Calgary, Alberta – January 5, 2010 – Triangle Petroleum Corporation (the “Company” or
“Triangle”) (OTCBB: TPLM; TSXV: TPE) today announced further changes to its executive
management team as part of a larger cost-cutting and strategic restructuring initiative. Howard
Anderson, President and Chief Operating Officer, and Shaun Toker, Chief Financial Officer, will
both leave the Company, effective January 4th, 2010 and December 23rd, 2009, respectively. Mr.
Toker will remain at Triangle through April 30th, 2010 to advise and assist during a transition
period. The Company also announced the appointment of Jonathan Samuels, a Director, as the
Company’s new Chief Financial Officer.
“I would like to personally thank Howard for his commitment, leadership and service to the
Company. Likewise, Shaun has accomplished a great deal over the past two years and faced a
difficult task in cleaning up, and maintaining the current solid balance sheet during a difficult
period for Triangle.” said Dr. Peter Hill, the new Chief Executive Officer of Triangle Petroleum.
“Jon brings extensive finance and capital markets expertise and together with a revitalized team of
experienced management, brings a deep commitment to building sustainable, long term
shareholder value.”
Before joining Triangle, Mr. Samuels spent 5 years in principal investing, primarily in the energy
sector: Palo Alto Investors, a California based, $1.3 billion investment fund that owns 21% of
Triangle; Alpine Investors, a private equity firm; and Orient Global, a Singapore based privatelyheld
investment firm. Samuels holds a bachelor’s degree from the University of California, San
Diego and an MBA from the Wharton School at the University of Pennsylvania. He is a CFA
Charterholder.
“I’m honored to join Triangle Petroleum and assume the role of CFO.” said Samuels. “We are
currently given very little credit for our asset base and opportunity set. It has been a tough 12
months for the oil and gas sector, but we feel that cost control combined with a disciplined
approach to exploration and development spending will allow us to create value in any phase of
the economic cycle.”
In the past month, Triangle has taken significant action to redefine the strategic direction of the
Company. “Our priority is to reduce overhead costs and apply a new technical approach to our
asset in Nova Scotia.” said Dr. Hill. “Combined with a revised Board of Directors and
management team, our new technical and fiscally disciplined approach will allow the Company to
deliver a low cost, skilled platform and execute a growth strategy based on entry into the most
attractive unconventional oil and gas basins in North America.”
About Triangle Petroleum
Founded in 2006, Triangle Petroleum (OTCBB: TPLM; TSXV: TPE) is an independent oil and
gas exploration company with approximately 475,000 gross acres (413,000 net acres) in the
Windsor Block of Nova Scotia.
For more information please visit
www.trianglepetroleum.com.
