Palo Alto Investors Voices its Support of New Management and Board at
Triangle Petroleum


    


    
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<p><location>PALO ALTO</location>, Calif., <chron>Dec. 1</chron> /CNW/ -- <location>Palo Alto</location> Investors, LLC ("<location>Palo Alto</location>"), which exercises control over more than 21% of the common stock of Triangle Petroleum Corporation ("Triangle", or the "Company") (TSXV: TPE; OTC Bulletin Board:   TPLM), today applauded the Company's Board for its decisive actions on behalf of shareholders.  Earlier today, the Company announced the appointment of <person>Dr. Peter J. Hill</person> as the Company's Chief Executive Officer.  It also announced the addition of three new Board members who have been brought in to help the Company create a new strategy focused on near-term opportunities in North American unconventional oil and gas basins. In addition to <person>Dr. Hill</person>, the new Board will include <person>Mr. Gardner Parker</person> and <person>Mr. Jonathan Samuels</person>, who collectively bring tremendous experience to the Company.</p>
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<p><person>David Anderson</person>, Director of Energy Research at <location>Palo Alto</location> Investors, commented: "We are very pleased with the Company's latest changes.  We believe <person>Peter Hill</person> brings a wealth of geologic and management expertise that is unparalleled for the task at hand. His knowledge of unconventional oil and gas basins, along with his significant executive experience with growth companies gives us great confidence. Along with the rest of the Directors, this re-invigorated Board and new management team are well positioned to create a positive future for Triangle Petroleum."</p>
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<p><person>Mr. Anderson</person> was also complimentary of the existing Board and team: "<person>Mark Gustafson</person> and the other Directors have been very responsive and recognize that additional resources can help the Company create long-term shareholder value.  We are impressed with their clarity of purpose and their willingness to do what is in the best interest of all shareholders."</p>
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<p><location>Palo Alto</location> believes that the Company has the potential to pursue lower-risk development in oil and gas basins that are more suited to a company of its size. "We think the Company should think big, but seek opportunities where development success has higher probability and where significant upside exists," clarified Anderson.</p>
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<p>Commenting on the Company's existing natural gas shale play in Nova Scotia, <person>Mr. Anderson</person> added: "We still believe this has tremendous potential as the geology gets evaluated and well-completion technologies evolve, but it may take time to come to fruition. This new team has expertise that can be put to work creating value immediately."</p>
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    About Palo Alto Investors
    
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<p>Since its inception in 1989, <location>Palo Alto</location> Investors, LLC ("<location>Palo Alto</location>") has focused exclusively on overlooked, misunderstood and undervalued segments of the equity markets. <location>Palo Alto</location> is committed to providing world class money management services to high net worth and institutional investors. Located in <location>Palo Alto</location>, Calif., <location>Palo Alto</location> employs 18 professionals and manages over <money>$1 billion</money> in assets. The firm is independently owned with significant Partner ownership interest.</p>
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For further information: For further information: Nelli Chowdhury, Walek & Associates, +1-212-590-0537, rchowdhury@walek.com

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