CORPORATE PRESENTATION August 2014

FORWARD LOOKING STATEMENTS The information presented in this presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this presentation 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. Factors that could cause actual results to differ materially from the results contemplated by the forward-looking statements include, but are not limited to, the risks discussed in the Company's annual report on Form 10-K for the fiscal year ended January 31, 2014 and its other filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are made as of the date of this presentation, and the Company undertakes no obligation to update any forward-looking statement as a result of new information, future developments, or otherwise.

TABLE OF CONTENTS Business Overview Financial Overview Appendix 4 13 19 Operational Overview 8

BUSINESS OVERVIEW

Gathering, transportation, treating and processing services JV with First Reserve Energy Infrastructure Fund Benefits include reducing costs and improving efficiency Natural gas facility began first sales in April, 2014 and is fully operational TPC wholly owned energy services subsidiary TPC wholly owned E&P subsidiary(1) BUSINESS OVERVIEW TRIANGLE PETROLEUM CORPORATION OVERVIEW 5 Hydraulic pressure pumping and well completion services Provides greater control over Triangle’s largest cost center 58% of completion jobs since inception through Q1 FY’15 performed for third parties Currently running 54,000 HHP in the Williston Basin Growth oriented E&P company focused on the Williston Basin Pro forma current production of approximately 11,000 boepd ~135,000 net acres with proved reserves of 46.6 MMBoe(2) ~93,000 net acres predominantly in core areas of McKenzie / Williams Counties (56% operated) Drilling program consists of running 4 full-time operated rigs Note: Triangle Petroleum Corporation’s Fiscal Year 2015 (“FY2015”) ends January 31, 2015. Production, reserve, and acreage figures are pro forma for the acquisitions announced on May 14, 2014 (“Acquisitions”). Acquisitions closed on June 30, 2014. Internal parent level reserve estimate as of April 30, 2014, pro forma for the Acquisitions. TUSA reserves may differ slightly from parent level reserves due to intercompany eliminations which improve well economics at the parent level. Triangle’s ownership of L.P. increased to 32% from 30% in June, 2014. TPC owns 50% of G.P. and 32% of L.P.(3)

KEY INVESTMENT HIGHLIGHTS 6 Internal parent level reserve estimate as of April 30, 2014, pro forma for the Acquisitions. TUSA reserves may differ slightly from parent level reserves due to intercompany eliminations which improve well economics at the parent level. United States Geological Survey (USGS) published on April 30, 2013. Since current management turn-around beginning in 2010 through April 30, 2014. Cash deployed is net of $10.0mm cash distribution from RPES to Triangle and $3.15mm cash distribution from CLBR to Triangle. Liquidity as of April 30, 2014, pro forma for the Acquisitions and $450mm high yield offering with a 6.75% coupon per annum, closed on July 18, 2014 (“Notes”). Pro forma for expected TUSA borrowing base increase to $415mm via late August redetermination. ~135,000 net acres; 46.6 MMBoe proved reserves (80% oil; 56% proved developed)(1) Contiguous acreage position prospective for the Bakken and Three Forks Formations, which are estimated to contain ~7.4 billion barrels of recoverable oil(2) Extensive low-risk development opportunities providing 12+ years of drilling inventory OIL-FOCUSED WILLISTON BASIN OPERATOR Reduces reliance on third-party service providers; relieves infrastructure constraints Recovers value-leakage to critical supply chain services Increasing the number of wells on each location to achieve maximum reservoir recovery Triangle has deployed ~$47mm of cash to its non-E&P subsidiaries, representing only 5% of total capital invested(3) INTEGRATED AND EFFICIENT DEVELOPMENT MODEL $515mm in total lending facility commitments with $656mm in pro forma total liquidity(4)(5) Conservative financial approach with focus on protecting cash flow through hedging ~5,900 Bopd hedged for FY2015 and ~4,400 Bopd for FY2016 as of August 1, 2014 Top-tier private equity partners (NGP, First Reserve and TIAA Oil & Gas Investments) STRONG FINANCIAL POSITION Disciplined financial management supported by a team with a proven blend of technical, operational, commercial, land, and regulatory experience Key technical and operations members have an average of approximately 25 years of experience working in the industry DISCIPLINED MANAGERS AND EXPERIENCED OPERATORS Q1 FY’15 production increased 200% year over year from Q1 FY’14 Proved reserves have increased 190% year over year(1) Focused on increasing scale through selective bolt-on acquisitions and trades in core area SUBSTANTIAL GROWTH IN OPERATED PRODUCTION AND RESERVES BUSINESS OVERVIEW

OPERATED VS. NON-OPERATED VOLUMES SIGNIFICANT OPERATED PRODUCTION AND RESERVES GROWTH 7 NET SOLD PRODUCTION VOLUMES (BOEPD) Revised FY2015 and 2nd Half FY2015 production guidance issued on May 14, 2014. Previous guidance (FY2015 daily production guidance 9,500 – 10,500 Boepd; 2nd Half FY2015 production guidance 10,500 – 11,500 Boepd) issued on January 21, 2014. Internal parent level reserve estimate as of April 30, 2014, pro forma for the Acquisitions. TUSA reserves may differ from parent level reserves due to intercompany eliminations. Actual Production Completed first operated well in May 2012 RockPile completed first well August 2012 Caliber generates first revenues BUSINESS OVERVIEW FY2015 Avg. Daily Production Guidance 10,200 – 11,200 Boepd(1) FY2014 Production of 5,286 Boepd PROVED RESERVES (MBOE) (1) Guidance Low Case Guidance High Case Avg. Rig Count PDP Reserves PUD Reserves Non-Operated Volumes Operated Volumes (2)

OPERATIONAL OVERVIEW

TRIANGLE USA CORE AREA – MCKENZIE AND WILLIAMS COUNTIES 9 Note: TUSA information pro forma for the Acquisitions. As of August 18, 2014. Triangle’s operatorship in North Dakota has been confirmed through title and permits. In Montana, operated assumes 30% or greater working interest. Gross Operated Locations Remaining assumes six Bakken and four Three Forks wells per DSU. Supported by recent density tests near Triangle’s core acreage. RECENT DEVELOPMENTS 97 gross operated wells currently producing and seven wells waiting on completion(1) Approximately 90% of operated producing wells currently hooked up to gas sales, as compared to 0% at the end of Q1 FY’14(1) Recent downspacing tests indicate potential for 8 – 12+ locations per DSU Multiple operated DSUs containing middle Bakken wells spaced ~600’ apart Nearby operators undergoing 12 and 16 well density tests in a single DSU targeting the Middle Bakken and Lower Three Forks benches OPERATIONAL OVERVIEW ASSET MAP: DOWNSPACING &THREE FORKS ACTIVITY DETAILS TPLM CORE Net Acreage ~93,000 Percent Operated (%)(2) 56% Percent Held By Production (%) 71% OPERATED DSUS(2) 68 TOTAL OPERATED LOCATIONS REMAINING(3) 583 TPLM Acreage TPLM Operated DSU Bakken & Three Forks Density Test Select Lower Three Forks Wells Select Tests KOG OAS CLR CLR OAS OAS WLL KOG 1 3 7 2 4 5 8 6

DRILLING AND PRODUCTION PROFILE 10 Spud to total depth drilled days excludes days when rig is batch drilling adjacent well. Including approximately $1mm average RockPile and other eliminations since inception and effects of Triangle-RockPile master service agreement renegotiation. Excludes produced volumes of natural gas and NGL’s not being sold. TUSA OPERATED WELLS COMPLETED (GROSS VS. NET)(1) AVERAGE SPUD TO TOTAL DEPTH DRILLED DAYS(1) OPERATIONAL OVERVIEW Q1 FY’15 SOLD VOLUMES PRODUCTION MIX(3) Decreasing spud to total depth days; average of 20 days for Q1 FY’15 versus 27 days for Q1 FY’14 Targeting $9.0 - $9.5 million AFE costs(2) Efficiencies related to pad drilling Caliber reduces pad equipment on site Reducing time drilling rig spends on location HIGHLIGHTS

Simultaneous operations – 1) drilling operations, 2) Caliber piping freshwater provisions, 3) RockPile batch completing two wells and 4) operational production facilities OPERATIONAL OVERVIEW 11 ROCKPILE ENERGY SERVICES Third pressure pumping spread became operational in April and is currently operating for third-party clients Backlog of approximately 31 wells, including 18 for third party operators, at the end of Q1 FY’15 Completed jobs for 10 third-party operators (seven pressure pumping)(1) Anticipate continued growth in third party pressure pumping clients in Q3 FY’15 Estimate cash dividends issued to Triangle totaling $25 - $30mm in FY2015 Made a $10mm cash distribution to Triangle in April 2014 EXPANDING CAPACITY AND CAPABILITIES GROSS WELLS COMPLETED 9 RockPile Energy Services, LLC is focused on providing “Best in Class” pressure pumping and ancillary services in the Williston Basin As of August 14, 2014.

SERVICE LINE PIPE LAID (MILES) % COMPLETE Crude Gathering & Transportation 53 77% Natural Gas Gathering & Transportation(2) 35 91% Produced Water Transportation 50 65% Freshwater & Maintenance Water Delivery 56 62% Natural Gas Liquids Transportation 5 100% CONSTRUCTION UPDATE (AS OF JULY 31, 2014) OPERATIONAL OVERVIEW 12 CALIBER MIDSTREAM Assumes all Series A warrants exercised into Class A units. Transportation of residue to Northern Border. Caliber Midstream Partners, LP is focused on providing gathering, transportation and processing in the Williston Basin Natural gas facility became operational in April 2014, currently averaging throughput of approximately 10 MMcfpd All business lines are currently operational, marking the end of the Phase I build out Completion of Phase II will enable crude oil to flow through to the Alexander Market Center, which will provide additional marketing optionality due to offtake via multiple pipelines and / or rail Signed midstream service agreements with four third-party customers Estimate cash dividends issued to Triangle totaling $10 - $15mm in FY2015; paid $3.15mm cash distribution net to Triangle in December 2013 Triangle has a 32% ownership stake, but can earn up to 50% subject to the performance of the business(1)

FINANCIAL OVERVIEW

 On July 18, 2014 Triangle USA Petroleum Corporation, the Company’s wholly-owned E&P subsidiary, closed on a $450mm senior unsecured notes offering Offering upsized to $450mm from $350mm due to high demand (~9x oversubscribed) Proceeds from the offering used to pay down TUSA’s second lien credit facility, reimburse Triangle for capital contributions to TUSA in connection with closing the Acquisitions, repay outstanding debt under TUSA’s senior credit facility, and for other general corporate purposes FINANCIAL OVERVIEW 14 HIGH YIELD OFFERING OVERVIEW $450MM SENIOR UNSECURED NOTES COUPON 6.75% PRICING Par MATURITY 8 years GUARANTORS All TUSA subsidiaries RANKING The Notes will be senior unsecured obligations of the Company and will rank pari-passu to all present and future senior indebtedness and senior to all present and future subordinated indebtedness of the Company OPTIONAL REDEMPTION Non-callable for 3 years, callable thereafter at declining premiums EQUITY CLAWBACK Up to 35% of the Notes at a premium with the proceeds of an equity issue for the first three years CHANGE OF CONTROL Offer to redeem the Notes at 101% of par plus accrued interest COVENANTS Standard and customary DISTRIBUTION 144A for life

FINANCIAL OVERVIEW 15 Does not include $120mm convertible note with a 5% cashless coupon per annum convertible into Triangle stock at $8.00 per share; no financial covenants. Potentially dilutive into approximately 16.4mm shares of Triangle common stock. Pro forma for Acquisitions and Notes. Does not reflect other capex or cash flow since the last reporting period. Pro forma for expected TUSA borrowing base increase to $415mm via late August redetermination. Common stock includes $120mm convertible note as of January 31, 2014. Potentially dilutive into approximately 16.4mm shares of Triangle common stock. Calculated using outstanding management and board stock and options and unvested employee RSUs. Does not apply treasury stock method. CURRENT POSITION CURRENT POSITION APPROX. PRO FORMA LIQUIDITY (APRIL 30, 2014) ($MM) TOTAL CURRENT AND POTENTIAL DILUTED OWNERSHIP KEY HIGHLIGHTS Recent high yield offering allows capital budget to be fully funded through FY2017 with operating cash flow and credit facility borrowings Debt metrics remain conservative following high yield offering, with pro forma net debt to annualized 1Q FY’15 adjusted EBITDA of 1.8x(1) Active hedging program in place, nearing capacity through CY2015

FINANCIAL OVERVIEW 16 REVISED STAND-ALONE CAPITAL BUDGET FOR FY2015 (ENDED JANUARY 31, 2015) Note: TUSA information pro forma for the Acquisitions. Revised FY2015 capital budget issued on May 14, 2014. Previous budget of $510mm issued on January 21, 2014. E&P Operated Drilling Program does not include the RockPile and other eliminations that reduce capital expenditures at the Triangle Parent Company level. Actual E&P operated incurred capex will be lower by eliminations. FY2014 eliminations of $35.2mm. Capital to be allocated towards the acquisition of seismic data and to drill and complete 3 – 4 exploratory wells. BUDGET DETAIL Capital Expenses Revised FY2015 Budget ($mm)(1) E&P Operated Drilling Program(2) $360 E&P Non-Operated Drilling Program 45 Station Prospect(3) 10 E&P Land Spend 145 RockPile 55 Infrastructure and Other 25 Total $640 FY2015 BUDGET HIGHLIGHTS Drilling program consists of 3 full-time operated rigs, which increased to 4 rigs in Q1 FY’15 Spud 46 to 50 gross operated wells Complete 42 to 46 gross operated wells Third RockPile pressure pumping spread delivered ahead of schedule in Q1 FY’15 RockPile budget includes the order of a fourth pressure pumping spread in late FY2015 with delivery in early FY2016 BUDGET ALLOCATION

FINANCIAL OVERVIEW STAND-ALONE BUSINESS SEGMENT GUIDANCE 17 *Description of segment information and non-GAAP measures are located at the back of the Appendix Revised FY2015 and 2nd Half FY’15 TUSA guidance issued on May 14, 2014. Previous guidance issued on January 21, 2014. Assumes 30 stages per well. Assumes third spread fully operational in Q3 FY’15 (ended October 31, 2014). FY2015 guidance net to Triangle’s 32% ownership stake in Caliber. Total estimated elimination calculated using FY2015 midpoint of TUSA gross well completions, 44, multiplied by average elimination per well through FY2014 of $1.1mm. TUSA Stand-alone(1) RPES Stand-alone(2) CLBR Stand-alone(3) Period Revenue ($mm) Adj. EBITDA ($mm) Revenue ($mm) Adj. EBITDA ($mm) Revenue Adj. EBITDA ($mm) 2H FY’15 $165 - $180 $115 - $125 $170 - $200 $39 - $47 $10 - $12 $7 - $8 2H FY’15 Ann. $330 - $360 $230 - $250 $340 - $400 $78 - $94 $20 - $24 $14 - $16 FY2015 $290 - $325 $205 - $225 $300 - $340 $63 - $75 $17 - $21 $13 - $15 FY2014 Actual $161 $112 $194 $42 $5 $3 FY2015 CONSOLIDATED FINANCIALS The following items must also be considered for the consolidated financials: ITEM DESCRIPTION ($MM) Consolidated Triangle Parent Company (“TPC”) G&A Incremental corporate level G&A expense $11 - 14 Consolidated TPC Stock-Based Compensation Incremental corporate level SBC expense $8 - 11 Consolidated Book Taxes Book tax expense (cash tax expense of ~$1mm) $30 - 35 Intercompany Eliminations Estimated based upon historical eliminations(4) $40 - 50 Caliber EBITDA Anticipate minimal contribution of Caliber due to intracompany eliminations -

RISK MANAGEMENT 18 Actively hedging to protect present and future cash flows through the use of zero cost collars and swaps Ability to hedge up to 85% of expected production over next 36 months FINANCIAL OVERVIEW HEDGE POSITION CURRENT HEDGES (BOPD) KEY HIGHLIGHTS *Note: As of August 1, 2014. Q1 FY’15 Production: 8,129 Boepd FY’15 Swaps ~$95 Fixed FY’15 Collars ~$101 Ceiling ~$87 Floor FY’16 Collars ~$98 Ceiling ~$87 Floor

APPENDIX RockPile: Vertical Integration Profile Caliber: Vertical Integration Profile Montana – Station Prospect Historical Financials

Control 100% of largest E&P cost center Dedicated high quality frac fleet and personnel Maintain greater control over completion schedules, work quality and production facilities planning Third-party completions boost consolidated revenues and earnings; goal to achieve $100mm in stand-alone EBITDA and 75% third-party business Potential distributions from subsidiary back to TPC to be reinvested in highest return investments FY2014 STAND-ALONE FINANCIALS(2) ROCKPILE’S BENEFIT TO TRIANGLE ROCKPILE: VERTICAL INTEGRATION PROFILE 20 APPENDIX ROCKPILE CAPEX REDUCTION PER WELL(1) Calculated using net income elimination in period divided by gross operated completions. Does not match consolidated financials. Reference “Segment Reporting and Non-GAAP Measures” tables in company financial statements and presentation appendix. Peer Group data sourced from Bloomberg of July 15, 2014: BAS, CDI-T, CFW-T, CJES, ESI-T, FES, HP, KEG, NBR, NR, PDS, PES, PTEN, RES, SPN, SVY-T, TDG-T, WRG-V, XDC-T. ROCKPILE IMPLIED VALUATION Peer Average 2015E EV / EBITDA(3) 6.6x RPES 2H FY’15 Ann. EBITDA Midpoint(2) $86mm RPES Valuation $568mm TPC Basic Shares Outstanding (mm) 86.1 Valuation Per TPC Share $6.59 Net Income Reduction in Q1 FY’15 ($mm) RPES-Triangle Completed Wells in Q1 FY’15 Avg. Well Cost Reduced per Triangle Well ($mm) $5.6 9 $0.6

Secured long term gas and crude oil gathering and takeaway capacity at market rates in the Williston Basin Potential to i) capture value for gas previously flared, ii) remove trucks from pads iii) increase realized prices by increasing optionality on delivery points and iv) contribute to TPC net income via equity investment Potential distributions from subsidiary back to TPC to be reinvested in highest return investments CALIBER: VERTICAL INTEGRATION PROFILE 21 APPENDIX CALIBER’S BENEFIT TO TRIANGLE Peer Group data sourced from Bloomberg of July 15, 2014: ACMP, AMID, APL, BKEP, CMLP, DPM, HEP, MMLP, MWE, NGLS, RGP, RRMS, SMLP, SXE, TCP, TLLP, TLP, WES, XTEX. See “Use of Segment Information and Non-GAAP Measures” in the Appendix. Please reference Note 10 – Fair Value Measurements and Note 11 – Equity Investment in our FY2014 Form 10-K for additional details. CALIBER IMPLIED VALUATION Peer Average 2015E EV / EBITDA(1) 14.8x CLBR 2H FY’15 Ann. EBITDA Midpoint(2) $15mm CLBR Valuation $222mm TPC Basic Shares Outstanding (mm) 86.1 Valuation Per TPC Share $2.58 IMPACT ON CONSOLIDATED FINANCIALS In FY2015, anticipate minimal gain from equity investment due to elimination, and no debt consolidation due to equity method accounting Fair value ownership of trigger units, trigger unit warrants, and warrants reevaluated quarterly(3)

MONTANA – STATION PROSPECT DETAILS ~42,000 net acres; 67% operated Potential Drilling Inventory: 294 operated locations Allocating $10mm to acquire seismic data and drill and complete 3 – 4 exploratory wells in FY2015 KEY HIGHLIGHTS Industry activity continues in offsetting townships Ongoing exploration programs for Bakken and Three Forks New exploration program for conventional Red River initiated by peer operator Long-term leasehold allows a “wait-and-see” approach Asset provides substantial exploration upside for unconventional and conventional accumulations APPENDIX Sagebrush Resources SBR1-36H Samson Resources Riva Ridge 33-56H MB Riva Ridge 0607-2H TF Southwestern Energy Bedwell 1H Whiting Petroleum Gronlle Farms 24-20 Whiting Petroleum Olson 21-28 Brigham Beck 15-101-H Whiting Petroleum French 21-26 Brigham Rogney 17-8-1-H Samson Oil & Gas Australia II Samson Oil & Gas Australia III Samson Oil & Gas Gretel II Continental Resources Abercrombie 1-10H Samson Oil & Gas Australia IV Source: Triangle Petroleum Corporation and Montana Board of Oil and Gas, 2014.

Q1 FY’15 CONSOLIDATED INCOME STATEMENT 23 APPENDIX (1) Includes intercompany eliminations; reference Note 4 – Segment Reporting in the Q1 FY’15 Form 10-Q for additional details. (2) The effective tax rate for the three months ended April 30, 2014 is approximately 41%, which differs from the statutory income tax rate due to permanent book to tax differences. Income tax provision is primarily a non-cash expense, with a cash tax expense component of approximately $0.1 million. (3) Includes net interest expense add-back of $0.9 million in Q1 FY’15 related to outstanding convertible notes. (4) See “Use of Segment Information and Non-GAAP Measures” and “Adjusted Net Income Reconciliation” in the Appendix. 2014 2013 Revenues Total revenues 99,782 $ 34,294 $ Expenses Production taxes 6,348 2,444 Lease operating expenses 4,726 2,216 Gathering, transportation and processing 3,802 37 Oilfield services (1) 27,710 11,186 Depreciation and amortization 21,178 7,473 Accretion of asset retirement obligations 134 8 Corporate and Other stock-based compensation 1,523 1,062 E&P stock-based compensation 395 322 RockPile stock-based compensation 90 211 Corporate and Other cash G&A expenses 3,518 1,461 E&P cash G&A expenses 2,914 1,567 RockPile cash G&A expenses 5,097 1,979 Total operating expenses 77,435 29,966 Operating Income 22,347 4,328 Gain on equity investment derivatives 10,454 - Gain (loss) from commodity derivative activities (5,456) 1,212 Interest expense (2,864) (1,472) Income (loss) from equity investment (126) 596 Interest income 60 37 Other income 138 510 Total other income 2,206 883 Net Income Before Income Taxes 24,553 5,211 Income tax provision (2) (10,011) - Net Income 14,542 $ 5,211 $ Net Income per Common Basic 0.17 $ 0.10 $ Diluted (3) 0.15 $ 0.10 $ Adjusted Net Income per Common (4) Basic 0.13 $ 0.07 $ Diluted (3) 0.12 $ 0.07 $ Weighted Average Common Shares Basic 85,952 52,605 Diluted 103,314 53,004 Three Months Ended April 30,

CONSOLIDATED ADJUSTED NET INCOME RECONCILIATION 24 APPENDIX Tax impact is computed as pre tax-effected adjusting items multiplied by one less the Company's effective tax rate. Includes interest expense add-back of $0.9 million net of income taxes and amounts capitalized in Q1 FY’15 related to outstanding convertible notes. *Adjusted-EBITDA calculations do not include TPC (parent company) other revenues and expenses *TUSA results include all exploration and production related business lines (“E&P”) *RockPile Adjusted-EBITDA restated to be calculated as per methodology from recently upsized credit facility, which closed on March 25, 2014 *See “Use of Segment Information and Non-GAAP Measures” in the back of the Appendix for disclosures *Caliber Adjusted-EBITDA represents Triangle’s 30% ownership share of the partnership, before intracompany elimination. Previous period reflects adjustment related to the recognition of warrant expense and well connect fees STAND-ALONE BUSINESS SEGMENT ADJUSTED EBITDA RECONCILIATION Q1 fiscal 2015 Q1 fiscal 2014 Net income attributable to common stockholders $ 14,542 5,211 $ Gain on equity investment derivatives (10,454) - (Gain) loss on commodity derivatives 5,456 (1,212) Gain on investment in marketable securities - (409) Net deferred income tax liability (benefit) - - Tax impact (1) 2,038 - Adjusted net income 11,582 $ 3,590 $ Adjusted net income per common Basic 0.13 $ 0.07 $ Diluted (2) 0.12 $ 0.07 $ Weighted average common shares Basic 85,952 52,605 Diluted 103,314 53,004 Q1 fiscal 2015 Q4 fiscal 2014 Net income before income taxes 17,472 $ 17,456 $ Depreciation and amortization 18,612 17,507 Net interest expense 1,113 1,028 Stock-based compensation 395 230 Accretion of asset retirement obligations 134 18 (Gain) loss on commodity derivatives 5,456 (2,146) Settlements of commodity derivatives (818) (2,448) Adjusted-EBITDA 42,365 $ 31,645 $ Q1 fiscal 2015 Q4 fiscal 2014 Net income before income taxes 8,437 $ 5,967 $ Depreciation and amortization 3,590 3,431 Stock-based compensation 90 132 Net interest expense 507 380 One-time start-up costs and other 1,176 577 Adjusted-EBITDA 13,800 $ 10,486 $ Q1 fiscal 2015 Q4 fiscal 2014 Net income before income taxes 51 $ (37) $ Depreciation and amortization 231 156 Warrant expense 56 58 Net interest expense 85 54 Well connect fees bill 294 546 Well connect revenue recognized (28) (18) Adjusted-EBITDA 689 $ 759 $ 

Q1 FY’15 INTERSEGMENT TABLE 25 APPENDIX Corporate and Other includes our corporate office and several subsidiaries that management does not consider to be part of the exploration and production or oilfield services segments. Also included are our results from our investment in Caliber, including any changes in the fair value of our equity investment derivatives. Other than our investment in Caliber, these subsidiaries have limited activity. $5.6 million RockPile, Caliber, and other services consolidated elimination results in a $5.6 million reduction in oil and natural gas property expenditures. *Reference Note 4 – Segment Reporting in our Q1 FY’15 Form 10-Q for additional details Exploration and Production RockPile's Pressure Pumping and Other Services Corporate and Other (1) Eliminations and Other Consolidated Total Revenues Oil, natural gas and natural gas liquids sales $ 60,834 $ - $ - $ - $ 60,834 Oilfield services for third parties - 39,557 - (609) 38,948 Intersegment revenues - 21,875 - (21,875) - Other - - 177 (177) - Total revenues 60,834 61,432 177 (22,661) 99,782 Expenses Prod. taxes, LOE, and other expenses 15,010 - - - 15,010 Depreciation and amortization 18,612 3,590 176 (1,200) 21,178 Cost of oilfield services - 43,711 - (16,001) 27,710 General and administrative 3,309 5,187 5,041 - 13,537 Total operating expenses 36,931 52,488 5,217 (17,201) 77,435 Income (loss) from operations 23,903 8,944 (5,040) (5,460) 22,347 Other income (expense), net (6,431) (507) 9,321 (177) 2,206 Net income (loss) before income taxes $ 17,472 $ 8,437 $ 4,281 $ (5,637) (2) $ 24,553

USE OF SEGMENT INFORMATION AND NON-GAAP MEASURES 1) The Company often provides financial metrics for each of Triangle’s three segments of operation. Revenues for each segment are disclosed in notes to the financial statements contained in the Company’s Form 10-K and Form 10-Q filings, but the sum of those unconsolidated revenues differs from Triangle’s consolidated revenues for the corresponding reporting period. Triangle’s consolidated revenues would reflect segment revenues reduced for intracompany sales (i.e. for RockPile services to Triangle’s E&P segment). Triangle also believes that unconsolidated segment revenue assists investors in measuring RockPile’s performance as a stand-alone company without eliminating, on a consolidated basis, certain revenues attributable to completion services for Triangle’s economic interests in new wells operated by Triangle. 2) EBITDA represents income before interest, income taxes, depreciation and amortization. EBITDA is not a calculation based upon generally accepted accounting principles in the U.S. ("GAAP"). Triangle has presented ranges of anticipated EBITDA, by segment, because it regularly reviews EBITDA by segment as a measure of the segment’s operating performance. Triangle also believes EBITDA assists investors in comparing segment performance on a consistent basis without regard to interest, income taxes, depreciation and amortization, which can vary significantly depending upon many factors. A large portion of Triangle’s consolidated interest expense relates to paid-in-kind interest on the convertible note at the parent. The total of EBITDA by segment is not indicative of Triangle’s consolidated EBITDA, which reflects other matters such as (i) additional parent administrative costs, (ii) the aforementioned intracompany eliminations, and (iii) the use of the equity method, rather than consolidation, for Triangle’s investment in Caliber. The EBITDA measures presented in the Tables may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation. 3) Adjusted net income (loss) is defined as net income (loss) applicable to common stockholders Adjusted to exclude certain charges or amounts in order to provide users of this financial information with additional meaningful comparisons between current results and the results of prior periods. We present this measure because (i) it is consistent with the manner in which the Company's performance is measured relative to the performance of its peers, (ii) this measure is more comparable to earnings estimates provided by securities analysts, and (iii) charges or amounts excluded cannot be reasonably estimated and guidance provided by the company excludes information regarding these types of items. These Adjusted amounts are not a measure of financial performance under GAAP. We believe that net income (loss) is the performance measure calculated and presented in accordance with GAAP that is most directly comparable to Adjusted net income (loss).