Triangle Petroleum Announces Results for the First Quarter of Fiscal Year 2009

Market Wire, June, 2008

Triangle Petroleum Corporation
Consolidated Statements of Operations
(Expressed in U.S. dollars)
(Unaudited)
                                                       Three          Three
                                                      Months         Months
                                                       Ended          Ended
                                                    April 30,      April 30,
                                                        2008           2007
                                                           $              $

Revenue, net of royalties                            152,119         68,591
----------------------------------------------------------------------------

Operating Expenses

 Oil and gas production                               59,227          2,310
 Depletion, depreciation and accretion                70,299         75,468
 Depreciation - property and equipment                 9,759          6,780
 General and administrative                        1,200,718      2,133,428
 Foreign exchange (gain) loss                         (4,006)        95,060
----------------------------------------------------------------------------
Total Operating Expenses                           1,335,997      2,313,046
----------------------------------------------------------------------------
Loss from Operations                              (1,183,878)    (2,244,455)
----------------------------------------------------------------------------
Other Income (Expense)

Accretion of discounts on convertible debentures  (1,215,358)    (2,340,726)
Amortization of debt issue costs                    (109,584)      (117,708)
Interest expense                                    (253,980)      (382,351)
Interest income                                       17,215        192,423
Unrealized gain on fair value of derivatives         919,330      1,467,540
----------------------------------------------------------------------------
Total Other Income (Expense)                        (642,377)    (1,180,822)
----------------------------------------------------------------------------

Net Loss for the Period                           (1,826,255)    (3,425,277)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net Loss Per Share - Basic and Diluted                 (0.04)         (0.11)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Weighted Average Number of Shares Outstanding -
 Basic and Diluted                                47,433,000     30,579,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Triangle Petroleum Corporation
Consolidated Balance Sheets
(Expressed in U.S. dollars)
(Unaudited)
                                                    April 30,    January 31,
                                                        2008           2008
                                                           $              $
ASSETS

Current Assets

 Cash and cash equivalents                         1,195,535      4,581,589
 Prepaid expenses                                    676,917        797,307
 Other receivables                                 1,693,975      1,689,391
----------------------------------------------------------------------------

Total Current Assets                               3,566,427      7,068,287

Debt Issue Costs, net                                356,250        465,833

Property and Equipment                                58,087         66,121

Oil and Gas Properties (Note 4)                   25,595,471     24,978,949
----------------------------------------------------------------------------

Total Assets                                      29,576,235     32,579,190
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

 Accounts payable                                  1,783,119      3,533,833
 Accrued interest on convertible debentures        3,005,076      2,751,096
 Accrued liabilities                                 464,339        420,384
 Derivative liabilities (Note 7)                   1,516,142      3,262,846
 Convertible debentures, current portion,
  less unamortized discount of
  $695,296 and $1,321,869, respectively (Note 6)   3,929,704      4,778,271
----------------------------------------------------------------------------

Total Current Liabilities                         10,698,380     14,746,430

Asset Retirement Obligations (Note 5)                870,124      1,003,353

Convertible Debentures, less unamortized
 discount of $2,640,494 and $3,229,279,
 respectively (Note 6)                             7,359,506      6,770,721
----------------------------------------------------------------------------

Total Liabilities                                 18,928,010     22,520,504
----------------------------------------------------------------------------

Going Concern (Note 2)
Subsequent Events (Note 10)

Stockholders' Equity

Common Stock (Note 8)
  Authorized: 100,000,000 shares,
   par value $0.00001
  Issued: 48,653,758 shares
   (2008 - 46,794,530 shares)                            487            468

Additional Paid-In Capital (Note 8)               60,268,052     57,852,277

Deficit                                          (49,620,314)   (47,794,059)
----------------------------------------------------------------------------

Total Stockholders' Equity                        10,648,225     10,058,686
----------------------------------------------------------------------------

Total Liabilities and Stockholders' Equity        29,576,235     32,579,190
----------------------------------------------------------------------------
----------------------------------------------------------------------------