Triangle Petroleum Settles Convertible Debentures

Triangle Petroleum has entered into amending agreements with its convertible debenture holders to settle in full, subject to regulatory approval, the principal (US $10 million) and interest (US $2.2 million) of the debentures by agreeing to pay an aggregate of US $6.5 million in cash and to issue an aggregate of 2,500,000 common shares.

Shaun Toker, Chief Financial Officer, commented, "Settlement of these outstanding debentures really cleans up our balance sheet. Being a completely debt free company positions us for additional funding options in 2009."

Triangle also reports that it will not be proceeding with its previously announced flow through share offering and it has elected not to drill a test well on the 68,000 gross acres Beech Hill Block in New Brunswick.