.  None of the Corporation or any of its subsidiaries has
      received notice of any violation of any law, or any potential liability
      under any law, relating to the operation of its business or to its
      employees or to any of the assets, operations, processes, employees or
      products of the Corporation or any of its subsidiaries, except where the
      violation would not cause a material adverse
  effect.

              

      

       

      
        	
              	
                (m)

              	
                Neither
      the Corporation nor any of its subsidiaries is (i) in violation of its
      charter or by-laws, limited partnership agreement or limited liability
      company agreement, as applicable, or (ii) in default in the performance or
      observance of any obligation, agreement, covenant or condition contained
      in any agreement, contract, indenture or other instrument except, in the
      case of clause (ii), for any defaults which, singularly or in the
      aggregate, would not result in a material adverse
  effect.

              

      

       

      
        	
              	
                (n)

              	
                Except
      as disclosed in the SEC Documents, there is no action, suit, proceeding,
      inquiry or investigation before or brought by any court or governmental
      agency or body, domestic or foreign, now pending, or, to the knowledge of
      the Corporation, threatened, against or affecting the Corporation or
      any of any of its subsidiaries, which would, individually or in the
      aggregate, result in a material adverse effect, or which would materially
      and adversely affect the consummation of the transactions contemplated in
      this Subscription Agreement or the performance by the Corporation of its
      obligations hereunder.

              

      

       

      
        	
              	
                (o)

              	
                The
      oil and gas reserve estimates of the Corporation contained or incorporated
      by reference into the SEC Documents have been prepared by independent
      reserve engineers in accordance with SEC guidelines applied on a
      consistent basis throughout the periods involved, and the Corporation has
      no reason to believe that such estimates do not fairly reflect the oil and
      gas reserves of the Corporation as of the dates
      indicated.  Other than production of the reserves in the
      ordinary course of business and intervening product price fluctuations or
      divestiture of such assets described in the SEC Documents, the Corporation
      is not aware of any facts or circumstances that would have a material
      adverse effect on the reserves or the present value of future net cash
      flows therefrom as described in the SEC
  Documents.

              

      

       

      Indemnification

       

      13.   The
Corporation shall indemnify and hold harmless the Subscriber and its officers,
directors, employees and affiliates and each person who controls the Subscriber
(within the meaning of the 1933 Act) against all losses, claims, damages,
liabilities and expenses arising out of or based upon any untrue or alleged
untrue statement of material fact contained in any Registration Statement,
Prospectus, preliminary Prospectus or any “issuer free writing prospectus” (as
defined in Rule 433 under the 1933 Act) or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading or any
violation or alleged violation by the Corporation of the 1933 Act, the Exchange
Act or applicable “blue sky” laws, except insofar as the same are made in
reliance and in conformity with information relating to the Subscriber furnished
to the Corporation by the Subscriber expressly for use therein.

       

      14.   Subscriber
will indemnify and hold harmless the Corporation, its directors, officers,
employees, agents, advisors and shareholders from and against any and all
losses, liabilities, claims, damages and expenses whatsoever (including, but not
limited to, any and all fees, costs and expenses whatsoever reasonably incurred
in investigating, preparing or defending against any claim, lawsuit,
administrative proceeding or investigation whether commenced or threatened)
arising out of or based upon any representation or warranty of the Subscriber
contained herein or in any document furnished by the Subscriber to the
Corporation in connection herewith being untrue in any material respect or any
breach or failure by the Subscriber to comply with any covenant or agreement
made by the Subscriber or to the Corporation in connection
therewith.  Further, Subscriber shall indemnify and hold harmless the
Corporation, the underwriters and their respective officers, employees,
directors, affiliates, and each person who controls the Corporation or such
underwriter (within the meaning of the 1933 Act) against all losses, claims,
damages, liabilities and expenses arising out of or based upon any untrue or
alleged untrue statement of material fact contained in the Registration
Statement, Prospectus or preliminary Prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that the same are made in reliance and in
conformity with information relating to the Subscriber furnished to the
Corporation by the Subscriber expressly for use therein.

       

      15.   Any
person entitled to indemnification hereunder shall (i) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks
indemnification and (ii) unless in such indemnified party’s reasonable judgment
a conflict of interest between such indemnified and indemnifying parties may
exist with respect to such claim, permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified
party.  If such defense is assumed, the indemnifying party shall not
be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent will not be unreasonably
withheld).  An indemnifying party who is not entitled to, or elects
not to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel (in addition to any local counsel) for all
parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party there may be one or
more legal or equitable defenses available to such indemnified party that are in
addition to or may conflict with those available to another indemnified party
with respect to such claim.  Failure to give prompt written notice
shall not release the indemnifying party from its obligations
hereunder.

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      16.   The
indemnification provided for under this Subscription Agreement shall remain in
full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling person of such
indemnified party and shall survive the transfer of securities.

       

      17.   If
the indemnification provided for in or pursuant to Sections 13 through 17
is due in accordance with the terms hereof, but is held by a court to be
unavailable or unenforceable in respect of any losses, claims, damages,
liabilities or expenses referred to herein, then each applicable indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified person as a result of such losses,
claims, damages, liabilities or expenses in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions
that result in such losses, claims, damages, liabilities or expenses as well as
any other relevant equitable considerations.  The relative fault of
the indemnifying party on the one hand and of the indemnified person on the
other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party, and by such party’s relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  In no event shall the liability of the
Subscriber be greater in amount than the amount of net proceeds received by the
Subscriber upon such sale.

       

      Closing

       

      18.   The
Subscriber agrees to deliver to Agent and such other person as Agent may direct,
not later than 4:00 p.m. (Houston, Texas time) on the day that is at least three
business days before the Closing Date: (a) this duly completed and executed
Subscription Agreement; (b) Exhibit 1 and Exhibit 3 duly completed; and
(c) if the Subscriber is not an individual, one completed and executed TSX
Venture Exchange Form 4C, Corporate Placee Registration Form attached hereto as
Exhibit 4.

       

      19.   Subscriber
acknowledges and agrees that any confidentiality arrangement entered into by the
Subscriber with the Corporation or Agent in connection with the offering of the
Common Shares shall remain in full force and effect in accordance with its
terms.

       

      20.   The
sale of the Common Shares pursuant to this Subscription Agreement will be
completed at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, the
Corporation’s counsel, in Houston, Texas at 10:00 a.m. or such other time as the
Corporation and the Subscriber may agree (the “Closing Time”) on March [___],
2010 or such other date as the Corporation and the Subscriber may agree (the
“Closing
Date”).

       

      21.   At
or prior to the Closing Time, the Corporation will deliver to the Subscriber, or
the Subscriber’s custodian as directed by the Subscriber, a copy of a
certificate prepared by the Corporation’s transfer agent representing the Common
Shares to be purchased by the Subscriber.  Following receipt of the
copy of the certificate referred to in the previous sentence, the Subscriber
will, at the Closing Time, pay for the Common Shares by wire transfer of
immediately available funds.  Upon completion of the sale, the
original of such certificate will be registered by the Corporation’s transfer
agent in the manner as set forth on the face page of this Subscription Agreement
and sent by the transfer agent as instructed on the face page of this
Subscription Agreement.

       

      22.   The
Corporation shall be entitled to rely on delivery of a facsimile copy of
executed Subscription Agreements, and acceptance by the Corporation of such
facsimile subscriptions shall be legally effective to create a valid and binding
agreement between the Subscriber and the Corporation in accordance with the
terms hereof. In addition, this Subscription Agreement may be executed in
counterparts, each of which shall be deemed to be an original and all of which
shall constitute one and the same document.

       

      General

       

      23.   The
Subscriber agrees that the representations, warranties and covenants of the
Subscriber herein will be true and correct both as of the execution of this
Subscription Agreement and as of the Closing Time and will survive the
completion of the issuance of the Common Shares. The representations, warranties
and covenants of the Subscriber herein are made with the intent that they be
relied upon by the Corporation and the Agent and their respective counsel in
determining the eligibility of a purchaser of Common Shares and the Subscriber
agrees to indemnify and hold harmless the Corporation and the Agent and their
respective affiliates, shareholders, directors, officers, partners, employees
and agents, from and against all losses, claims, costs, expenses and damages or
liabilities whatsoever which any of them may suffer or incur which are caused or
arise from a breach thereof. The Subscriber undertakes to immediately notify the
Corporation at Triangle Petroleum Corporation, Calgary, Alberta, Canada,
Attention: Chief Financial Officer (Fax Number: (403) 262-4472) of any change in
any statement or other information relating to the Subscriber set forth herein
which takes place prior to the Closing Time.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

      24.   The
Subscriber acknowledges that this Subscription Agreement and the Exhibits hereto
require the Subscriber to provide certain personal information to the
Corporation. Such information is being collected by the Corporation for the
purposes of completing the Offering, which includes, without limitation,
determining the Subscriber’s eligibility to purchase the Common Shares under
applicable securities legislation, preparing and registering certificates
representing Common Shares to be issued to the Subscriber and completing filings
required by any stock exchange or securities regulatory authority. The
Subscriber’s personal information may be disclosed by the Corporation to: (a)
stock exchanges or securities regulatory authorities, (b) the Corporation’s
registrar and transfer agent, and (c) any of the other parties involved in the
Offering, including legal counsel, and may be included in record books in
connection with the Offering. By executing this Subscription Agreement, the
Subscriber is deemed to be consenting to the foregoing collection, use and
disclosure of the Subscriber’s personal information. The Subscriber also
consents to the filing of copies or originals of any of the Subscriber’s
documents as may be required to be filed with any stock exchange or securities
regulatory authority in connection with the transactions contemplated
hereby.

       

      25.   All
notices, requests, consents and other communications required or permitted
hereunder shall be in writing and shall be hand delivered, sent via overnight
courier of national recognition or sent by facsimile transmission (with
confirmation) and, in the case of the Subscriber, may also be sent via
e-mail,

      

      If to the
Corporation:

      

      Triangle
Petroleum Corporation

      Suite
750, 521-3rd Avenue
SW

      Calgary,
Alberta, Canada T2P 3T3

      Facsimile
No.: (403) 262-4472

      

      with a
copy to (which shall not constitute notice):

      

      Skadden,
Arps, Slate, Meagher & Flom LLP

      525
University Avenue

      Suite
1100

      Palo
Alto, California 94301

      Attention:  Leif
King, Esq.

      Facsimile
No.:  (650) 798-6530

      

      If to the
Subscriber:

      

      At the
Subscriber’s address and e-mail address provided on the first page
hereof

      

      or, in
each case, at such other address or phone number as such party each may specify
by written notice to the others.  Each notice, request, consent and
other communication shall for all purposes of the Subscription Agreement be
treated as being effective or having been given when delivered, upon receipt of
facsimile confirmation if transmitted by facsimile, or, if sent by email to the
Subscriber, upon transmission to the proper address without receipt of an error
message.

       

      26.   To
the best of the Subscriber’s knowledge (a) none of the subscription funds to be
provided by the Subscriber (i) have been or will be derived from or related to
any activity that is deemed criminal under the law of the United States of
America, or any other jurisdiction, or (ii) are being tendered on behalf of a
person or entity who has not been identified to the Subscriber, and (b) the
Subscriber shall promptly notify the Corporation if the Subscriber discovers
that any of such representations ceases to be true, and to provide the
Corporation with appropriate information in connection therewith.

       

      27.   The
obligations of the parties hereunder are subject to acceptance of the terms of
the Offering by the Toronto Venture Exchange and all other required regulatory
approvals.

       

      28.   The
Subscriber acknowledges and agrees that all costs incurred by the Subscriber
(including any fees and disbursements of any special counsel retained by the
Subscriber) relating to the sale of the Common Shares to the Subscriber shall be
borne by the Subscriber.

       

      29.   This
Subscription Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to the principles of conflicts of
law thereof that would require the application of the laws of any jurisdiction
other than New York.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

       

      30.   This
Subscription Agreement represents the entire agreement of the parties hereto
relating to the subject matter hereof and there are no representations,
covenants or other agreements relating to the subject matter hereof except as
stated or referred to herein.

       

      31.   The
terms and provisions of this Subscription Agreement shall be binding upon and
enure to the benefit of the Subscriber and the Corporation and their respective
heirs, executors, administrators, successors and assigns; provided that, except
for the assignment by a Subscriber who is acting as nominee or agent for the
beneficial owner and as otherwise herein provided, this Subscription Agreement
shall not be assignable by any party without prior written consent of the other
parties.

       

      32.   The
Subscriber, on its own behalf and, if applicable, on behalf of others for whom
it is contracting hereunder, agrees that this subscription is made for valuable
consideration and may not be withdrawn, cancelled, terminated or revoked by the
Subscriber, on its own behalf and, if applicable, on behalf of others for whom
it is contracting hereunder.

       

      33.   Neither
this Subscription Agreement nor any provision hereof shall be modified, changed,
discharged or terminated except by an instrument in writing signed by the party
against whom any waiver, change, discharge or termination is
sought.

       

      34.   The
invalidity, illegality or unenforceability of any provision of this Subscription
Agreement shall not affect the validity, legality or enforceability of any other
provision hereof.

       

      35.   The
headings used in this Subscription Agreement have been inserted for convenience
of reference only and shall not affect the meaning or interpretation of this
Subscription Agreement or any provision hereof.

       

      36.   The
covenants, representations and warranties contained herein shall survive the
closing of the transactions contemplated hereby.

       

      37.   In
this Subscription Agreement (including the Exhibits hereto) all references to
dollar amounts are to United States dollars, unless otherwise
indicated.

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

       

      EXHIBIT
1

       

      CERTIFICATE
OF ACCREDITED INVESTOR STATUS

       

      Except as
may be indicated by the undersigned below, the undersigned is an “accredited
investor,” as that term is defined in Regulation D under the U.S. Securities Act
of 1933, as amended. The undersigned has checked the box below indicating the
basis on which he is representing his status as an “accredited
investor”:

       

      
        	
                _________

              	
                (501(a)(1))
      any bank as defined in Section 3(a)(2) of the U.S. Securities Act of
      1933, or any savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of such Act whether acting in its individual
      or fiduciary capacity; any broker or dealer registered pursuant to Section
      15 of the U.S.
      Securities Exchange Act of 1934; any insurance company as defined
      in Section 2(13) of the
      U.S. Securities Act of 1933; any investment company registered
      under the U.S.
      Investment Company Act of 1940 or a business development company as
      defined in Section 2(a)(48) of the U.S. Investment Company Act
      of 1940; any small business investment company licensed by the U.S.
      Small Business Administration under Section 301(c) or (d) of the U.S. Small Business
      Investment Act of 1958; any plan established and maintained by a
      state, its political subdivisions, or any agency or instrumentality of a
      state or its political subdivisions for the benefit of its employees, if
      such plan has total assets in excess of $5,000,000; any employee benefit
      plan within the meaning of the U.S. Employee Retirement
      Income Security Act of 1974, if the investment decision is made by
      a plan fiduciary, as defined in Section 3(21) of the U.S. Employee Retirement
      Income Security Act of 1974, which is either a bank, savings and
      loan association, insurance company, or registered investment adviser, or
      if the employee benefit plan has total assets in excess of $5,000,000 or,
      if a self-directed plan, with investment decisions made solely by persons
      that are accredited investors;

              

      

       

      
        	
                _________

              	
                (501(a)(2))
      any private business development company as defined in Section 202(a)(22)
      of the U.S. Investment
      Advisers Act of 1940;

              

      

       

      
        	
                _________

              	
                (501(a)(3))
      any organization described in Section 501(c)(3) of the U.S. Internal
      Revenue Code, corporation, Massachusetts or similar business trust, or
      partnership, not formed for the specific purpose of acquiring the
      securities offered, with total assets in excess of
    $5,000,000;

              

      

       

      
        	
                _________

              	
                (501(a)(5))
      any natural person whose individual net worth, or joint net worth with
      that person’s spouse, at the time of his purchase exceeds
      $1,000,000;

              

      

       

      
        	
                _________

              	
                (501(a)(7))
      any trust, with total assets in excess of $5,000,000, not formed for the
      specific purpose of acquiring the securities offered, whose purchase is
      directed by a sophisticated person as described in Rule 506(b)(2)(ii)
      under the U.S.
      Securities Act of 1933.

              

      

      

      NOTE:
The Subscriber should initial beside the portion of the above definition
applicable to it.

      

      All
monetary references in this Exhibit 1 are in United States Dollars.

      

      IN
WITNESS WHEREOF, the undersigned has executed this Certificate of Accredited
Investor Status effective as of _____________, 2010.

      

      
        
          
            
              
                
                  
                    
                      
                        	 
      	 
      
	
                                Name
      of Subscriber

                              
	 
      	 
      
	
                                By: 

                              	  
      

                      

                    

                  

                

                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Name: 

                                                	 
      

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Title: 

                                                	 
      

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

       

      EXHIBIT
2

       

      Disclosure
Documents of the Corporation

       

      The
following filings of the Corporation can be found on the EDGAR Database at the
website of the U.S. Securities and Exchange Commission, at http://www.sec.gov/edgar/searchedgar/companysearch.html
(type “Triangle Petroleum” in Company name search box and click on “Find
Companies”):

       

      
        	
                 
      

              	
                1.

              	
                Annual
      Report on Form 10-K for the year ended January 31, 2009 filed with the
      U.S. Securities and Exchange Commission on April 9,
  2009.

              

      

       

      
        	
                 
      

              	
                2.

              	
                Definitive
      Proxy Statement on Schedule 14A filed with the U.S. Securities and
      Exchange Commission on May 22,
2009.

              

      

       

      
        	
                 
      

              	
                3.

              	
                Quarterly
      Report on Form 10-Q for the quarter ended April 30, 2009 filed with the
      U.S. Securities and Exchange Commission on June 3,
  2009.

              

      

       

      
        	
                 
      

              	
                4.

              	
                Quarterly
      Report on Form 10-Q for the quarter ended July 31, 2009 filed with the
      U.S. Securities and Exchange Commission on September 2,
    2009.

              

      

       

      
        	
                 
      

              	
                5.

              	
                Quarterly
      Report on Form 10-Q for the quarter ended October 31, 2009 filed with the
      U.S. Securities and Exchange Commission on November 23,
    2009.

              

      

       

      
        	
                 
      

              	
                6.

              	
                Current
      Reports on Form 8-K filed with the U.S. Securities and Exchange Commission
      on each of April 20, 2009, November 23, 2009, December 1, 2009 and January
      5, 2010, and the Current Report on Form 8-K/A filed with the U.S.
      Securities and Exchange Commission on December 3, 2009 (excluding
      information furnished under Items 2.02 or 7.01 of Form 8-K or Rule 406T of
      Regulation S-T).

              

      

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      Exhibit
3

       

      Particulars
of Subscriber

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          	
                                                                                                                                  Corporate
      Placee Registration
      Form

                                                                                                                                	 	
                                                                                                                                  Present
      Ownership of
      Securities

                                                                                                                                
	
                                                                                                                                  The
      Subscriber, if not an individual, either [CHECK
      APPROPRIATE ITEM]:

                                                                                                                                	 	
                                                                                                                                  The
      Subscriber either [CHECK
      APPROPRIATE ITEM]:

                                                                                                                                
	 
      	 	 
      	 	 
      	 
      	 
      
	_______ 	
                                                                                                                                  has
      previously filed with the TSX Venture Exchange a Form 4C, Corporate Placee
      Registration Form, and represents and warrants that there has been
      no change to any of the information in the Form 4C previously filed with
      the TSX Venture Exchange up to the date of this Subscription Agreement;
      or

                                                                                                                                	 	_______	
                                                                                                                                  owns
      directly or indirectly, or exercises control or direction over, no
      Common Shares of the Corporation or securities convertible into Common
      Shares in the capital stock of the Corporation (excluding the securities
      subscribed for herein); or

                                                                                                                                
	 
      	 	 
      	 	 
      	 
      	 
      
	_______	
                                                                                                                                  hereby
      delivers to the Corporation a completed Form 4C in the form
      attached hereto as Exhibit 4 for filing with the TSX Venture
      Exchange.

                                                                                                                                	 	_______	
                                                                                                                                  owns
      directly or indirectly, or exercises control or direction over,
      ____ Common Shares of the Corporation and convertible securities
      entitling the Subscriber to acquire an additional __________Common Shares
      of the Corporation (excluding the securities subscribed for
      herein).

                                                                                                                                
	 	 	 
	
                                                                                                                                  Insider
      Status

                                                                                                                                	 	
                                                                                                                                  Member
      of “Pro
      Group”

                                                                                                                                
	 
      	 	 
      	 	 
      	 
      	 
      
	
                                                                                                                                  The
      Subscriber either [CHECK
      APPROPRIATE ITEM]:

                                                                                                                                	 	
                                                                                                                                  The
      Subscriber either [CHECK
      APPROPRIATE ITEM]:

                                                                                                                                
	 
      	 	 
      	 	 
      	 
      	 
      
	_______ 
      	
                                                                                                                                  is
      an “Insider” of the Corporation as defined in the Securities
      Act (Ontario).  More specifically, “Insider”
      means:

                                                                                                                                	 	_______ 
      	
                                                                                                                                  is
      a Member of the “Pro Group” as defined in the Rules of the TSX
      Venture Exchange.  More specifically, “Pro Group” is defined as
      follows:

                                                                                                                                
	 
      	 	 
      	 	 
      	 
      	 
      
	
                                                                                                                                   

                                                                                                                                	(a) 	
                                                                                                                                  every
      director or officer of the Corporation;

                                                                                                                                	 	1.	Subject
      to subparagraphs (2), (3) and (4), “Pro Group” shall include, either
      individually or as a group:
	
                                                                                                                                   

                                                                                                                                	(b) 	
                                                                                                                                  a
      director or officer of a person that is itself an insider or subsidiary of
      the Corporation;

                                                                                                                                	 	 
      	(a)	
                                                                                                                                  the
      member (i.e. a member of the TSX Venture Exchange under the TSX Venture
      Exchange requirements);

                                                                                                                                
	 	 	 	 	 	(b)	employees
      of the member;
	
                                                                                                                                   
      

                                                                                                                                	(c) 	
                                                                                                                                  a
      person or company that has:

                                                                                                                                	 	 	(c)	partners,
      officers and directors of the member;
	 	 	 	 	 	(d)	
                                                                                                                                  affiliates
      of the member; and

                                                                                                                                
	
                                                                                                                                   

                                                                                                                                	 	
                                                                                                                                  
                                                                                                                                    (i)    direct
      or indirect beneficial ownership of,

                                                                                                                                  

                                                                                                                                	 	 
      	(e) 
      	
                                                                                                                                  associates
      of any parties referred to in subparagraphs (a) through
    (d).

                                                                                                                                
	 
      	 	
                                                                                                                                  (ii)  
      control or direction over, or

                                                                                                                                	 	2. 
      	The
      TSX Venture Exchange may, in its discretion, include a person or party in
      the Pro Group for the purposes of a particular calculation where the TSX
      Venture Exchange determines that the person is not acting at arm’s length
      of the member.
	 
      	 	
                                                                                                                                  (iii)  a
      combination of direct or indirect beneficial ownership of and control or
      direction over;

                                                                                                                                	 	3. 
      	The
      TSX Venture Exchange may, in its discretion, exclude a person from the Pro
      Group for the purposes of a particular calculation where the TSX Venture
      Exchange determines that the person is acting at arm’s length of the
      member.
	 
      	 	
                                                                                                                                  securities
      of the Corporation carrying more than 10% of the voting rights attached to
      all the Corporation’s outstanding voting securities, excluding, for the
      purpose of the calculation

                                                                                                                                	 	4. 
      	The
      member may deem a person who would otherwise be included in the Pro Group
      pursuant to subparagraph (1) to be excluded from the Pro Group where the
      member determines that:
	 	 	of
      the percentage held, any securities held by the person as underwriter in
      the course of a distribution; or	 	 	(a)	the
      person is an affiliate or associate of the member acting at arm’s length
      of the member;
	 	 	 	 	 	(b)	the
      associate or affiliate has a separate corporate andreporting
      structure;
	
                                                                                                                                   
      

                                                                                                                                	(d) 	
                                                                                                                                  the
      Corporation itself, if it has purchased, redeemed or otherwise acquired
      any securities of its own issue, for so long

                                                                                                                                	 	 	(c)	there
      are sufficient controls on information flowing between the member and the
      associate or affiliate; and
	 	 	as
      it continues to hold those securities.	 	 	(d)	
                                                                                                                                  the
      member maintains a list of such excluded person.

                                                                                                                                
	 
      	 	 
      	 	 
      	 
      	 
      
	_______	
                                                                                                                                  is
      not an Insider of the
      Corporation.

                                                                                                                                	 	_______	
                                                                                                                                  is
      not a member of the Pro
      Group.

                                                                                                                                

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        
          
             

          

          
            15

            
              

            

          

          
             

          

        

      

       

      EXHIBIT
4

       

      
        
          
            
              
                	
                        FORM
      4C

                      	
                        

                      

              

            

          

        

      

       

      CORPORATE
PLACEE REGISTRATION FORM

       

      Where
subscribers to a Private Placement are not individuals, the following
information about the placee must be provided if the placee:

       

      (a)           will
hold more than 5% of the Issuer’s issued and outstanding Listed Shares upon
completion of the Private Placement; or

       

      (b)           are
subscribing for more than 25% of the Private Placement.

       

      This Form
will remain on file with the TSX Venture Exchange.  The corporation,
trust, portfolio manager or other entity (the “Placee”) need only file it on
one time basis, and it will be referenced for all subsequent Private Placements
in which it participates.  If any of the information provided in this
Form changes, the Placee must notify the Exchange prior to participating in
further placements with Exchange listed companies.  If as a result of
the Private Placement, the Placee becomes an Insider of the Issuer, Insiders of
the Placee are reminded that they must file a Personal Information Form (2A) or,
if applicable, Declarations, with the Exchange.

      

      
        
          
            
              
                
                  
                    	
                            1.

                          	
                            Placee
      Information:

                          
	 	 	 	 
	 
      	
                            (a)

                          	
                            Name: 

                          	 

                  

                

              

            

          

        

      

      

      
        
          
            
              
                
                  
                    	 
      	
                            (b)

                          	
                            Complete
      Address:

                          	 
	 
      	 
      	 
      	 

                  

                

              

            

          

        

      

      

      
        
          
            
              
                
                  	 
      	
                          (c)

                        	
                          Jurisdiction
      of Incorporation or Creation:

                        	 

                

              

            

          

        

      

      

      
        
          
            	
                    2.

                  	
                    (a)

                  	
                    Is
      the Placee purchasing securities as a portfolio manager (Yes/No)?
      _____________________________

                  

          

        

      

      

      
        
          
            
              
                
                  
                    
                      
                        	 
      	
                                (b)

                              	
                                Is
      the Placee carrying on business as a portfolio manager outside of Canada
      (Yes/No)? __________

                              
	 	 
	
                                3.

                              	
                                If
      the answer to 2(b) above was “Yes”, the undersigned certifies
      that:

                              
	 	 	 
	 
      	
                                (d)

                              	
                                It
      is purchasing securities of an Issuer on behalf of managed accounts for
      which it is making the investment decision to purchase the securities and
      has full discretion to purchase or sell securities for such accounts
      without requiring the client’s express consent to a
      transaction;

                              
	 	 	 
	 
      	
                                (e)

                              	
                                it
      carries on the business of managing the investment portfolios of clients
      through discretionary authority granted by those clients (a “portfolio
      manager” business) in ____________________ [jurisdiction], and it is
      permitted by law to carry on a portfolio manager business in that
      jurisdiction;

                              
	 	 	 
	 
      	
                                (f)

                              	
                                it
      was not created solely or primarily for the purpose of purchasing
      securities of the Issuer;

                              
	 	 	 
	 
      	
                                (g)

                              	
                                the
      total asset value of the investment portfolios it manages on behalf of
      clients is not less than $20,000,000; and

                              
	 	 	 
	 
      	
                                (h)

                              	
                                it
      has no reasonable grounds to believe, that any of the directors, senior
      officers and other insiders of the Issuer, and the persons that carry on
      investor relations activities for the Issuer has a beneficial interest in
      any of the managed accounts for which it is
  purchasing

                              

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

       

      
        	
                4.

              	
                If
      the answer to 2(a). above was “No”, please provide the names and addresses
      of control persons of the Placee:

              

      

       

      
        
          
            
              
                
                  	
                          Name

                        	 
      	
                          City

                        	 
      	
                          Province
      or State

                        	 
      	
                          Country

                        
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                            

                        	 
      	
                            

                        	 
      	
                            

                        	 
      

                

              

            

          

        

      

       

      The
Subscriber acknowledges it is bound by the provisions of applicable Securities
Law, including provisions concerning the filing of insider reports and reports
of acquisitions.

       

      Dated
at                                                      
on                                                      ,
200_.

       

      
        
          
            
              
                
                  
                    
                      
                        	 
      
	
                                (Name
      of Purchaser - please print)

                              
	 
	 
      
	
                                (Authorized
      Signature)

                              
	 
      
	 
	
                                (Official
      Capacity - please print)

                              
	 
      
	 
	
                                (please
      print name of individual whose signature

                              
	
                                appears
      above)

                              

                      

                    

                  

                

              

            

          

        

      

      

      Acknowledgement
- Personal Information

      

      “Personal Information” means
any information about an identifiable individual, and includes information
contained in sections 1, 2 and 4, as applicable, of this Form.

       

      The
undersigned hereby acknowledges and agrees that it has obtained the express
written consent of each individual to:

      

      
        	
                (a)

              	
                the
      disclosure of Personal Information by the undersigned to the Exchange (as
      defined in Appendix 6B) pursuant to this Form;
  and

              

      

      

      
        	
                (b)

              	
                the
      collection, use and disclosure of Personal Information by the Exchange for
      the purposes described in Appendix 6B or as otherwise identified by the
      Exchange, from time to time.

              

      

       

      
        
          Dated at
_________________________________ on
_________________________________.

           

          
            
              
              

            

            
              17

              
                

              

            

            
              
              

            

          

        

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      
	
                                    (Name
      of Purchaser - please print)

                                  
	 
      
	 
	
                                    (Authorized
      Signature)

                                  
	 
      
	 
	
                                    (Official
      Capacity - please print)

                                  
	 
      
	 
	
                                    (please
      print name of individual whose signature

                                  
	
                                    appears
      above)

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      THIS
IS NOT A PUBLIC DOCUMENT

      
        
           

        

        
          18

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