Document:

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

     

    CONVERTIBLE
      DEBENTURE

     

    FOR
      VALUE
      RECEIVED, Triangle Petroleum Corporation, a Nevada corporation (the
“Borrower”),
      promises to pay to Rowlings Financial Inc. (the “Holder”)
      or its
      registered assigns or successors in interest, the sum of Five Million Dollars
      ($5,000,000), together with any accrued and unpaid interest hereon, on June
      10,
      2007 (the “Maturity
      Date”)
      if not
      sooner paid.

     

    Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in that certain Purchase Agreement dated as of June 14, 2005, between
      Borrower and the Holder (as amended, modified or supplemented from time to
      time,
      the “Purchase
      Agreement”).

     

    The
      following terms shall apply to this Debenture:

     

    ARTICLE
      I 

    INTEREST
      & AMORTIZATION

     

    1.1. Contract
      Rate.
      Subject
      to Sections 4.11 and 6.7 hereof, interest payable on this Debenture shall accrue
      at a rate per annum equal to eight percent (8%) (the “Contract
      Rate”).
      

     

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

     

    ARTICLE
      II 

    CONVERSION
      REPAYMENT 

     

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

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

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

     

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

     

    
      
         

      

      
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    2.4. Conversion
      Mechanics.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

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

     

    ARTICLE
      III 

    EVENTS
      OF DEFAULT

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

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

     

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

     

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

     

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

     

    DEFAULT
      RELATED PROVISIONS

     

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

     

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

     

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

     

    ARTICLE
      IV 

    DEFAULT
      PAYMENTS

     

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

     

    
      
         

      

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

     

    ARTICLE
      V 

    MISCELLANEOUS

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
         

      

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

     

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

     

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

    

    
      
         

      

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

     

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

    

     

    

    
      
         

      

      
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    EXHIBIT
      A

     

    NOTICE
      OF CONVERSION

     

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

     

    [Name
      and
      Address of Holder]

     

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

     

    1. Date
      of
      Conversion  __________________________

     

    2. Shares
      To
      Be Delivered: _______________________

     

     

    
      	 	
              ______________________________

               

               

              By:_______________________________

              Name:_____________________________

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

      

      SUBJECT
        TO THE PROVISIONS OF SECTION 10 HEREOF, THIS WARRANT SHALL BE VOID AFTER
        5:00
        P.M. EASTERN TIME ON JUNE 15, 2008 (the “EXPIRATION DATE”).

      

      No.
        CA-2

      

      TRIANGLE
        PETROLEUM CORPORATION

      

      WARRANT
        TO PURCHASE 5,000,000 SHARES OF

      COMMON
        STOCK, PAR VALUE $0.00001 PER SHARE

      

      For
        VALUE
        RECEIVED, Rowlings Financial Inc. (“Warrantholder”), is entitled to purchase,
        subject to the provisions of this Warrant, from Triangle Petroleum Corporation,
        a Nevada corporation (“Company”), at any time not later than 5:00 P.M., Eastern
        time, on the Expiration Date (as defined above), at an exercise price per
        share
        equal to $1.00 (the exercise price in effect being herein called the “Warrant
        Price”), 5,000,000 shares (“Warrant Shares”) of the Company’s Common Stock, par
        value $0.00001 per share (“Common Stock”). The number of Warrant Shares
        purchasable upon exercise of this Warrant and the Warrant Price shall be
        subject
        to adjustment from time to time as described herein.

      

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

      

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

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

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

      

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

      

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

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

         

      

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

      

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

      

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

      

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

      

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

      

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

         

      

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

      

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

         

      

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

      

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

       

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

      

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

      

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

      

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

      

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

         

      

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

      

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

      

      If
        to the
        Company:

      

      Mr.
        Mark
        Gustafson

      Triangle
        Petroleum Corporation

      Sun
        Life
        Plaza

      Suite
        1600, 144-4th
        Avenue
        SW

      Calgary,
        Alberta R2P 3N4 

      Fax: (403)
        269-3537 

      

      With
        a
        copy to:

      

      Sichenzia
        Ross Friedman Ference LLP

      1065
        Avenue of the Americas

      New
        York,
        New York 10010 

      Attention:
        Thomas A. Rose, Esq.

      Fax:
        (212) 930-9725

       

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

      

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

         

      

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

      

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

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

      

      X
        =
Y
        (A -
        B)

      A

      

      where 

      

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

         

      

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

      

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

      

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

      

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

      

      Section
        19. Limitations
        on Exercise.

      

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

      

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

      

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

         

      

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

      

      

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

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the Company has caused this Warrant to be duly executed,
        as of
        the 14th day of July, 2005.

       

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

       

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

       

      APPENDIX
        A

      TRIANGLE
        PETROLEUM CORPORATION

      WARRANT
        EXERCISE FORM

      

      To
        Triangle Petroleum Corporation:

      

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

      

      _______________________________

      Name

      ________________________________

      Address

      ________________________________

      ________________________________

      Federal
        Tax ID or Social Security No.

      

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

      (electronically (provide
        DWAC Instructions:___________________), or 

      (other
        (specify): __________________________________________). 

      

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

      

      

      Dated:
        ___________________, ____

       

      
 

      
        	
                Note:
                  The signature must correspond with

                Signature:______________________________

                the
                  name of the Warrantholder as written

                on
                  the first page of the Warrant in every

                
                  particular,
                    without alteration or enlargement

                  or
                    any change whatever, unless the Warrant

                  has
                    been assigned.

                

              	
                 

                 

                 

                ______________________________

                Name (please print)

                 

                
                   

                   

                  ______________________________

                  ______________________________

                  Address

                  ______________________________

                  Federal
                    Identification or

                  Social
                    Security No.

                  

                  Assignee:
                    

                  _______________________________

                  _______________________________

                  _______________________________

                

              

      

        

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

      APPENDIX
        B

      TRIANGLE
        PETROLEUM CORPORATION

      NET
        ISSUE
        ELECTION NOTICE

      

      

      To:
        Triangle Petroleum Corporation

      

      Date:[_________________________]

      

      

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

      

      

      _________________________________________

      Signature

      

      _________________________________________

      Name
        for
        Registration

      

      _________________________________________

      Mailing
        Address

       

      
 

      
        
           

        

        
          -12-

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