Exhibit 99.1
Triangle Petroleum PROVIDES OPErational update
and financial results of SECOND quarter fiscal 2013
DENVER – September 6, 2012 – Triangle Petroleum Corporation (“Triangle” or the “Company”) (NYSE MKT:TPLM) today provided an operational update and reported second quarter fiscal 2013 results for the three-month period ended July 31, 2012 (“Q2”).
Operational Update
| · | Current net production estimated at approximately 1,206Boepd from 6 gross operated locations and the non-operated portfolio |
| · | 2 gross operated wells currently being zipper-fracked by RockPile Energy Services |
| ― | 3 gross operated wells waiting on completion |
| · | Currently running 2 operated rigs |
| · | Approximately 3,500 net operated acres acquired or converted primarily in McKenzie County in the quarter |
Internal Mid-Year Reserve Assessment
| · | Mid-year reserve assessment estimates proved reserves of 7,044 Mboe, 87% crude oil |
| ― | 2,643 Mboe proved developed producing reserves |
| ― | 4,401 Mboe proved undeveloped reserves |
| ― | Approximately 380% increase since January 31, 2012 |
Results for Second Quarter Fiscal 2013, ending July 31, 2012 (“Q2”)
| · | Q2 fiscal 2013 total production of 104,660 BOE |
| · | Q2 fiscal 2013 summary Consolidated Statement of Operations |
| Three Months Ended July 31, | ||||||||
| 2012 | 2011 | |||||||
| Revenues | ||||||||
| Oil and natural gas sales | $ | 7,507,137 | $ | 624,985 | ||||
| Pressure-pumping services* | 2,594,552 | - | ||||||
| Other | 156,104 | - | ||||||
| Total Revenues | 10,257,793 | 624,985 | ||||||
| Costs and Expenses | ||||||||
| Oil and gas operating expenses | 1,168,086 | 872,868 | ||||||
| Pressure-pumping operating expenses* | 1,845,348 | - | ||||||
| Depletion, depreciation and amortization | 2,996,855 | 178,224 | ||||||
| Stock-based compensation | 1,433,047 | 3,491,693 | ||||||
| Other general and administrative expenses | 4,076,904 | 2,508,989 | ||||||
| Total operating expenses | 11,520,240 | 7,051,774 | ||||||
| Loss from Operations | (1,262,447 | ) | (6,426,789 | ) | ||||
| Other Income (Expense) | 53,541 | 98,764 | ||||||
| Net Loss | $ | (1,208,906 | ) | $ | (6,328,025 | ) | ||
| Noncontrolling interest's net loss share | 256,398 | - | ||||||
| Net Loss Attributable to Common Stockholders | $ | (952,508 | ) | $ | (6,328,025 | ) | ||
*includes intercompany eliminations; reference our Form 10Q, Section 3, for additional details
| · | July 31, 2012, cash position of $116.4 million |
| · | Current undrawn borrowing base of $27.5 million on credit facility |
| · | Initiated hedging program with zero cost collars in August 2012 |
| Instrument | Daily | ||||
| Period | Type | Volumes | Floor | Ceiling | Index |
| 2012 | |||||
| Sep - Dec | Collar | 500 Bopd | $87.00 | $103.60 | NYMEX |
| Sep - Dec | Collar | 500 Bopd | $87.00 | $103.80 | NYMEX |
| 2013 | |||||
| Jan - Dec | Collar | 500 Bopd | $85.00 | $104.30 | NYMEX |
| 2014 | |||||
| Jan - Dec | Collar | 500 Bopd | $80.00 | $101.20 | NYMEX |
About Triangle
Triangle (NYSE MKT:TPLM) is a growth oriented energy company with a current strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. Triangle has acquired approximately 85,600 net acres in the Williston Basin. For more information, visit Triangle’s website atwww.trianglepetroleum.com.
Conference Call Information
Triangle will host a conference call today, September 6, 2012, at 8:30 AM MST (10:30 AM EST) to provide an overview of the results and Triangle's current position, followed immediately by a question and answer session. Interested parties may dial-in using the conference call number (866) 202-3048 (participant passcode # 82722184). International parties may dial-in using (617) 213-8843. A recording of the conference call will be available through September 13, 2012 at (888) 286-8010 (participant passcode # 16942180). For international participants, the encore dial-in number is (617) 801-6888 (participant passcode # 16942180).
Forward-Looking Statements Disclosure
Certain statements in this press release regarding strategic plans, expectations and objectives for future operations or results are "forward-looking statements" as defined by the Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including the risks discussed in the Company's annual report on Form 10-K and the Company's other filings with the Securities and Exchange Commission. Factors that could cause differences include, but are not limited to, history of losses; speculative nature of oil and natural gas exploration, particularly in the Bakken Shale and Three Forks formations on which the Company is focused; substantial capital requirements and ability to access additional capital; ability to meet the drilling schedule; changes in tax regulations applicable to the oil and natural gas industry; results of acquisitions; relationships with partners and service providers; ability to acquire additional leasehold interests or other oil and natural gas properties; defects in title to the Company's oil and natural gas interests; ability to manage growth in the Company's businesses, including the business of RockPile Energy Services; ability to control properties that the Company does not operate; lack of diversification; competition in the oil and natural gas industry; global financial conditions; oil and natural gas realized prices; ability to market and distribute oil and natural gas produced; seasonal weather conditions; government regulation of the oil and natural gas industry, including potential regulations affecting hydraulic fracturing and environmental regulations such as climate change regulations; aboriginal claims; uninsured or underinsured risks; and material weakness in internal accounting controls. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
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