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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 9pt Arial; color: Red"><B></B></FONT><B><FONT STYLE="font-size: 18pt">UNITED STATES</FONT></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C.
20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section 13 or 15(d)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report (Date of earliest event
reported): April 12, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TRIANGLE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nevada</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of<BR>
        incorporation or organization)</P></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>001-34945</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><B>98-0430762<BR>
</B>(I.R.S. Employer<BR>
Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1660 Wynkoop St., Suite 900, Denver,
        CO </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>80202<BR>
</B>(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(303) 260-7125</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Applicable.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Former name
or former address, if changed since last report)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Red">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0pt 0"><B>Item 1.01 Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April&nbsp;12, 2012, our subsidiary,
Triangle USA Petroleum Corporation (&ldquo;TUSA&rdquo;) entered into a senior secured Credit Agreement (the &ldquo;Credit Agreement&rdquo;)
among TUSA, as borrower, Wells Fargo Bank, National Association, as administrative agent (in such capacity, the &ldquo;Administrative
Agent&rdquo;) and as Issuing Lender, and the banks and other financial institutions party thereto, as lenders. The $300.0 million
Credit Agreement has an initial borrowing base of $10.0 million, subject to periodic redeterminations as described below. As of
April&nbsp;12, 2012, there were no revolving borrowings or letters of credit outstanding under the Credit Agreement. All borrowings
under the new revolving credit facility mature on April&nbsp;12, 2017. We may prepay borrowings under the new revolving credit
facility at any time without premium or penalty (other than customary LIBOR breakage costs), subject to certain notice requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The borrowing base under the Credit Agreement
is subject to redetermination by our lenders on a quarterly basis, in July 2012, October 2012, January 2013 and April 2013, during
the next year and thereafter on a semi-annual basis, in April and October.&nbsp;&nbsp;In addition, we or the banks may request
an unscheduled borrowing base redetermination at other times during the year.&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Borrowings under the Credit Agreement bear
interest, at our option, at either (i)&nbsp;the ABR (the highest of (A) the Administrative Agent&rsquo;s prime rate, (B) the federal
funds rate plus 0.5%, or (C) the one-month eurodollar rate (as defined in the Credit Agreement) plus 1%,), plus an applicable margin
that ranges between 0.75% and 1.75%, depending on our utilization percentage of the then effective borrowing base, or (ii)&nbsp;the
eurodollar rate plus an applicable margin that ranges between 1.75% and 2.75%, depending on our utilization percentage of the then
effective borrowing base. We will pay a per annum fee on all letters of credit issued under the Credit Agreement, which fee will
equal the applicable margin for loans accruing interest based on the eurodollar rate and a fronting fee to the Issuing Lender equal
to 0.125% of the letter of credit amount. We will pay a commitment fee that ranges between 0.35%&nbsp;and 0.50% per annum on the
unused availability under the Credit Agreement. In connection with entering into the new revolving credit facility, we paid certain
upfront fees to the lenders thereunder, and certain arrangement and other fees to the arrangers and Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The revolving credit facility is secured
by certain of TUSA&rsquo;s assets, including (1) at least 80% of the adjusted engineered value of TUSA&rsquo;s proved oil and gas
interests evaluated in determining the borrowing base for the revolving credit facility, (2) all of the personal property of TUSA
and its subsidiaries and (3) a pledge by the Triangle Petroleum Corporation of the equity interests it holds in TUSA.&nbsp;&nbsp;The
obligations under the Credit Agreement are guaranteed by each of Triangle Petroleum Corporation and the domestic subsidiary of
TUSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Credit Agreement contains representations,
warranties and covenants that are customary for similar credit arrangements, including, among other things, covenants relating
to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with applicable laws and (iv) notification
of certain events. The Credit Agreement also contains various covenants and restrictive provisions which may, among other things,
limit TUSA&rsquo;s ability to sell assets, incur additional indebtedness, make investments or loans and create liens.&nbsp;&nbsp;The
Credit Agreement also contains the following financial covenants:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.31in"></TD><TD STYLE="width: 0.19in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">TUSA must maintain a ratio of consolidated current assets to consolidated current liabilities of
at least 1.0 to 1.0; and</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.31in"></TD><TD STYLE="width: 0.19in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the ratio of TUSA&rsquo;s consolidated debt to consolidated EBITDAX (determined as of the end of
each fiscal quarter for the then most-recently ended four fiscal quarters) may not be greater than 4.0 to 1.0.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Credit Agreement includes events of
default that we believe are customary for similarly situated companies. Upon an event of default under the Credit Agreement, the
Administrative Agent may, or at the direction of lenders holding a majority of the commitments under the Credit Agreement shall,
terminate the commitments under the Credit Agreement and declare all amounts owing under the Credit Agreement to be due and payable.
In addition, upon an event of default under the Credit Agreement, the Administrative Agent is empowered to exercise all rights
and remedies of a secured party and foreclose upon the collateral securing the Credit Agreement, in addition to all other rights
and remedies under the security documents described in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Credit
Agreement <FONT STYLE="font-weight: normal">is a summary only and is qualified in its entirety by reference to the complete text
of the Credit Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein
by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 2.03 Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">The information
set forth under Item 1.01 concerning the Credit Agreement is incorporated herein by reference. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-weight: normal">(d)
<U>Exhibits</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; text-align: left; font-size: 10pt; border-bottom: Black 1pt solid"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 3%; text-align: left; font-size: 10pt; font-weight: normal; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 83%; text-align: center; font-size: 10pt; border-bottom: Black 1pt solid"><B>Description of Exhibit</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: normal">10.1</TD>
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: normal">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Credit Agreement, dated as of April 12, 2012, among Triangle USA Petroleum Corporation, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">TRIANGLE PETROLEUM CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;Date: April 13, 2012</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid">/s/ Jonathan Samuels</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: italic">Jonathan Samuels</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-style: italic">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; text-align: left; border-bottom: Black 1pt solid"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 3%; text-align: left; font-weight: normal; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 83%; text-align: center; border-bottom: Black 1pt solid"><B>Description of Exhibit</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="text-align: left; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: normal">10.1</TD>
    <TD STYLE="text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="text-align: left">Credit Agreement, dated as of April 12, 2012, among Triangle USA Petroleum Corporation, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "v309394_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 25246}]
{"company-data": {"conformed-name": "Triangle Petroleum Corp", "cik": "0001281922", "assigned-sic": "1311", "irs-number": "980430762", "state-of-incorporation": "NV", "fiscal-year-end": "0131"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34945", "film-number": "12759672"}, "business-address": {"street1": "1660 WYNKOOP ST", "street2": "SUITE 900", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "303-260-7125"}, "mail-address": {"street1": "1660 WYNKOOP ST", "street2": "SUITE 900", "city": "DENVER", "state": "CO", "zip": "80202"}, "former-company": [{"former-conformed-name": "Triangle Petroleum CORP", "date-changed": "20050525"}, {"former-conformed-name": "PELOTON RESOURCES INC", "date-changed": "20040226"}]}
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): April 12, 2012
TRIANGLE PETROLEUM CORPORATION
(Exact name of registrant as specified
in its charter)
Nevada
(State or other jurisdiction of
incorporation or organization)
001-34945
(Commission File Number)
98-0430762
(I.R.S. Employer
Identification No.)
1660 Wynkoop St., Suite 900, Denver,
        CO
(Address of principal executive offices)
80202
(Zip Code)
Registrant's telephone number, including
area code:
(303) 260-7125
Not Applicable.
(Former name
or former address, if changed since last report)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On April 12, 2012, our subsidiary,
Triangle USA Petroleum Corporation ("TUSA") entered into a senior secured Credit Agreement (the "Credit Agreement")
among TUSA, as borrower, Wells Fargo Bank, National Association, as administrative agent (in such capacity, the "Administrative
Agent") and as Issuing Lender, and the banks and other financial institutions party thereto, as lenders. The $300.0 million
Credit Agreement has an initial borrowing base of $10.0 million, subject to periodic redeterminations as described below. As of
April 12, 2012, there were no revolving borrowings or letters of credit outstanding under the Credit Agreement. All borrowings
under the new revolving credit facility mature on April 12, 2017. We may prepay borrowings under the new revolving credit
facility at any time without premium or penalty (other than customary LIBOR breakage costs), subject to certain notice requirements.
The borrowing base under the Credit Agreement
is subject to redetermination by our lenders on a quarterly basis, in July 2012, October 2012, January 2013 and April 2013, during
the next year and thereafter on a semi-annual basis, in April and October.  In addition, we or the banks may request
an unscheduled borrowing base redetermination at other times during the year.
Borrowings under the Credit Agreement bear
interest, at our option, at either (i) the ABR (the highest of (A) the Administrative Agent's prime rate, (B) the federal
funds rate plus 0.5%, or (C) the one-month eurodollar rate (as defined in the Credit Agreement) plus 1%,), plus an applicable margin
that ranges between 0.75% and 1.75%, depending on our utilization percentage of the then effective borrowing base, or (ii) the
eurodollar rate plus an applicable margin that ranges between 1.75% and 2.75%, depending on our utilization percentage of the then
effective borrowing base. We will pay a per annum fee on all letters of credit issued under the Credit Agreement, which fee will
equal the applicable margin for loans accruing interest based on the eurodollar rate and a fronting fee to the Issuing Lender equal
to 0.125% of the letter of credit amount. We will pay a commitment fee that ranges between 0.35% and 0.50% per annum on the
unused availability under the Credit Agreement. In connection with entering into the new revolving credit facility, we paid certain
upfront fees to the lenders thereunder, and certain arrangement and other fees to the arrangers and Administrative Agent.
The revolving credit facility is secured
by certain of TUSA's assets, including (1) at least 80% of the adjusted engineered value of TUSA's proved oil and gas
interests evaluated in determining the borrowing base for the revolving credit facility, (2) all of the personal property of TUSA
and its subsidiaries and (3) a pledge by the Triangle Petroleum Corporation of the equity interests it holds in TUSA.  The
obligations under the Credit Agreement are guaranteed by each of Triangle Petroleum Corporation and the domestic subsidiary of
TUSA.
The Credit Agreement contains representations,
warranties and covenants that are customary for similar credit arrangements, including, among other things, covenants relating
to (i) financial reporting and notification, (ii) payment of obligations, (iii) compliance with applicable laws and (iv) notification
of certain events. The Credit Agreement also contains various covenants and restrictive provisions which may, among other things,
limit TUSA's ability to sell assets, incur additional indebtedness, make investments or loans and create liens.  The
Credit Agreement also contains the following financial covenants:
·
TUSA must maintain a ratio of consolidated current assets to consolidated current liabilities of
at least 1.0 to 1.0; and
·
the ratio of TUSA's consolidated debt to consolidated EBITDAX (determined as of the end of
each fiscal quarter for the then most-recently ended four fiscal quarters) may not be greater than 4.0 to 1.0.
The Credit Agreement includes events of
default that we believe are customary for similarly situated companies. Upon an event of default under the Credit Agreement, the
Administrative Agent may, or at the direction of lenders holding a majority of the commitments under the Credit Agreement shall,
terminate the commitments under the Credit Agreement and declare all amounts owing under the Credit Agreement to be due and payable.
In addition, upon an event of default under the Credit Agreement, the Administrative Agent is empowered to exercise all rights
and remedies of a secured party and foreclose upon the collateral securing the Credit Agreement, in addition to all other rights
and remedies under the security documents described in the Credit Agreement.
The foregoing description of the Credit
Agreement
is a summary only and is qualified in its entirety by reference to the complete text
of the Credit Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein
by reference.
Item 2.03 Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information
set forth under Item 1.01 concerning the Credit Agreement is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit No.
Description of Exhibit
10.1
Credit Agreement, dated as of April 12, 2012, among Triangle USA Petroleum Corporation, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
TRIANGLE PETROLEUM CORPORATION
(Registrant)
Date: April 13, 2012
By:
/s/ Jonathan Samuels
Jonathan Samuels
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description of Exhibit
10.1
Credit Agreement, dated as of April 12, 2012, among Triangle USA Petroleum Corporation, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.