10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the quarterly period ended April 30, 2015

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the transition period from _________ to _________

Commission file number 001-34945

TRIANGLE PETROLEUM CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware	98-0430762
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

1200 17th Street, Suite 2600

Denver, CO 80202

(Address of Principal Executive Offices)

(303) 260-7125

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes  ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐   No ☒

As of June 4, 2015, there were 75,385,334 shares of the registrant’s common stock outstanding.

TRIANGLE PETROLEUM CORPORATION AND SUBSIDIARIES

INDEX TO FORM 10-Q FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2015

April
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS			1
PART I.FINANCIAL INFORMATION			2
	ITEM 1.	FINANCIAL STATEMENTS (UNAUDITED)	2
		CONDENSED CONSOLIDATED BALANCE SHEETS	3
		CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	4
		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	5
		CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY	6
		NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	7
	ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	24
	ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	33
	ITEM 4.	CONTROLS AND PROCEDURES	34
PART II.  OTHER INFORMATION			35
	ITEM 1.	LEGAL PROCEEDINGS	35
	ITEM 1A.	RISK FACTORS	35
	ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	35
	ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	36
	ITEM 4.	MINE SAFETY DISCLOSURES	36
	ITEM 5.	OTHER INFORMATION	36
	ITEM 6.	EXHIBITS	37
SIGNATURES			38

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this report and other materials we file with the U.S. Securities and Exchange Commission (“SEC”), or in other written or oral statements made or to be made by us, other than statements of historical fact, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current expectations or forecasts of future events. Words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “could,” “would,” “will,” “may,” “can,” “continue,” “potential,” “likely,” “should,” and the negative of these terms or other comparable terminology, often identify forward-looking statements. Statements in this quarterly report that are not statements of historical facts are hereby identified as forward-looking statements for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”).

These forward-looking statements include, but are not limited to, statements about our:

· future capital expenditures and performance;

· future operating results;

· anticipated drilling and development;

· drilling results;

· results of acquisitions;

· relationships with partners; and

· plans for our subsidiaries.

Actual results or developments may be different than we anticipate or may have unanticipated consequences to, or effects on, us or our business or operations. All of the forward-looking statements made in this report are qualified by the discussion of risks and uncertainties under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, and in our other public filings with the SEC. Although the expectations reflected in the forward-looking statements are based on our current beliefs and expectations, undue reliance should not be placed on any such forward-looking statements due to the risks and uncertainties noted above and because such statements speak only as of the date hereof. Except as required by federal and state securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this report and in our future reports filed with the SEC. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report may not occur.

1

PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS (UNAUDITED)

Triangle Petroleum Corporation

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

	January 31, 2015		April 30, 2015
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	67,871	$	50,277
Accounts receivable		171,911		124,821
Commodity derivatives		54,775		24,796
Other current assets		14,952		10,605
Total current assets		309,509		210,499
PROPERTY, PLANT AND EQUIPMENT, AT COST
Oil and natural gas properties, full cost method of accounting
Proved properties		1,159,584		1,239,328
Unproved properties and properties under development, not being amortized		142,896		124,518
Total oil and natural gas properties		1,302,480		1,363,846
Accumulated amortization		(176,390)		(397,069)
Net oil and natural gas properties		1,126,090		966,777
Oilfield services equipment, net		87,549		84,398
Other property and equipment, net		47,367		48,259
Net property, plant and equipment		1,261,006		1,099,434
OTHER ASSETS
Deferred loan costs		14,038		14,312
Equity investment		64,411		67,716
Other		5,906		5,812
Total other assets		84,355		87,840
Total assets	$	1,654,870	$	1,397,773

See notes to condensed consolidated financial statements.

2

Triangle Petroleum Corporation

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share data)

	January 31, 2015		April 30, 2015
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued capital expenditures	$	176,182	$	139,140
Other accrued liabilities		73,440		51,809
Current portion of long-term debt		503		508
Interest payable		2,250		9,132
Deferred income taxes		19,467		—
Derivative liability		—		292
Total current liabilities		271,842		200,881
LONG-TERM LIABILITIES
5% convertible note		135,877		137,576
Borrowings on credit facilities		224,159		245,288
TUSA 6.75% notes		429,500		429,500
Other notes and mortgages payable		10,102		9,982
Deferred income taxes		33,974		—
Derivative liability		—		3,171
Other		4,398		4,085
Total liabilities		1,109,852		1,030,483
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $0.00001 par value, 140,000,000 shares authorized; 75,174,442 and 75,327,056 shares issued and outstanding at January 31, 2015 and April 30, 2015, respectively		1		1
Additional paid-in capital		545,017		547,488
Retained earnings (accumulated deficit)		—		(180,199)
Total stockholders' equity		545,018		367,290
Total liabilities and stockholders’ equity	$	1,654,870	$	1,397,773

See notes to condensed consolidated financial statements.

3

Triangle Petroleum Corporation

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share data)

	For the Three Months Ended April 30,
	2014		2015
REVENUES:
Oil, natural gas and natural gas liquids sales	$	60,834	$	47,778
Oilfield services		38,948		70,510
Total revenues		99,782		118,288
EXPENSES:
Lease operating expenses		4,726		10,909
Gathering, transportation and processing		3,802		6,348
Production taxes		6,348		4,787
Depreciation and amortization		21,287		37,806
Impairment of oil and natural gas properties		—		192,000
Accretion of asset retirement obligations		25		57
Oilfield services		27,710		65,464
General and administrative, net of amounts capitalized		13,401		14,859
Total operating expenses		77,299		332,230
INCOME (LOSS) FROM OPERATIONS		22,483		(213,942)
OTHER INCOME (EXPENSE):
Interest expense, net		(2,672)		(9,106)
Amortization of deferred loan costs		(192)		(616)
Realized commodity derivative gains (losses)		(818)		19,468
Unrealized commodity derivative gains (losses)		(4,638)		(33,442)
Equity investment income (loss)		(126)		188
Gain on equity investment derivatives		10,454		—
Gain on Caliber capital transactions		—		2,880
Other income		62		930
Total other income (expense)		2,070		(19,698)
INCOME (LOSS) BEFORE INCOME TAXES		24,553		(233,640)
INCOME TAX PROVISION (BENEFIT)		10,011		(53,441)
NET INCOME (LOSS)	$	14,542	$	(180,199)
Earnings (loss) per common share outstanding:
Basic	$	0.17	$	(2.39)
Diluted	$	0.15	$	(2.39)
Weighted average common shares outstanding:
Basic		85,952		75,256
Diluted		103,314		75,256

See notes to condensed consolidated financial statements.

4

Triangle Petroleum Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Three Months Ended April 30,
	2014		2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	14,542	$	(180,199)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		21,287		37,806
Impairment of oil and natural gas properties		—		192,000
Share-based compensation		2,008		2,508
Interest expense paid-in-kind on 5% convertible note		1,011		1,699
Amortization of deferred loan costs		192		616
Accretion of asset retirement obligations		25		57
Unrealized commodity derivative (gains) losses		4,638		33,442
Equity investment (income) loss		126		(188)
Gain on equity investment derivatives		(10,454)		—
Gain on Caliber capital transactions		—		(2,880)
Deferred income taxes		9,884		(53,441)
Changes in related current assets and current liabilities:
Accounts receivable		(627)		47,090
Other current assets		(855)		4,347
Accounts payable and accrued liabilities		(1,846)		(42,955)
Asset retirement expenditures		(136)		(5)
Other		48		(642)
Cash provided by operating activities		39,843		39,255
CASH FLOWS FROM INVESTING ACTIVITIES:
Oil and natural gas property expenditures		(73,350)		(74,834)
Acquisitions of oil and natural gas properties		(4,393)		(222)
Purchases of oilfield services equipment		(12,949)		(5,299)
Purchases of other property and equipment		(1,122)		(2,251)
Sale of oil and natural gas properties		—		6,000
Other		8		—
Cash used in investing activities		(91,806)		(76,606)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facilities		99,616		51,000
Repayments of credit facilities		(21,515)		(29,871)
Repayments of other notes and mortgages payable		(100)		(125)
Debt issuance costs		(1,008)		(890)
Payments to settle tax on vested restricted stock units		(1,498)		(357)
Cash provided by financing activities		75,495		19,757
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS		23,532		(17,594)
CASH AND EQUIVALENTS, BEGINNING OF PERIOD		81,750		67,871
CASH AND EQUIVALENTS, END OF PERIOD	$	105,282	$	50,277

See notes to condensed consolidated financial statements.

5

Triangle Petroleum Corporation

Condensed Consolidated Statement of Stockholders’ Equity (Unaudited)

For the Three Months Ended April 30, 2015

(in thousands, except share data)

						Retained
	Shares of	Common		Additional		Earnings
	Common	Stock at		Paid-in		(Accumulated		Total
	Stock	Par Value		Capital		Deficit)		Equity
Balance - January 31, 2015	75,174,442	$	1	$	545,017	$	—	$	545,018
Vesting of restricted stock units (net of shares surrendered for taxes)	152,614		—		(357)		—		(357)
Share-based compensation	—		—		2,828		—		2,828
Net income (loss) for the period	—		—		—		(180,199)		(180,199)
Balance - April 30, 2015	75,327,056	$	1	$	547,488	$	(180,199)	$	367,290

See notes to condensed consolidated financial statements.

6

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.  DESCRIPTION OF BUSINESS

Triangle Petroleum Corporation (“Triangle,” the “Company,” “we,” “us,” “our,” or “ours”) is an independent energy holding company with three principal lines of business: oil and natural gas exploration, development, and production; oilfield services; and midstream services.

We hold leasehold interests and conduct our operations in the Williston Basin of North Dakota and Montana.  Our core focus area is predominantly located in McKenzie and Williams Counties, North Dakota, and eastern Roosevelt and Sheridan Counties, Montana.  We conduct our exploration and production operations through our wholly-owned subsidiary, Triangle USA Petroleum Corporation (“TUSA”).

In June 2011, we formed RockPile Energy Services, LLC (“RockPile”), a wholly-owned subsidiary, which provides oilfield and complementary well completion services to oil and natural gas exploration and production companies predominantly in the Williston Basin.  RockPile began operations in July 2012.

In September 2012, through our wholly-owned subsidiary, Triangle Caliber Holdings, LLC, we formed Caliber Midstream Partners, L.P. (“Caliber”), an unconsolidated joint venture with First Reserve Energy Infrastructure Fund (“FREIF”).  Caliber was formed for the purpose of providing oil, natural gas and water transportation and related services to oil and natural gas exploration and production companies in the Williston Basin.

The Company, through its wholly-owned subsidiary, Elmworth Energy Corporation (“Elmworth”), previously conducted insignificant exploration and production activities in Canada.  Elmworth has since sold all leasehold interests except for acreage in the Maritimes Basin of Nova Scotia.  Elmworth has ceased all exploration and production activities in Canada except for reclaiming five wells, the drilling site and brine ponds on its Nova Scotia acreage.  Elmworth has no proved reserves and its oil and natural gas properties were fully impaired as of January 31, 2012.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation.  These unaudited condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and are expressed in U.S. dollars.  Preparation in accordance with GAAP requires us to (i) adopt accounting policies within accounting rules set by the Financial Accounting Standards Board (“FASB”) and by the Securities and Exchange Commission (“SEC”), and (ii) make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and other disclosed amounts.  

Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. We believe the disclosures made are adequate to make the information not misleading. We recommend that these unaudited condensed consolidated financial statements be read in conjunction with our audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, as filed with the SEC (“Fiscal 2015 Form 10-K”). In the opinion of management, all material adjustments considered necessary for a fair presentation of the Company’s interim results have been reflected. All such adjustments are considered to be of a normal recurring nature. The results for interim periods are not necessarily indicative of annual results.

No condensed consolidated statement of comprehensive income (loss) is presented because the Company had no comprehensive income or loss activity in the periods presented.

7

Use of Estimates.  In the course of preparing its condensed consolidated financial statements, management makes various assumptions, judgments, and estimates to determine the reported amount of assets, liabilities, revenue, and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. Significant areas requiring the use of assumptions, judgments and estimates include (i) oil and natural gas reserves; (ii) cash flow estimates used in ceiling tests of oil and natural gas properties; (iii) depreciation and amortization; (iv) impairment of undeveloped properties and other assets; (v) assigning fair value and allocating purchase price in connection with business combinations; (vi) accrued revenue and related receivables; (vii) valuation of commodity derivative instruments and equity derivative instruments; (viii) accrued liabilities; (ix) valuation of share-based payments and (x) income taxes. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions for matters that may require recognition or disclosure in these condensed consolidated financial statements.

Principles of Consolidation.  The accounts of Triangle and its wholly-owned subsidiaries are presented in the accompanying condensed consolidated financial statements.  All significant intercompany transactions and balances are eliminated in consolidation.  Triangle generally uses the equity method of accounting for investments in entities in which Triangle has an ownership between 20% and 50% and exercises significant influence. The investment in Caliber is accounted for utilizing the equity method of accounting.  

Oil and Natural Gas Properties.  The Company follows the full-cost method of accounting for its oil and natural gas properties. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits and other internal costs directly identified with these activities, and oil and natural gas property acquisitions are capitalized. The net book value of oil and natural gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and natural gas reserves, discounted at ten percent per annum.  Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous twelve months, held flat for the life of the production, except where prices are defined by contractual arrangements.

Any excess of the net book value of proved oil and natural gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as “Impairment of oil and natural gas properties” in the accompanying condensed consolidated statements of operations. The ceiling limitation is evaluated quarterly.

At April 30, 2015, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million.  Triangle will likely be required to recognize an additional impairment of oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairment will likely be material.

Oilfield Services Equipment and Other Property and Equipment.  Oilfield services equipment and other property and equipment consisted of the following as of:

(in thousands)	January 31, 2015		April 30, 2015
Land	$	7,888	$	7,888
Building and leasehold improvements		33,625		34,160
Oilfield service equipment		116,354		121,653
Vehicles		4,811		5,521
Software, computers and office equipment		5,327		6,050
Capital leases		853		853
Total depreciable assets		168,858		176,125
Accumulated depreciation		(35,189)		(44,998)
Depreciable assets, net		133,669		131,127
Assets not placed in service		1,247		1,530
Total oilfield service equipment and other property & equipment, net	$	134,916	$	132,657

Income Taxes.  The Company computes its quarterly tax provision using the effective tax rate method based on applying the anticipated annual effective rate to its year-to-date income or loss, except for discrete items.  Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs.

8

As noted above, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million.  This impairment results in Triangle having three years of cumulative historical pre-tax losses and a net deferred tax asset position.  Additionally, Triangle will likely be required to recognize additional impairments of its oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairments will likely be material. Triangle also had net operating loss carryovers ("NOLs") for federal income tax purposes of $136.9 million at January 31, 2015.  These losses and expected future losses were a key consideration that led Triangle to provide a valuation allowance against its net deferred tax assets as of April 30, 2015 since it cannot conclude that it is more likely than not that its net deferred tax assets will be fully realized in future periods.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.  At each reporting period, management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment.  Future events or new evidence which may lead the Company to conclude that it is more likely than not that its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings; sustained or continued improvements in oil prices; and taxable events that could result from one or more transactions.  The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods.

In the current period the Company recorded the benefit of reversing its net deferred tax liability.  As long as the Company concludes that it will continue to have a need for a valuation allowance against its net deferred tax assets, the Company likely will not have any additional income tax expense or benefit other than for federal alternative minimum tax expense, a release of a portion of the valuation allowance for net operating loss carryback claims or for state income taxes.

As of April 30, 2015, the Company had no unrecognized tax benefits.  The Company’s management does not believe that there are any new items or changes in facts or judgments that should impact the Company’s position during the first three months of fiscal year 2016.  Given the substantial net operating loss carryforwards at both the federal and state levels, neither significant interest expense nor penalties charged for any examining agents’ tax adjustments of income tax returns are anticipated, as any such adjustments would very likely only adjust net operating loss carryforwards.

Earnings per Share.  Basic earnings per common share is computed by dividing net income (loss) attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period.  Diluted net income per common share reflects increases in average shares outstanding from the potential dilution, under the treasury stock method, that could occur upon (i) exercise of stock options, (ii) vesting of restricted stock units, and (iii) conversion of convertible debt. The treasury stock method assumes exercise, vesting or conversion at the beginning of a period for securities outstanding at the end of a period. Also, the treasury stock method for calculating dilution assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company at the quarter’s average stock price using assumed proceeds from (a) the exercise cost of the options and (b) the foregone future compensation expense of hypothetical early vesting of the outstanding restricted stock units.  The assumed proceeds are adjusted for income tax effects.  In the event of a net loss, no potential common shares are included in the calculation of shares outstanding, as their inclusion would be anti-dilutive.

9

The following table details the weighted average dilutive and anti-dilutive securities, which consist of options and unvested restricted stock, for the periods presented:

	For the Three Months Ended April 30,
	2014		2015
Dilutive		17,362,426		—
Anti-dilutive shares		6,000,000		10,910,078

The table below sets forth the computations of net income (loss) per common share (basic and diluted) for the periods presented:

	For the Three Months Ended April 30,
(in thousands, except per share data)	2014		2015
Net income (loss) attributable to common stockholders	$	14,542	$	(180,199)
Effect of 5% convertible note conversion		918		—
Net income (loss) attributable to common stockholders after effect of debt conversion	$	15,460	$	(180,199)
Basic weighted average common shares outstanding		85,952		75,256
Effect of dilutive securities		17,362		—
Diluted weighted average common shares outstanding		103,314		75,256
Basic net income (loss) per share	$	0.17	$	(2.39)
Diluted net income (loss) per share	$	0.15	$	(2.39)

Reclassifications.  Certain amounts in our unaudited condensed consolidated statement of operations for the three months ended April 30, 2014 have been reclassified to conform to the financial statement presentation for the period ended April 30, 2015.  The unaudited condensed consolidated statement of operations reclassifications relate to the break out of amortization of deferred loan costs from interest expense and amounts related to revisions in the Elmworth abandonment obligation that were reclassified from accretion of asset retirement obligations to depreciation and amortization expense. Such reclassifications had no impact on consolidated total assets, stockholders’ equity or net income previously reported.

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3.  SEGMENT REPORTING

We conduct our operations within two reportable operating segments.  We identified each segment based on management’s responsibility and the nature of their products, services, and costs.  There are no major distinctions in geographical areas served as nearly all operations are in the Williston Basin of the United States.  The Exploration and Production operating segment, consisting of TUSA and several insignificant oil and natural gas subsidiaries, is responsible for finding and producing oil and natural gas.  The Oilfield Services segment, consisting of RockPile and its subsidiaries, is responsible for a variety of oilfield and complementary services for both TUSA-operated wells and wells operated by third-parties.  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 in Corporate and Other are our results from our investment in Caliber, including any changes in the fair value of our equity investment derivatives. 

Management evaluates the performance of our segments based upon net income (loss) before income taxes.  The following tables present selected financial information for our operating segments for the three months ended April 30, 2015 and 2014.

	For the Three Months Ended April 30, 2015
	Exploration				Corporate
	and		Oilfield		and				Consolidated
(in thousands)	Production		Services		Other		Eliminations		Total
Revenues:
Oil, natural gas and natural gas liquids sales	$	47,778	$	—	$	—	$	—	$	47,778
Oilfield services for third parties		—		71,090		—		(580)		70,510
Intersegment revenues		—		9,504		—		(9,504)		—
Total revenues		47,778		80,594		—		(10,084)		118,288
Expenses:
Lease operating and production taxes		15,696		—		—		—		15,696
Gathering, transportation and processing		6,348		—		—		—		6,348
Depreciation and amortization		29,299		9,489		325		(1,307)		37,806
Impairment of oil and natural gas properties		192,000		—		—		—		192,000
Accretion of asset retirement obligations		57		—		—		—		57
Cost of oilfield services		—		70,586		1,238		(6,360)		65,464
General and administrative, net of amounts capitalized:
Salaries and benefits		341		4,829		3,253		—		8,423
Stock-based compensation		321		51		2,136		—		2,508
Other general and administrative		407		1,797		1,724		—		3,928
Total operating expenses		244,469		86,752		8,676		(7,667)		332,230
Income (loss) from operations		(196,691)		(6,158)		(8,676)		(2,417)		(213,942)
Other income (expense), net		(21,002)		(875)		2,686		(507)		(19,698)
Income (loss) before income taxes	$	(217,693)	$	(7,033)	$	(5,990)	$	(2,924)	$	(233,640)
As of April 30, 2015:
Net oil and natural gas properties	$	1,044,482	$	—	$	—	$	(77,705)	$	966,777
Oilfield services equipment - net	$	—	$	84,398	$	—	$	—	$	84,398
Other property and equipment - net	$	9,116	$	22,508	$	16,635	$	—	$	48,259
Total assets	$	1,200,737	$	169,519	$	125,697	$	(98,180)	$	1,397,773
Total liabilities	$	764,057	$	138,322	$	148,034	$	(19,930)	$	1,030,483

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	For the Three Months Ended April 30, 2014
	Exploration				Corporate
	and		Oilfield		and				Consolidated
(in thousands)	Production		Services		Other		Eliminations		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)		—
Total revenues		60,834		61,432		—		(22,484)		99,782
Expenses:
Lease operating and production taxes		11,074		—		—		—		11,074
Gathering, transportation and processing		3,802		—		—		—		3,802
Depreciation and amortization		20,153		3,590		176		(2,632)		21,287
Accretion of asset retirement obligations		25		—		—		—		25
Cost of oilfield services		—		43,711		—		(16,001)		27,710
General and administrative, net of amounts capitalized:
Salaries and benefits		1,241		2,738		2,282		—		6,261
Stock-based compensation		395		90		1,523		—		2,008
Other general and administrative		1,537		2,359		1,236		—		5,132
Total operating expenses		38,227		52,488		5,217		(18,633)		77,299
Income (loss) from operations		22,607		8,944		(5,217)		(3,851)		22,483
Other income (expense), net		(6,567)		(507)		9,498		(354)		2,070
Income (loss) before income taxes	$	16,040	$	8,437	$	4,281	$	(4,205)	$	24,553

Certain income statement reclassifications were made as previously noted, as well as changes to reflect the Exploration and Production depreciation and amortization expense gross rather than net of consolidating eliminations.

Eliminations and Other.  For consolidation, intercompany revenues and expenses are eliminated with a corresponding reduction in Triangle’s capitalized well costs.

Under the full cost method of accounting, we defer recognition of oilfield services income (intersegment revenues less cost of oilfield services and related depreciation) for wells that we operate and this deferred income is credited to proved oil and natural gas properties. In addition, we eliminate our non-operating partners’ share of oilfield services income for well completion activities on properties we operate. We also defer Caliber gross profit from our share of its income associated with services it provided that were capitalized by TUSA, by charging such gross profit against income from equity investment and crediting proved oil and natural gas properties.

The above deferred income is indirectly recognized in future periods through a lower amortization rate as proved reserves are produced. For the three months ended April 30, 2015 and 2014, $0.5 and $1.4 million, respectively, of the depreciation and amortization elimination relates to the Exploration and Production segment and the balance relates to the Oilfield Services segment.

These differences, as well as differing amounts for impairments, result in basis differences between the net oil and gas property amounts presented in Triangle’s financial statements compared to those presented in TUSA’s standalone financial statements.

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4.  LONG-TERM DEBT

The Company’s long-term debt consisted of the following as of January 31, 2015 and April 30, 2015:

	January 31, 2015		April 30, 2015
5% convertible note	$	135,877	$	137,576
TUSA credit facility due October 2018		119,272		146,272
RockPile credit facility due March 2019		104,887		99,016
TUSA 6.75% notes due July 2022		429,500		429,500
Other notes and mortgages payable		10,605		10,490
Total debt		800,141		822,854
Less current portion of debt:
Other notes and mortgages payable		(503)		(508)
Total long-term debt	$	799,638	$	822,346

Convertible Note.  On July 31, 2012, the Company sold to NGP Triangle Holdings, LLC a 5% convertible note with an initial principal amount of $120.0million (the “Convertible Note”) that became convertible after November 16, 2012 into the Company’s common stock at a conversion rate of one share per $8.00 of note principal.

The Convertible Note accrues interest at a rate of 5.0% per annum, compounded quarterly, on each December 31, March 31, June 30 and September 30, and on the date of any redemption, conversion or exchange of the Convertible Note.  Such interest is paid-in-kind by adding to the principal balance of the Convertible Note, provided that, after October 31, 2017, the Company has the option to make such interest payments in cash.  As of April 30, 2015,  $17.6 million of accrued interest has been added to the principal balance of the Convertible Note.

TUSA Credit Facility.  On April 11, 2013, TUSA entered into an Amended and Restated Credit Agreement, which was subsequently amended on various dates.  On November 25, 2014, TUSA entered into a Second Amended and Restated Credit Agreement, which provides for a $1.0 billion senior secured revolving credit facility, with a sublimit for the issuance of letters of credit equal to $15.0 million.  The TUSA credit facility has a maturity date of October 16, 2018.

On April 30, 2015, TUSA entered into Amendment No. 1 to its Second Amended and Restated Credit Agreement (“Amendment No. 1”) to, among other things, replace the existing total funded debt leverage ratio with a senior secured leverage ratio, add an interest coverage ratio, and add an equity cure right for non-compliance with financial covenants.  The May 2015 semi-annual redetermination of the borrowing base was conducted concurrently with the execution of Amendment No. 1, and the borrowing base was adjusted from $435.0 million to $350.0 million.

Borrowings under the TUSA credit facility bear interest, at TUSA’s option, at either (i) the adjusted base rate (the highest of (A) the administrative agent’s prime rate, (B) the federal funds rate plus 0.50%, or (C) the one month Eurodollar rate (as defined in the agreement) plus 1.0%), plus an applicable margin that ranges between 0.50% and 1.50%, depending on TUSA’s utilization percentage of the then effective borrowing base, or (ii) the Eurodollar rate plus an applicable margin that ranges between 1.50% and 2.50%, depending on TUSA’s utilization percentage of the then effective borrowing base.

The lenders will redetermine the borrowing base under the TUSA credit facility on a semi-annual basis by May 1 and November 1.  In addition, each of TUSA and the lenders may request an unscheduled borrowing base redetermination twice during each calendar year.  If at any time the borrowing base is less than the amount of outstanding credit exposure under the TUSA credit facility, TUSA will be required to (i) prepay the principal amount of the loans in an amount sufficient to eliminate the excess, (ii) pledge additional collateral, (iii) prepay the excess in three equal monthly installments, or (iv)any combination of options (i) through (iii).  TUSA will pay a commitment fee that ranges between 0.375% and 0.50% per annum on the unused availability under the TUSA credit facility. The TUSA credit facility is collateralized by certain of TUSA’s assets, including (1) at least 80% of the adjusted engineered value of TUSA’s oil and natural gas interests evaluated in determining the borrowing base for the facility, and (2) all of the personal property of TUSA and its subsidiaries.  The obligations under the TUSA credit facility are guaranteed by TUSA’s domestic subsidiaries, but Triangle is not a guarantor.

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The TUSA credit facility contains various covenants and restrictive provisions that may, among other things, limit TUSA’s ability to sell assets, incur additional indebtedness, pay dividends, make investments or loans and create liens.  In addition, the facility contains financial covenants requiring TUSA to maintain specified ratios of consolidated current assets to consolidated current liabilities, consolidated senior secured debt to consolidated EBITDAX, and interest to consolidated EBITDAX.  As of April 30, 2015, TUSA was in compliance with all covenants under the TUSA credit facility.

RockPile Credit Facility.  On March 25, 2014, RockPile entered into a Credit Agreement to provide a $100.0 million senior secured revolving credit facility.  On November 13, 2014, RockPile entered into Amendment No. 1 to Credit Agreement and Incremental Commitment Agreement, which amended the credit facility to increase the borrowing capacity under the facility from $100.0 million to $150.0 million.  The RockPile credit facility has a maturity date of March 25, 2019.

Borrowings under the RockPile credit facility bear interest, at RockPile’s option, at either (i) the alternative base rate (the highest of (a) the administrative agent’s prime rate, (b) the federal funds rate plus 0.5%, or (c) the one-month adjusted Eurodollar rate (as defined in the agreement) plus 1.0%), plus an applicable margin that ranges between 1.5% and 2.25%, depending on RockPile’s leverage ratio as of the last day of RockPile’s most recently completed fiscal quarter, or (ii) the Eurodollar rate plus an applicable margin that ranges between 2.50% and 3.25%, depending on RockPile’s leverage ratio as of the last day of RockPile’s most recently completed fiscal quarter.

RockPile will pay a commitment fee that ranges between 0.375% and 0.50% per annum on the unused availability under the RockPile credit facility.  RockPile will also pay a per annum fee on all letters of credit issued under the RockPile credit facility, which 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.  Triangle is not a guarantor under the RockPile credit facility.  

The RockPile credit facility contains financial covenants requiring RockPile to maintain specified ratios of consolidated debt to EBITDA and Adjusted EBITDA to Fixed Charges.  Amendment No. 1 also modified covenants in the RockPile credit facility related to certain restrictions on the payment of dividends and distributions and increased the amount of permitted capital expenditures.  As of April 30, 2015, RockPile was in compliance with all financial covenants under the RockPile credit facility.

TUSA 6.75% Notes.  On July 18, 2014, TUSA entered into an Indenture (the “Indenture”) among TUSA, a TUSA wholly-owned subsidiary as guarantor, and Wells Fargo Bank, National Association, as trustee, governing the terms of TUSA’s $450.0 million aggregate principal amount of 6.75%Notes due 2022 (the “TUSA 6.75% Notes”).

The TUSA 6.75% Notes were issued in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers in accordance with Rule 144A and to persons outside of the United States pursuant to Regulation S under the Securities Act.  The TUSA 6.75% Notes are senior unsecured obligations of TUSA and are guaranteed on a senior unsecured basis by the initial guarantor and another TUSA wholly-owned subsidiary that became a guarantor of the TUSA 6.75% Notes in early December 2014.  The TUSA 6.75% Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The TUSA 6.75% Notes bear interest at a rate of 6.75% per year, accruing from July 18, 2014.  Interest on the TUSA 6.75% Notes is payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2015.  The TUSA 6.75% Notes will mature on July 15, 2022, subject to earlier repurchase or redemption in accordance with the terms of the Indenture.  The Company incurred $10.5 million of offering costs which have been deferred and are being recognized on the effective interest method over the life of the notes.

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TUSA may redeem some or all of the TUSA 6.75% Notes at any time prior to July 15, 2017 at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest, if any, to the redemption date and a make-whole premium set forth in the Indenture.  On or after July 15, 2017, TUSA may redeem some or all of the TUSA 6.75% Notes at any time at redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to the redemption date.  In addition, at any time prior to July 15, 2017, TUSA may redeem up to 35% of the aggregate principal amount of the TUSA 6.75% Notes at a specified redemption price set forth in the Indenture plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of certain equity offerings.  If TUSA experiences certain change of control events, TUSA must offer to repurchase the TUSA 6.75% Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date.

The Indenture permits TUSA to purchase TUSA 6.75% Notes in the open market.  In fiscal year 2015, TUSA repurchased TUSA 6.75% Notes with a face value of $20.5 million for $13.9 million.  TUSA immediately retired the repurchased notes and recognized a gain on extinguishment of debt of $6.6 million.

The Indenture contains covenants that, among other things, restrict TUSA’s ability and the ability of any guarantor subsidiary to sell certain assets; make certain dividends, distributions, investments and other restricted payments; incur certain additional indebtedness and issue preferred stock; create certain liens; enter into transactions with affiliates; designate subsidiaries as unrestricted subsidiaries, and consolidate, merge or sell substantially all of TUSA’s assets.  These covenants are subject to a number of important exceptions and qualifications.  As of April 30, 2015, TUSA was in compliance with all covenants under the TUSA 6.75% Notes.

5.  HEDGING AND COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS

Through TUSA, the Company has entered into commodity derivative instruments utilizing costless collars and swaps to reduce the effect of price changes on a portion of our future oil production.  A collar requires us to pay the counterparty if the settlement price is above the ceiling price, and requires the counterparty to pay us if the settlement price is below the floor price.  The objective of the Company’s use of derivative financial instruments is to achieve more predictable cash flows in an environment of volatile oil and natural gas prices and to manage its exposure to commodity price risk.  While the use of these derivative instruments limits the downside risk of adverse price movements, such use may also limit the Company’s ability to benefit from favorable price movements.  The Company may, from time to time, add incremental derivatives to hedge additional production, restructure existing derivative contracts, or enter into new transactions to modify the terms of current contracts in order to realize the current value of the Company’s existing positions.  The Company does not enter into derivative contracts for speculative purposes.

The use of derivatives involves the risk that the counterparties to such instruments will be unable to meet the financial terms of such contracts.  The Company’s derivative contracts are currently with fourcounterparties.  The Company has netting arrangements with each counterparty that provide for the offset of payables against receivables from separate derivative arrangements with the same underlier with the counterparty in the event of contract termination.  The derivative contracts may be terminated by a non-defaulting party in the event of default by one of the parties to the agreement.

The Company’s commodity derivative instruments are measured at fair value.  The Company has not designated any of its derivative contracts as fair value or cash flow hedges.  Therefore, the Company does not apply hedge accounting to its commodity derivative instruments.  Net gains and losses on derivative activities are recorded based on the changes in the fair values of the derivative instruments.  Net gains and losses on derivative activities are recorded in the commodity derivatives gains (losses) caption on the consolidated statements of operations.  The Company’s cash flows are only impacted when the actual settlements under the commodity derivative contracts result in a payment to or from the counterparty.  These settlements under the commodity derivative contracts are reflected as operating activities in the Company’s consolidated statements of cash flows. 

The components of commodity derivative gains (losses) in the consolidated statements of operations are as follows (in thousands):

	For the Three Months Ended April 30,
	2014		2015
Realized commodity derivative gains (losses)	$	(818)	$	19,468
Unrealized commodity derivative gains (losses)		(4,638)		(33,442)
Commodity derivative gains (losses), net	$	(5,456)	$	(13,974)

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The Company’s commodity derivative contracts as of April 30, 2015 are summarized below:

	Contract		Quantity	Weighted Average		Weighted Average		Weighted Average
	Type	Basis (1)	(Bbl/d)	Put Strike		Call Strike		Price
May 1, 2015 to January 31, 2016	Collar	NYMEX	3,826	$	86.52	$	98.72
May 1, 2015 to January 31, 2016	Swap	NYMEX	1,170					$	60.22
February 1, 2016 to January 31, 2017	Swap	NYMEX	2,746					$	60.23

(1) “NYMEX” refers to West Texas Intermediate crude oil prices at Cushing, Oklahoma as quoted on the New York Mercantile Exchange.

The estimated fair values of commodity derivatives included in the consolidated balance sheets at January 31, 2015 and April 30, 2015 are summarized below. The Company does not offset asset and liability positions with the same counterparties within the consolidated financial statements; rather, all contracts are presented at their gross estimated fair value. As of the dates indicated, the Company’s derivative assets and liabilities are presented below (in thousands). These balances represent the estimated fair value of the contracts. The Company has not designated any of its derivative contracts as cash-flow hedging instruments for accounting purposes. The main headings represent the balance sheet captions for the contracts presented (in thousands).

	January 31, 2015		April 30, 2015
Current Assets:
Crude oil derivative contracts	$	54,775	$	24,796
Total derivative asset	$	54,775	$	24,796
Current Liabilities:
Crude oil derivative contracts	$	—	$	292
Long-Term Liabilities:
Crude oil derivative contracts		—		3,171
Total derivative liability	$	—	$	3,463

6. ACQUISITIONS

In June 2014, we acquired from Marathon Oil Company (“Marathon”) certain oil and natural gas leaseholds and related producing properties located in Williams County, North Dakota, Sheridan County, Montana, and Roosevelt County, Montana comprising approximately 41,100 net acres and various other related rights, permits, contracts, equipment and other assets for approximately $90.4 million in cash, net of certain closing adjustments of $9.6 million.  

The acquisition was accounted for using the acquisition method under ASC-805, Business Combinations, which requires the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date of June 30, 2014.  

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The following unaudited pro forma financial information represents the combined results for the Company and the properties acquired from Marathon, in June of 2014, as if the acquisitions had occurred on February 1, 2014.  

	For the Three Months Ended
(in thousands, except per share data)	April 30, 2014
Operating revenues	$	106,647
Net income (loss)	$	15,919
Earnings (loss) per common share
Basic	$	0.19
Diluted	$	0.16
Weighted average common shares outstanding:
Basic		85,952
Diluted		103,314

The pro forma information includes the effects of adjustments for depreciation and amortization expense of $2.0million for the first quarter of fiscal year 2015. The pro forma results do not include any cost savings that may result from the acquisition or any estimated costs that have been or will be incurred by the Company to integrate the properties acquired.  The pro forma results are not necessarily indicative of what actually would have occurred if the transactions had been completed as of the beginning of the period, nor are they necessarily indicative of future results.

7.  EQUITY INVESTMENT AND EQUITY INVESTMENT DERIVATIVES

Equity Investment.On October 1, 2012, Triangle Caliber Holdings, LLC (“Triangle Caliber Holdings”), a wholly-owned subsidiary of Triangle, entered into a joint venture with FREIF Caliber Holdings LLC (“FREIF Caliber Holdings”), a wholly-owned subsidiary of FREIF. The joint venture entity, Caliber, was formed to provide crude oil, natural gas and water transportation and related services to the Company and third parties primarily within the Williston Basin of North Dakota and Montana.

On January 31, 2015, Triangle Caliber Holdings entered into a series of agreements modifying its joint venture with FREIF.  In connection with the modifications, Triangle Caliber Holdings entered into a Second Amended and Restated Contribution Agreement, dated January 31, 2015 (the “2nd A&R Contribution Agreement”), with FREIF and the general partner of Caliber, which is owned and controlled equally between Triangle Caliber Holdings and FREIF.  Pursuant to the terms of the 2nd A&R Contribution Agreement, FREIF agreed to contribute an additional $34.0 million to Caliber in exchange for 2,720,000 Class A Units.  FREIF funded the $34.0 million contribution, and the additional 2,720,000 Class A Units were issued, on February 2, 2015.  Triangle made no capital contribution to Caliber in connection with the 2nd A&R Contribution Agreement or the issuance of the 2,720,000 Class A Units.  Following the issuance, FREIF holds 17,720,000 Class A Units, representing an approximate 71.7% Class A Units ownership interest in Caliber, and Triangle Caliber Holdings holds 7,000,000 Class A Units, representing an approximate 28.3% Class A Units ownership interest in Caliber.  Triangle recognized a gain in the first quarter of fiscal year 2016 of $2.9 million related to Caliber’s issuance of these 2,720,000 Class A Units to FREIF.

Also pursuant to the terms of the 2nd A&R Contribution Agreement, Triangle Caliber Holdings received warrants for the purchase of an additional 3,626,667 Class A Units, and FREIF received warrants for the purchase of an additional 906,667 Class A Units.  The warrants received by Triangle Caliber Holdings on February 2, 2015 included 2,357,334 Class A (Series 1 through 4) Warrants at strike prices and expiration dates noted below and 1,269,333 Class A (Series 6) Warrants with a strike price of $12.50 and an expiration date of February 2, 2018.  Triangle also recognized a gain of $0.2 million in the first quarter of fiscal year 2016 related to the fair value of the warrants issued, which will be amortized over the lives of the related warrants.

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The following summarizes the Company’s equity investment holdings in Caliber as of January 31, 2015 and April 30, 2015 and the strike prices for exercising warrants as of April 30, 2015:

	Expiration		Strike Price at		As of	As of
	Date		April 30, 2015		January 31, 2015	April 30, 2015
Class A Units		—	$	—	7,000,000	7,000,000
Series 1 Warrants		October 1, 2024	$	12.78	5,600,000	6,615,467
Series 2 Warrants		October 1, 2024	$	22.09	2,400,000	2,835,200
Series 3 Warrants		September 12, 2025	$	22.09	3,000,000	3,544,000
Series 4 Warrants		September 12, 2025	$	28.09	2,000,000	2,362,667
Series 6 Warrants		February 2, 2018	$	12.50	—	1,269,333

The following summarizes the activities related to the Company’s equity investment in Caliber for the three months ended April 30, 2015:

(in thousands)	For the Three Months Ended April 30, 2015
Balance at January 31, 2015	$	64,411
Capital contributions		—
Distributions		—
Equity investment share of net income before intra-company profit eliminations		425
Change in fair value of warrants		—
Gain on Caliber capital transactions		2,880
Balance at April 30, 2015	$	67,716
Fair value of warrants at April 30, 2015	$	504

Equity Investment Derivatives.At January 31, 2015 and April 30, 2015, the Company held Class A (Series 1 through Series 4 and Series 6) Warrants to acquire additional ownership in Caliber.  These instruments are considered to be equity investment derivatives and are valued at each reporting period using valuation techniques (a Monte Carlo Simulation (“MCS”) model) for which the inputs are generally less observable than from objective sources.

8.  CAPITAL STOCK

The Company had 106.5 million shares of common stock issued or reserved for issuance at April 30, 2015.  At April 30, 2015, the Company had 75.3 million shares of common stock issued and outstanding.  The Company also had 2.0 million shares of common stock reserved for issuance pursuant to outstanding awards under its 2011 Omnibus Incentive Plan and 2.9 million shares of common stock reserved for issuance pursuant to outstanding awards under its 2014 Equity Incentive Plan (the “2014 Plan”).  The Company also had 3.1 million shares of common stock reserved that remained available for issuance under the 2014 Plan, as well as 6.0 million shares of common stock reserved for issuance under the CEO Stand-Alone Stock Option Agreement.  Lastly, the Company had 17.2 million shares of common stock reserved for issuance pursuant to the Convertible Note at April 30, 2015.

The Company’s Board of Directors (the “Board”) approved a program authorizing the repurchase of outstanding shares of the Company’s common stock in amounts equal to the aggregate of (i) $25.0 million of the Company’s common stock (“Tranche 1”), (ii) up to the number of shares of common stock authorized for issuance under the Company’s 2014 Equity Incentive Plan and its CEO Stand-Alone Stock Option Agreement (“Tranche 2”), and (iii) up to the number of shares of common stock potentially issuable, at any given time, pursuant to the paid-in-kind interest accrued on the Convertible Note (“Tranche 3”).  The program stipulates that shares of common stock may be repurchased from time to time, in amounts and at prices that the Company deems appropriate, subject to market and business conditions and other considerations.   The repurchase program has no expiration date and may be suspended or discontinued at any time without prior notice.  There were no common stock repurchases for the three months ended April 30, 2015. As of April 30, 2015, the number of shares of common stock remaining available for repurchase under the Board approved program was5,160,820 shares.

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9.  SHARE-BASED COMPENSATION

The Company has granted equity awards to officers, directors, and certain employees of the Company including restricted stock units and stock options.  In addition, RockPile has granted Series B Units which represent interests in future RockPile profits.  The Company measures its awards based on the award’s grant date fair value which is recognized ratably over the applicable vesting period.

On May 27, 2014, the Board approved the 2014 Plan, which was approved by the Company’s stockholders on July 17, 2014.  No additional awards may be granted under prior plans but all outstanding awards under prior plans shall continue in accordance with their applicable terms and conditions.  The 2014 Plan authorizes the Company to issue stock options, SARs, restricted stock, restricted stock units, cash awards, and other awards to any employees, officers, directors, and consultants of the Company and its subsidiaries.  The maximum number of shares of common stock issuable under the 2014 Plan is 6.0 million shares, subject to adjustment for certain transactions.

For the three months ended April 30, 2014 and 2015, the Company recorded share-based compensation related to restricted stock units, stock options and RockPile Series B Units as follows:

	For the Three Months Ended April 30,
(in thousands)	2014		2015
Restricted stock units	$	1,771	$	2,079
Stock options		486		698
RockPile Series B Units		90		51
		2,347		2,828
Less amounts capitalized to oil and natural gas properties		(339)		(320)
Compensation expense	$	2,008	$	2,508

Restricted Stock Units.  During the three months ended April 30, 2015, the Company granted 1,568,093 restricted stock units as compensation to employees, officers, and directors which generally vest over one to five years.  As of April 30, 2015, there was approximately $25.1 million of total unrecognized compensation expense related to unvested restricted stock units.  This compensation expense is expected to be recognized over the remaining vesting period of the related awards of approximately 3.6 years on a weighted average basis.  When restricted stock units vest, the holder has the right to receive one share of the Company’s common stock per vesting unit.  

The following table summarizes the activity for our restricted stock units during the three months ended April 30, 2015:  

		Weighted
		Average
	Number of	Award Date
	Shares	Fair Value
Restricted stock units outstanding - January 31, 2015	2,914,045	$	7.92
Units granted	1,568,093	$	5.00
Units forfeited	(50,588)	$	8.92
Units vested	(221,472)	$	7.34
Restricted stock units outstanding - April 30, 2015	4,210,078	$	6.86

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Stock Options.  There were no grants, exercises or forfeitures of stock options during the three months ended April 30, 2015.  The following table summarizes the stock options outstanding at April 30, 2015:

		Remaining
Exercise Price		Contractual Life	Number of Shares
per Share		(years)	Outstanding		Exercisable
$	7.50	8.18		750,000		75,000
$	8.50	8.18		750,000		75,000
$	10.00	8.18		1,500,000		150,000
$	12.00	8.18		1,500,000		150,000
$	15.00	8.18		1,500,000		150,000
$	12.00	6.37		233,333		—
$	14.00	6.37		233,333		—
$	16.00	9.37		233,334		—
				6,700,000		600,000
Weighted average exercise price per share			$	11.54	$	11.25
Weighted average remaining contractual life				8.10		8.18

As of April 30, 2015, there was approximately $17.9 million of total unrecognized compensation expense related to stock options.  This compensation expense is expected to be recognized over the remaining vesting period of the related awards of approximately 3.1 years.  

RockPile Share-Based Compensation.  RockPile currently has two classes of equity; Series A Units, which are voting units with an 8% preference, and Series B Units, which are non-voting equity awards. RockPile approved a plan that includes provisions allowing RockPile to make equity grants in the form of restricted units (“Series B Units”) pursuant to Restricted Unit Agreements. The plan authorizes RockPile to issue an aggregate of up to 6.0 million Series B Units in multiple series designated by a sequential number with the right to reissue forfeited or redeemed Series B Units.

The following table summarizes the activity for RockPile’s Series B Units for the three months ended April 30, 2015:

	Series	Series	Series	Series
	B-1units	B-2 units	B-3 units	B-4 units	Total
Units outstanding - January 31, 2015	2,920,000	60,000	910,000	1,412,000	5,302,000
Units redeemed	—	—	—	—	—
Units granted	—	—	—	—	—
Units outstanding - April 30, 2015	2,920,000	60,000	910,000	1,412,000	5,302,000
Vested	2,920,000	30,000	188,000	—	3,138,000
Unvested	—	30,000	722,000	1,412,000	2,164,000

Series B Units currently have a 7 to 52 month vesting schedule. Compensation costs are determined using a Black-Scholes option pricing model based upon the grant date calculated fair market value of the award and is recognized ratably over the applicable vesting period.  As of April 30, 2015, there was approximately $2.3 million of unrecognized compensation expense related to unvested Series B Units.  We expect to recognize such expense on a pro-rata basis on the Series B Units’ vesting schedule during the next five fiscal years.

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10.FAIR VALUE MEASUREMENTS

The FASB’s ASC 820, Fair Value Measurement and Disclosure, establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.  Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company.  Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

· Level 1: Quoted prices are available in active markets for identical assets or liabilities;

· Level 2: Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; and

· Level 3: Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flows models or valuations.

The financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of January 31, 2015 and April 30, 2015, by level within the fair value hierarchy:

	As of January 31, 2015
(in thousands)	Level 1		Level 2		Level3		Total
Assets:
Equity investment derivative assets	$	—	$	—	$	504	$	504
Commodity derivative assets	$	—	$	54,775	$	—	$	54,775
Liabilities:
RockPile earn-out liability	$	—	$	(1,825)	$	—	$	(1,825)

	As of April 30, 2015
(in thousands)	Level1		Level 2		Level 3		Total
Assets:
Equity investment derivative assets	$	—	$	—	$	504	$	504
Commodity derivative assets	$	—	$	24,796	$	—	$	24,796
Liabilities:
Commodity derivative liabilities	$	—	$	(3,463)	$	—	$	(3,463)
RockPile earn-out liability	$	—	$	(1,226)	$	—	$	(1,226)

Commodity Derivative Instruments.The Company determines its estimate of the fair value of commodity derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third-parties, the credit rating of each counterparty, and the Company’s own credit rating.  In considering counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments.  The Company believes that each of its counterparties is creditworthy and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions.  At April 30, 2015, commodity derivative instruments utilized by the Company consist of costless collars and swaps.  The Company’s commodity derivative instruments are valued using public indices and are traded with third-party counterparties, but are not openly traded on an exchange.  As such, the Company has classified these commodity derivative instruments as Level 2.

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Caliber Class A (Series 1 through Series 4 and Series 6) Warrants.  The Company determines its estimate of the fair value of Caliber Class A Warrants using a MCS model.  For each MCS, the value of the Class A Units was forecasted at the end of each quarter based on a predetermined yield, and the strike price for the warrant is adjusted accordingly.  The fair value of the underlying Class A Units was estimated employing primarily a discounted cash flows analysis.  At April 30, 2015, the Company’s Caliber Class A Warrants are valued using valuation models that are generally less observable from objective sources.  As such, the Company has classified these instruments as Level 3.

Earn-out Liability.  The Company determined the estimated fair value of the earn-out liability relating to RockPile’s acquisition of Team Well Service, Inc. using a market approach based on information derived from an analysis performed for RockPile by an independent third-party. This analysis used publicly available information from market participants in the same industry, generally accepted methods for estimating an investor’s return requirements, and quoted market prices in active markets. As such, the earn-out liability has been classified as Level 2.

Summary of Level 3 Financial Assets and Liabilities.  The fair values of the Class A (Series 1 through Series 4 and Series 6) Warrants were estimated using a MCS model.  The fair value of the Company’s equity investment derivative assets was $0.5 million at January 31, 2015 and April 30, 2015.  

Fair Value of Financial Instruments.  The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable and payable, derivatives and Caliber Class A Warrants (discussed above) and long-term debt. The carrying values of cash equivalents and accounts receivable and payable are representative of their fair values due to their short-term maturities. The Convertible Note’s estimated fair value is based on discounted cash flows analysis and option pricing.  The carrying amount of the Company’s revolving credit facilities approximated fair value because the interest rate of the facilities is variable. The fair values of the other notes and mortgages payable is not significantly different than their carrying values.  The fair value of the TUSA 6.75% Notes is derived from quoted market prices. This disclosure does not impact our financial position, results of operations or cash flows.

The carrying values and fair values of the Company’s debt instruments are as follows:

	January 31, 2015				April 30, 2015
	Carrying		Estimated		Carrying		Estimated
(in thousands)	Value		FairValue		Value		Fair Value
5% convertible note	$	135,877	$	137,790	$	137,576	$	154,884
Revolving credit facilities		224,159		224,159		245,288		245,288
TUSA 6.75% notes		429,500		303,871		429,500		365,505
Other notes and mortgages payable		10,605		10,605		10,490		10,490

11.  RELATED PARTY TRANSACTIONS

TUSA and an affiliate of Caliber have entered into certain midstream services agreements for (i) crude oil gathering, stabilization, treating and redelivery; (ii) natural gas compression, gathering, dehydration, processing and redelivery; (iii) produced water transportation and disposal services; and (iv) fresh water transportation for TUSA’s oil and natural gas drilling and production operations.  The agreements also include an acreage dedication from TUSA and a firm volume commitment by the Caliber affiliate for each service line.  TUSA has agreed to deliver minimum monthly revenues derived from the fees paid by TUSA to the Caliber affiliate for volumes of oil, natural gas, produced water, and fresh water for a primary term of 15 years beginning on the 2014 in-service dates for the Caliber facilities.  The aggregate minimum revenue commitment over the term of the agreements is $405.0 million, of which $347.0 million was outstanding at April 30, 2015.

TUSA and an affiliate of Caliber have also entered into a gathering services agreement, pursuant to which the Caliber affiliate will provide certain gathering-related measurement services to TUSA, and a fresh water sales agreement, that will make available certain volumes of fresh water for purchase by TUSA at a set per barrel fee for a primary term of five years from the in-service date anticipated to be in the first half of fiscal year 2016.  The fresh water sales agreement obligates TUSA to purchase all of the fresh water it requires for its drilling and operating activities exclusively from the Caliber affiliate, subject to availability, but it does not require TUSA to purchase a minimum volume of fresh water.

During the three months ended April 30, 2015, TUSA sold one salt water disposal well to an affiliate of Caliber for net proceeds of $6.0 million.

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12.  SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

	For the Three Months Ended April 30,
(in thousands)	2014		2015
Cash paid during the period for:
Interest expense	$	1,661	$	1,890
Income taxes	$	—	$	—
Non-cash investing activities:
Additions to oil and natural gas properties through:
Increase (decrease) in accounts payable and accrued liabilities	$	10,167	$	(7,932)
Capitalized stock based compensation	$	339	$	320
Change in asset retirement obligations	$	197	$	242

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ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are an independent energy holding company with three principal lines of business: oil and natural gas exploration, development and production; oilfield services; and midstream services.  We conduct these activities primarily in the Williston Basin of North Dakota and Montana through TUSA and RockPile, the Company’s two principal wholly-owned subsidiaries, and Caliber, our joint venture with FREIF.

Summary of results for the three months ended April 30, 2015

During the three months ended April 30, 2015:

· Average daily production volumes were 13,775  Boe/day for the three months ended April 30, 2015, compared to 8,135  Boe/day for the three months ended April 30, 2014, an increase of 69%.

· TUSA spud 10 gross (7.3 net) operated wells and completed 5 gross (3.3 net) operated wells during the three months ended April 30, 2015. As of April 30, 2015, TUSA had 18 gross (14.8 net) operated wells that have been drilled and were pending completion.

· Lower average realized prices of $38.97 per Boe for the three months ended April 30, 2015 versus $84.08 per Boe for the three months ended April 30, 2014, resulted in oil, natural gas and natural gas liquids sales for the three months ended April 30, 2015 of $47.8 million compared to $60.8 million for the three months ended April 30, 2014.

· RockPile completed 5 TUSA wells and 50 third-party wells in the three months ended April 30, 2015, as compared to 9 TUSA wells and 17 third-party wells in the three months ended April 30, 2014.

· Oilfield services revenue for the three months ended April 30, 2015 was $70.5 million compared to $38.9 million for the three months ended April 30, 2014 as RockPile increased its sales to third party customers.

· The competitive oilfield services pricing environment resulted in a negative gross profit of $2.4 million for the quarter ended April 30, 2015 compared to a gross profit of $8.8 million for the quarter ended April 30, 2014 after eliminations of intercompany gross profit.

· The carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation  at April 30, 2015, resulting in an impairment of $192.0 million.  

· General and administrative expenses decreased from $18.5 million in the three months ended January 31, 2015 to $14.9 million for the three months ended April 30, 2015.

· Cash flows provided by operating activities were $39.3 million for the three months ended April 30, 2015 compared to $39.8 million for the three months ended April 30, 2014.

· TUSA amended its credit facility to revise its financial covenants and add an equity cure right.

Drilling and Completions

The following table summarizes our wells spud and completed during the three months ended April 30, 2015:

	For the Three Months Ended April 30, 2015
	Spud		Completed
	Gross	Net	Gross	Net
Operated wells	10	7.3	5	3.3
Non-operated wells	2	0.1	15	0.6
	12	7.4	20	3.9

Properties, Plan of Operations and Capital Expenditures

We own operated and non-operated leasehold positions in the Williston Basin of North Dakota and Montana. As of April 30, 2015, we have completed a total of 101 gross (72.8 net) operated wells in the Williston Basin and have an interest in approximately 475 gross (26.1 net) non-operated wells.

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As of April 30, 2015, we were running a two-rig drilling program. We will release one rig at the end of June 2015,  and we plan to periodically reassess the appropriate number of rigs for our future drilling program based on a variety of factors including, but not limited to, prevailing oil and gas prices and operational efficiencies.

Our oil and natural gas property expenditures during the three months ended April 30, 2014 and 2015, are summarized below:

	For the Three Months Ended April 30,
(in thousands)	2014		2015
Costs incurred during the period
Acquisition of properties:
Proved	$	815	$	222
Unproved		3,578		—
Exploration		10,974		33,375
Development		72,346		33,527
Oil and natural gas expenditures		87,713		67,124
Asset retirement obligations, net		197		242
	$	87,910	$	67,366

We use the full cost method of accounting for our oil and natural gas operations. Accounting rules require us to perform a quarterly ceiling limitation calculation to test our oil and natural gas properties for possible impairment. The primary components impacting this calculation are commodity prices, reserve quantities added and produced, overall exploration and development costs, amortization expense, and tax effects. If the net capitalized cost of our oil and natural gas properties subject to amortization (the carrying value) exceeds the ceiling limitation, the excess would be charged to expense. The ceiling limitation is equal to the sum of the present value discounted at 10% of estimated future net cash flows from proved reserves, the cost of properties not being amortized, the lower of cost or estimated fair value of unproven properties included in the costs being amortized, and all related tax effects.

At April 30, 2015, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million for the three months ended April 30, 2015. Triangle will likely be required to recognize an additional impairment of oil and natural gas properties in future periods if oil and natural gas prices remain at current prices or continue to decline or if there is a negative impact on one or more of the other components of the calculation and such impairment will likely be material.

U.S. Leaseholds

As of April 30, 2015, we have leased approximately 233,732 gross and 116,368 net acres in the Williston Basin,  with approximately 196,181 gross and 82,361 net acres in our core focus area located predominantly in McKenzie and Williams Counties, North Dakota, and eastern Roosevelt and Sheridan Counties, Montana.  The following table sets forth our gross and net acres of developed and undeveloped oil and natural gas leases:

	DevelopedAcres		Undeveloped Acres		Total Acres
	Gross	Net	Gross	Net	Gross	Net
North Dakota	158,684	61,312	26,321	11,568	185,005	72,880
Montana	6,662	6,190	42,065	37,298	48,727	43,488
Total Williston Basin	165,346	67,502	68,386	48,866	233,732	116,368

Summary of Operating Results

The following table reflects the components of our production volumes, average realized prices, oil, natural gas and natural gas liquids revenues, and operating expenses for the periods indicated.  No pro forma adjustments have been made

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for the acquisitions and divestitures of oil and natural gas properties, which will affect the comparability of the data below.  The information set forth below is not necessarily indicative of future results.

	For the Three Months Ended April 30,
Oil and Natural Gas Operations	2014		2015
Production volumes:
Crude oil (Mbbls)		598		1,025
Natural gas (MMcf)		441		739
Natural gas liquids (Mbbls)		52		78
Total barrels of oil equivalent (Mboe)		724		1,226
Average daily production volumes (Boe/d)		8,135		13,775
Average realized prices:
Crude oil ($ per Bbl)	$	90.88	$	43.36
Natural gas ($ per Mcf)	$	8.21	$	3.23
Natural gas liquids ($ per Bbl)	$	54.87	$	12.18
Total average realized price ($ per Boe)	$	84.08	$	38.97
Oil, natural gas and natural gas liquids revenues (in thousands):
Crude oil	$	54,372	$	44,442
Natural gas		3,622		2,386
Natural gas liquids		2,840		950
Total oil, natural gas and natural gas liquids revenues	$	60,834	$	47,778
Operating expenses (in thousands):
Lease operating expenses	$	4,726	$	10,909
Gathering, transportation and processing		3,802		6,348
Production taxes		6,348		4,787
Oil and natural gas amortization expense		18,710		28,693
Impairment of oil and natural gas properties		—		192,000
Accretion of asset retirement obligations		25		57
Total operating expenses	$	33,611	$	242,794
Operating expenses per Boe:
Lease operating expenses	$	6.53	$	8.90
Gathering, transportation and processing	$	5.25	$	5.18
Production taxes	$	8.77	$	3.90
Oil and natural gas amortization expense	$	25.84	$	23.40

Comparison of Quarter Ended April 30, 2015 to Quarter Ended April 30, 2014

Oil, Natural Gas and Natural Gas Liquids Revenues.  Revenues from oil, natural gas and natural gas liquids for the three months ended April 30, 2015 decreased 21% to $47.8 million from $60.8 million for the three months ended April 30, 2014. Total production increased 69% due to our drilling and completion program in fiscal year 2015 and the first quarter of fiscal year 2016. This increase in production was offset by a 54% decrease in weighted average realized prices from $84.08 per Boe for the three months ended April 30, 2014 to $38.97 per Boe for the three months ended April 30, 2015.  

Lease Operating Expenses.  Lease operating expense increased to $8.90 per Boe for the three months ended April 30, 2015 from $6.53 per Boe for the three months ended April 30, 2014.  The cost increase is primarily the result of increased workover expenses and higher produced water disposal costs. We expect that lease operating expenses on a per Boe basis will continue to be higher in fiscal year 2016 than the prior year due to the decrease in our drilling and completion program compared to fiscal year 2015.

Gathering, Transportation and Processing.  Gathering, transportation and processing expenses were relatively consistent at $5.18 per Boe for the three months ended April 30, 2015 compared to $5.25 per Boe for the three months ended April 30, 2014.  

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Production Taxes.  Production taxes decreased 25% in the first quarter of fiscal year 2016 to $4.8 million from $6.3 million for the first quarter of fiscal year 2015. The 21% decrease in oil, natural gas and natural gas liquids revenues for the three months ended April 30, 2015 versus the three months ended April 30, 2014 is the primary reason for the decrease.  

Oil and Natural Gas Amortization.  Oil and natural gas amortization expense increased 53% to $28.7 million for the three months ended April 30, 2015 from $18.7 million for the three months ended April 30, 2014.  The increase is primarily related to increased production in the first quarter of fiscal year 2016 as compared to the first quarter of fiscal year 2015.  On a per Boe basis, our oil and natural gas amortization expense decreased by $2.44 from $25.84 for the three months ended April 30, 2014 to $23.40for the three months ended April 30, 2015 primarily due to increases in proved reserves from successful development and field extensions.

Impairment Expense. During the first quarter of fiscal year 2016, we recorded a $192.0 million non-cash impairment of the carrying value of our proved oil and natural gas properties as a result of the ceiling test limitation. The impairment resulted primarily from lower realized oil prices. No provision for impairment was recorded during the first quarter of fiscal year 2015.

Changes in production rates, levels of reserves, future development costs, transfers of unevaluated properties, and other factors will determine our ceiling test calculation and impairment analyses in future periods. We will likely be required to recognize an additional impairment of oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairment will likely be material.

Oilfield Services Gross Profit.  We formed RockPile with the strategic objective of having both greater control over one of our largest cost centers as well as to provide locally-sourced, high-quality completion services to TUSA and other operators in the Williston Basin.  Since formation, RockPile has been focused on procuring new oilfield and complementary well completion equipment, building physical and supply chain infrastructure in North Dakota, recruiting and training employees, and establishing third-party customers.  RockPile’s results of operations are affected by a number of variables including drilling and stimulation activity, pricing environment, service performance, equipment utilization, and the ability to secure and retain third-party customers.  Pressure pumping direct costs include the cost of chemicals and proppant, labor (wages and benefits), logistics expenses, insurance, repairs and maintenance, and safety costs.  Cost of goods sold as a percentage of revenue will vary based upon the pricing environment, completion design and equipment utilization.  

For the three months ended April 30, 2015, RockPile performed hydraulic fracturing, cased-hole wireline, pressure pumping and workover services for TUSA and 12 third-party customers.  Equipment utilized to perform these services consisted of four spreads, six wireline trucks, and five workover rigs. RockPile has increased its base of third-party customers, and consolidated oilfield services revenues increased 81% from $38.9 million for the three months ended April 30, 2014 to $70.5 million for the three months ended April 30, 2015. Hydraulic fracturing services resulted in 55 total well completions (5 for TUSA and 50 for third-parties) for the three months ended April 30, 2015 compared to 26 total well completions (9 for TUSA and 17 for third-parties) for the three months ended April 30, 2014.

The current competitive oilfield services pricing environment has resulted in a negative gross profit of $2.4 million for the quarter ended April 30, 2015 compared to a gross profit of $8.8 million for the quarter ended April 30, 2014, after eliminations of $2.9 million and $5.3million of intercompany gross profit, respectively. We expect that the oilfield services pricing environment will continue to be very competitive as long as oil and natural gas prices remain near current levels, resulting in compressed gross profits compared to the prior year.

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The table below summarizes the RockPile contribution to our consolidated results for the quarters ended April 30,  2014 and 2015:

	For the Three Months Ended April 30, 2014						For the Three Months Ended April 30, 2015
(inthousands)	OilfieldServices		Eliminations		Consolidated		OilfieldServices		Eliminations		Consolidated
Revenues
Oilfield services	$	61,432	$	(22,484)	$	38,948	$	80,594	$	(10,084)	$	70,510
Total revenues		61,432		(22,484)		38,948		80,594		(10,084)		70,510
Cost of sales
Oilfield services		43,711		(16,001)		27,710		70,586		(6,360)		64,226
Depreciation		3,590		(1,200)		2,390		9,489		(830)		8,659
Total cost of sales		47,301		(17,201)		30,100		80,075		(7,190)		72,885
Gross profit	$	14,131	$	(5,283)	$	8,848	$	519	$	(2,894)	$	(2,375)

General and Administrative Expenses.  The following table summarizes general and administrative expenses for the quarters ended April 30, 2014 and 2015:

	For the Three Months Ended April 30, 2014								For the Three Months Ended April 30, 2015
	Exploration and		Oilfield				Consolidated		Exploration and		Oilfield				Consolidated
(in thousands)	Production		Services		Corporate		Total		Production		Services		Corporate		Total
Salaries and benefits	$	1,241	$	2,738	$	2,282	$	6,261	$	341	$	4,829	$	3,253	$	8,423
Stock-based compensation		395		90		1,523		2,008		321		51		2,136		2,508
Other general and administrative		1,537		2,359		1,236		5,132		407		1,797		1,724		3,928
Total	$	3,173	$	5,187	$	5,041	$	13,401	$	1,069	$	6,677	$	7,113	$	14,859

Total general and administrative expenses increased $1.5 million to $14.9 million for the three months ended April 30, 2015 compared to $13.4 million for the three months ended April 30, 2014.  The increase in corporate general and administrative expenses is primarily a result of increased compensation and benefit costs for personnel due to the growth of the business.  

Commodity Derivatives.  We have entered into commodity derivative instruments, primarily costless collars and swaps, to reduce the effect of price changes on a portion of our future oil production.  Our commodity derivative instruments are measured at fair value and are included in the accompanying consolidated balance sheets as derivative assets and liabilities.  During the three months ended April 30, 2015, we recognized a loss of $14.0 million on our commodity derivative positions due to increases in underlying crude oil prices, as compared to a loss of $5.5 million for the three months ended April 30, 2014.  The fair values of the open commodity derivative instruments will continue to change in value until the transactions are settled, and we will likely add to our hedging program.  Therefore, we expect our net income to reflect the volatility of commodity price forward markets.  Our cash flows will only be affected upon settlement of the transactions at the current market prices at that time.  We recorded a realized commodity derivative gain of $19.5 million in the first quarter of fiscal year 2016, as compared to a realized commodity derivative loss of $0.8 million in the first quarter of fiscal year 2015.

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Income from Equity Investment.  Our equity investment in Caliber consists of Class A Units and equity derivative instruments.  The Company recognized no gain or loss on its equity investment derivatives in the first quarter of fiscal year 2016 compared to a $10.5 million gain during the first quarter of fiscal year 2015 related to the increase in the fair value of the equity investment derivatives.  In addition, during the three months ended April 30, 2015, the Company recognized $0.43 million for its share of Caliber’s net income for the period.  This income was offset by $0.24 million of intra-company gross profit recorded as a reduction of Triangle’s capitalized well costs attributable to services provided by Caliber and capitalized by the Company, resulting in recognized income of $0.19 million. During the three months ended April 30, 2014, the Company recognized $0.05 million for its share of Caliber’s net income for the period.  This income was offset by $0.18 million of intra-company gross profit recorded as a reduction of Triangle’s capitalized well costs attributable to services provided by Caliber and capitalized by the Company, resulting in a recognized loss of $0.13 million. In addition, we recognized a gain in the first quarter of fiscal year 2016 of $2.9 million related to Caliber’s issuance of 2,720,000 Class A Units to FREIF.  

Interest Expense.  The $9.1 million in interest expense for the three months ended April 30, 2015 consists of (i) approximately $0.9 million in interest related to the TUSA credit facility, (ii) approximately $1.7 million in accrued interest related to the Convertible Note, (iii) approximately $7.3 million in interest related to the TUSA 6.75% Notes, (iv) approximately $0.8 million in interest expense associated with RockPile’s credit facility and notes payable, and (v) approximately $0.1 million in interest expense related to our other debt, all net of approximately $1.7 million of capitalized interest which is generally incurred as exploratory wells are drilled and completed.  Approximately $2.2 million of interest expense and capitalized interest was paid in cash.  

The $2.7 million in interest expense for the three months ended April 30, 2014 consists of (i) approximately $1.3 million in interest related to the TUSA credit facility, (ii) approximately $1.6 million in accrued interest related to our Convertible Note, and (iii) approximately $0.6 million in interest expense associated with RockPile’s credit facility and notes payable, all net of approximately $0.8 million of capitalized interest.  Approximately $1.7 million of interest expense and capitalized interest was paid in cash.

Income Taxes.  Our income tax provision was a benefit of $53.4 million for the three months ended April 30, 2015 compared to an expense of $10.0 million for the three months ended April 30, 2014.  

As noted above, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million. This impairment results in Triangle having three years of cumulative historical pre-tax losses and a net deferred tax asset position. Additionally, Triangle will likely be required to recognize additional impairments of its oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairments will likely be material. Triangle also had NOLs for federal income tax purposes of $136.9 million at January 31, 2015. These losses and expected future losses were a key consideration that led Triangle to provide a valuation allowance against its net deferred tax assets as of April 30, 2015 since it cannot conclude that it is more likely than not that its net deferred tax assets will be fully realized in future periods.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. Future events or new evidence which may lead the Company to conclude that it is more likely than not that its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings; sustained or continued improvements in oil prices; and taxable events that could result from one or more transactions. The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods.

In the current period the Company recorded the benefit of reversing its net deferred tax liability. As long as the Company concludes that it will continue to have a need for a valuation allowance against its net deferred tax assets, the Company likely will not have any additional income tax expense or benefit other than for federal alternative minimum tax expense, a release of a portion of the valuation allowance for net operating loss carryback claims or for state income taxes.

Liquidity and Capital Resources

Our liquidity is highly dependent on the prices we receive for the oil, natural gas and natural gas liquids we produce.  Commodity prices are market driven and are historically volatile.  Prices received for production heavily influence our

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revenue, cash flows, profitability, access to capital and future rate of growth.  In addition, commodity prices received by exploration and production companies in the Williston Basin may affect the level of drilling activity there, and therefore may affect the demand for services provided by RockPile and/or Caliber.

In the first quarter of fiscal year 2016, our average realized price for oil was $43.36 per barrel, a decrease of 52% over the average realized price for the first quarter of fiscal year 2015.  This reflected the dramatic decrease in the price of oil that occurred over the second half of fiscal year 2015 and has continued through the first quarter of fiscal year 2016.  Future prices for oil will likely continue to fluctuate due to supply and demand factors, seasonality and other geopolitical and economic factors.  We manage volatility in commodity prices by maintaining flexibility in our capital investment program.  In addition, we periodically hedge a portion of our oil production to mitigate our potential exposure to price declines and the corresponding negative impact on cash flows available for investment.

As of April 30, 2015, we had cash of approximately $50.3 million consisting primarily of cash held in bank accounts, as compared to approximately $67.9 million at January 31, 2015.  At April 30, 2015, we also had available borrowing capacity of $203.7 million under the TUSA credit facility and $51.0 million under the RockPile credit facility.

As of April 30, 2015, we had approximately $822.9 million of debt outstanding, consisting of $429.5 million for the TUSA 6.75% Notes, $137.6 million for the Convertible Note, $146.3 million for the TUSA credit facility, $99.0 million for the RockPile credit facility, and $10.5 million for other notes and mortgages.

Cash Flows

The following is a summary of our changes in cash and cash equivalents for the three months ended April 30, 2014 and 2015:

	For the Three Months Ended April 30,
(inthousands)	2014		2015
Net cash provided by operating activities	$	39,843	$	39,255
Net cash used in investing activities		(91,806)		(76,606)
Net cash provided by financing activities		75,495		19,757
Net increase (decrease) in cash and equivalents	$	23,532	$	(17,594)

Net Cash Provided by Operating Activities.  Cash flows provided by operating activities were $39.3 million for the three months ended April 30, 2015, compared to $39.8 million for the three months ended April 30, 2014. Cash flows from operating activities were unfavorably impacted in the three months ended April 30, 2015 by lower realized oil prices and the competitive oilfield services pricing environment compared to the three months ended April 30, 2014, offset by favorable changes in current assets and current liabilities in the three months ended April 30, 2015.

Net Cash Used in Investing Activities.  During the three months ended April 30, 2015, we used $76.6 million in cash in investing activities compared to $91.8 million during the three months ended April 30, 2014.  During the three months ended April 30, 2015 and 2014, we used $74.8 million and $73.4 million, respectively, on oil and natural gas property expenditures and$0.2 million and $4.4 million, respectively, to acquire oil and natural gas properties. During the three months ended April 30, 2015 and 2014, we also spent $5.3 million and $12.9 million, respectively, on purchases of oilfield services equipment and $2.3 million and $1.1 million, respectively, on other property and equipment, primarily facility construction and improvements. During the three months ended April 30, 2015, we received net proceeds of $6.0 million from the sale of a salt water disposal well to Caliber.

Net Cash Provided by Financing Activities.Cash flows provided by financing activities for the three months ended April 30, 2015 totaled $19.8 million, as compared to $75.5million for the three months ended April 30, 2014. Our primary source of cash from financing activities during both the three months ended April 30, 2015and 2014 came from $21.1 million and $78.1 million, respectively, in net borrowings from our credit facilities.

Capital Requirements Outlook

Although our cash flows from operations have historically contributed minimally to funding our capital requirements, specifically with respect to our capital expenditure budget, our fiscal year 2015 cash flows from operations increased significantly over fiscal year 2014. Nonetheless, our first quarter fiscal year 2016 cash flows from operations were insufficient to cover our capital requirements for the quarter, and we continued to rely on external financing activities.  We

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believe that the lag time between initial investment and cash flows from such investment is typical of the oil and natural gas industry where upfront costs are significant and cash flows are delayed.  This holds true across our businesses, including drilling and completion costs for TUSA and equipment costs for RockPile. While we are not obligated to fund any further equity commitment for Caliber, the lag time between investment in operations and cash flows is exacerbated in the midstream space where initial construction costs and project timelines are substantial.  In a higher oil and natural gas pricing environment such as we experienced in recent years, we expect that our cash flows from operations would increase significantly as additional TUSA oil and natural gas wells commence production, RockPile’s oilfield services increase, and Caliber’s gathering and processing system becomes fully operational.  However, we expect that current depressed oil and natural gas prices, which have decelerated our drilling program and created a very competitive oilfield services market, will continue to limit our cash flows from operations in upcoming quarters compared to the same periods in fiscal year 2015.

In response to the current oil and natural gas pricing environment, we have significantly reduced capital expenditures, and we may further adjust such expenditures as market dynamics warrant. We will likely remain dependent on borrowings under our credit facilities and, to a lesser extent, potential additional financings to fund the difference between cash flows from operations and our capital expenditures budget and other contractual commitments.  Although we expect that our operating cash flows and availability under our credit facilities will be largely sufficient for our capital requirements, any additional shortfall may be financed through additional debt or equity instruments.  There can be no assurance that we will achieve our anticipated future cash flows from operations, that credit will be available when needed, or that we would be able to complete alternative transactions in the capital markets if needed.

We may also continue to pursue significant acquisition opportunities, which may require additional financing.  Our ability to obtain additional financing on commercially reasonable terms is dependent on a number of factors, many of which we cannot control, including changes in our credit rating, interest rates, market perceptions of us and the oil and natural gas industry, and tax burdens due to new tax laws.

If our existing and potential sources of liquidity are not sufficient to allow us to satisfy our commitments and to undertake our currently planned expenditures, particularly if commodity prices remain depressed for an extended period of time, we have the flexibility to alter our development program or divest assets.  Our operatorship of much of our acreage allows us the ability to adjust our drilling and completions schedules in response to changes in commodity prices or the oilfield services environment. Further, if we are not successful in obtaining sufficient funding on a timely basis on terms acceptable to us, we may be required to curtail our planned expenditures and/or restructure our operations (including further reducing our drilling rig count, which may result in termination fees depending on the timing and requirements of the underlying agreements), which may reduce anticipated future cash flows from operations.  If we are unable to implement our planned exploration and drilling program, we may be unable to service our debt obligations or satisfy our contractual obligations.

Sources of Capital

Cash flows from operations.  Our produced volumes have increased significantly over the past three years as a result of  the successful development of our operated properties.  If we are able to continue to drill and complete our wells as anticipated and they produce at rates similar to those generated by our existing wells, we would expect our production rates to continue to increase over time as we continue to develop our properties. However, due to the current depressed oil and natural gas pricing environment, we have reduced our drilling rig count, and we plan to delay the completion of certain wells subject to a number of factors, including the price of oil and natural gas at the time, oilfield services and materials costs, and the availability of third party work for RockPile.  Consequently, our production volume growth is expected to slow throughoutthe remainder of fiscal year 2016, and the benefit we receive from any increased production is likely to be less than it was in comparable periods of fiscal year 2015 due to lower realized prices.  If oil and natural gas prices recover sufficiently during the remainder of fiscal year 2016, we may increase drilling and completion expenditures, which we expect would increase production volumes and cash flows from operations.

Cash flows from our oilfield services segment decreased significantly in the first quarter of fiscal year 2016 primarily due to efforts to remain competitive in the current oil and natural gas pricing environment by significantly reducing fees that RockPile charges to its customers.  As a result of the margin compression on fees charged for services, as well as the likelihood for lower utilization of RockPile services by customers slowing the pace of their development operations, we anticipate that RockPile’s cash flows from operations throughout the remainder of fiscal year 2016 will be substantially lower than comparable periods in fiscal year 2015.

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Credit facilities.As of April 30, 2015, our maximum credit available under the TUSA credit facility was $1.0 billion, subject to a borrowing base of $350.0 million. As of April 30, 2015, we had $203.7 million of borrowing capacity available.  The borrowing base under the TUSA credit facility is subject to redetermination on a semi-annual basis by May 1 and November 1. In addition, each of TUSA and the lenders may request an unscheduled borrowing base redetermination twice during each calendar year.  We anticipate limited, if any, borrowing base growth in fiscal year 2016, and our borrowing base may be further reduced if oil and natural gas prices do not rebound significantly in the near term. As of April 30, 2015, our maximum credit available under the RockPile credit facility was $150.0 million, and we had $51.0 million of borrowing capacity available. Notwithstanding a potential additional borrowing base reduction under the TUSA credit facility, we expect that the substantial borrowing capacity available under our credit facilities will be sufficient to finance any difference between our cash flows from operations and our anticipated capital expenditures.

Securities Offerings. Historically, we have financed our operations, property acquisitions and other capital investments in part from the proceeds of public and private offerings of our equity and debt securities.  We may from time to time offer debt securities, common stock, preferred stock, warrants and other securities, or any combination of such securities, in amounts, at prices and on terms announced when and if the securities are offered.  The specifics of any future public offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus or a prospectus supplement at the time of such offering.

Asset Sales.  In the past, our acquisition activities have significantly outpaced our asset sales, which have been generally limited to small, opportunistic divestitures or exchanges of leasehold interests.  In the current depressed commodity pricing environment, we are strategically reviewing our assets to consider monetizing those that may garner attractive prices or are peripheral to our core businesses.  Such assets include, but are not limited to, non-operated acreage, equity investments, equipment, and other real property interests.  If commodity prices remain depressed for an extended period of time and we are unable to fund our operations from other sources of capital, we may be forced to sell portions of our operated core acreage or other assets at distressed prices.

Commodity Derivative Instruments

We utilize various derivative instruments in connection with anticipated crude oil sales to reduce the impact of product price fluctuations.  Currently, we utilize costless collars and swaps.  Current period settlements on commodity derivative instruments impact our liquidity, since we are either paying cash to, or receiving cash from, our counterparties.  If actual commodity prices are higher than the fixed or ceiling prices in our derivative instruments, our cash flows will be lower than they would be if we had no derivative instruments.  Conversely, if actual commodity prices are lower than the fixed or floor prices in our derivative instruments, our cash flows will be higher than if we had no derivative instruments.

Working Capital

As part of our cash management strategy, we periodically use available funds to reduce amounts borrowed under our credit facilities.  However, due to certain restrictive covenants contained in our credit facilities regarding our ability to dividend or otherwise transfer funds from the borrower to Triangle, we seek to maintain sufficient liquidity at Triangle to manage foreseeable and unforeseeable consolidated cash requirements.  Since our principal source of operating cash flows (proved reserves to be produced in later periods) is not considered working capital, we often have low or negative working capital.  Our working capital was $9.6 million as of April 30, 2015, as compared to $37.7 million at January 31, 2015.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Commodity Price Risk.  Our primary market risk is related to changes in oil prices.  The market price of oil has been highly volatile and is likely to continue to be highly volatile in the future, which will impact our prospective revenues from the sale of products or properties.  Currently, we utilize swaps and costless collars to reduce the effect of price changes on a portion of our future oil production.  We do not enter into derivative instruments for trading purposes.  For accounting purposes, we mark our derivatives to fair value and recognize the changes in fair value under the gain (loss) from derivative activities line on the consolidated statements of operations.

We use costless collars to establish floor and ceiling prices on our anticipated future oil production.  We neither receive nor pay net premiums when we enter into these arrangements.  These contracts are settled on a monthly basis.  When the settlement price (the market price for oil or natural gas during the settlement period) for a period is above the ceiling price, we pay our counterparty.  When the settlement price for a period is below the floor price, our counterparty is required to pay us.

The use of derivatives involves the risk that the counterparties to such instruments will be unable to meet the financial terms of such contracts.  TUSA is currently a party to derivative contracts with four counterparties.  The Company has a netting arrangement with each counterparty that provides for the offset of payables against receivables from separate derivative arrangements with the counterparty in the event of contract termination.  Although the instruments are valued using indices published by established exchanges, the instruments are traded directly with the counterparty.  The derivative contracts may be terminated by a non-defaulting party in the event of a default by one of the parties to the agreement.

The objective of the Company’s use of derivative financial instruments is to achieve more predictable cash flows in an environment of volatile oil prices and to manage its exposure to commodity price risk.  While the use of these derivative instruments reduces the downside risk of adverse price movements, these instruments may also limit the Company’s ability to benefit from favorable price movements.  The Company may, from time to time, add incremental derivatives to hedge additional forecasted production, restructure existing derivative contracts or enter into new transactions to modify the terms of current contracts in order to realize the current value of the Company’s existing positions.

The Company’s commodity derivative contracts as of April 30, 2015 are summarized below:

	Contract		Quantity	Weighted Average		Weighted Average		Weighted Average
	Type	Basis (1)	(Bbl/d)	Put Strike		Call Strike		Price
May 1, 2015 to January 31, 2016	Collar	NYMEX	3,826	$	86.52	$	98.72
May 1, 2015 to January 31, 2016	Swap	NYMEX	1,170					$	60.22
February 1, 2016 to January 31, 2017	Swap	NYMEX	2,746					$	60.23

(1) “NYMEX” refers to West Texas Intermediate crude oil prices at Cushing, Oklahoma as quoted on the New York Mercantile Exchange.

We determine the estimated fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third-parties, the credit rating of each counterparty, and the Company’s own credit rating.  The Company also performs an internal valuation to ensure the reasonableness of third‑party quotes.  In consideration of counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments.  Additionally, the Company believes that it has substantial credit quality and the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions.

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Changes in commodity futures price strips during the first quarter of fiscal year 2016 had an overall net negative impact on the fair value of our derivative contracts.  For the first quarter of fiscal year 2016, we reported a loss on our derivative contracts of $14.0 million.  The fair value of our derivative instruments at April 30, 2015 was a net assetof $21.3 million.  This mark-to-market net asset relates to derivative instruments with various terms that are scheduled to be realized over the period from May 1, 2015 through December 2016.  Over this period, actual realized derivative settlements may differ significantly, either positively or negatively, from the unrealized mark-to-market valuation at April 30, 2015.  An assumed increase of 10% in the forward commodity prices used in the April 30, 2015 valuation of our derivative instruments would result in a net derivative asset of approximately $7.5 million at April 30, 2015.  Conversely, an assumed decrease of 10% in forward commodity prices would result in a net derivative asset of approximately $35.4million at April 30, 2015.  

Interest Rate Risk.  As of April 30, 2015, we had $350.0 million of borrowing availability under the TUSA credit facility, of which $146.3 million was drawn at quarter-end.  The credit facility bears interest at variable rates.  Assuming we had the maximum amount outstanding at April 30, 2015 under the TUSA credit facility of $350.0 million, a 1.0% increase in interest rates would result in additional annualized interest expense of $3.5 million.

As of April 30, 2015, RockPile had an aggregate of $150.0 million available for borrowing under its credit facility of which approximately $99.0 million of principal was outstanding as of such date.  The credit facility bears interest at variable rates.  Assuming RockPile had the maximum amount outstanding at April 30, 2015 under the credit facility of $150.0 million, a 1.0% interest rate increase would result in additional annualized interest expense of approximately $1.5 million.  

The Convertible Note and the TUSA 6.75% Notes bear interest at fixed rates.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our management, with the participation of Jonathan Samuels, our President and Chief Executive Officer, and Justin Bliffen, our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of April 30, 2015. Based on the evaluation, those officers believe that:

· our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms; and

· our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934 was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There has not been any change in our internal control over financial reporting that occurred during the quarterly period ended April 30, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings.

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business.  Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.  We are currently not aware of any legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

Item 1A.Risk Factors.

There have been no material changes to the risk factors set forth in our Fiscal 2015 Form 10-K.  Those risks, in addition to the other information set forth in this Quarterly Report on Form 10-Q, could materially affect our business, financial condition or results of operations.  Additional risks and uncertainties not currently known to us or that we deem to be immaterial could also materially adversely affect our business, financial condition or results of operations.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

The following table summarizes our purchases of shares of our common stock during the fiscal quarter ended April 30, 2015:

						Maximum number
					Total number of	of shares that may
	Total Number		Average		shares purchased	yet be purchased
	of Shares		Price Paid		as part of publicly	under the plans
	Purchased		Per Share		announced plans (2)	at month end
February 1, 2015 to February 28, 2015	7,368		$	5.36	—	4,949,393	(3)
March 1, 2015 to March 31, 2015	40,207			5.03	—	5,160,820	(4)
April 1, 2015 to April 30, 2015	21,283			5.41	—	5,160,820
	68,858	(1)	$	5.18	—

(1) Shares of common stock surrendered by certain employees to the Company in satisfaction of their tax liability upon the vesting of their restricted stock units. The number of shares of common stock actually issued to such employees upon the vesting of their restricted stock units was net of the shares surrendered in satisfaction of their tax liability. The withheld shares are not issued or considered common stock repurchased under the repurchase program described below.

(2) As reported in Current Reports on Form 8-K filed with the SEC on September 11, 2014 and October 17, 2014, the Company’s Board of Directors approved a program authorizing the repurchase of outstanding shares of the Company’s common stock in amounts equal to the aggregate of (i) $25.0 million of the Company’s common stock (“Tranche 1”), (ii) up to the number of shares of common stock authorized for issuance under the Company’s 2014 Equity Incentive Plan and its CEO Stand-Alone Stock Option Agreement (“Tranche 2”), and (iii) up to the number of shares of common stock potentially issuable, at any given time, pursuant to the paid-in-kind interest accrued on the Convertible Note (“Tranche 3”). Shares of common stock repurchased under the program may be repurchased from time to time, in amounts and at prices that the Company deems appropriate, subject to market and business conditions and other considerations. The repurchase program may be executed using open market purchases pursuant to Rule 10b-18 under the Exchange Act, pursuant to a Rule 10b5-1 plan, in privately negotiated agreements, or other transactions. The repurchase program has no expiration date and may be suspended or discontinued at any time without prior notice. As of April 30, 2015, an aggregate of 11,431,744 shares of the Company’s common stock have been repurchased under the program.

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(3) Includes the number of shares of common stock remaining available for repurchase pursuant to Tranche 2, plus the number of shares of common stock available for repurchase pursuant to Tranche 3 based on the paid-in-kind interest accrued on the Convertible Note as of December 31, 2014.  All shares of common stock authorized for repurchase under Tranche 1 have been exhausted.

(4) Includes an additional 211,427 shares of common stock potentially issuable pursuant to the paid-in-kind interest added to the principal balance of the Convertible Note on March 31, 2015.

Item 3.  Defaults Upon Senior Securities.

None.

Item 4.  Mine Safety Disclosures.

Not Applicable.

Item 5.Other Information.

Not Applicable.

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Item 6.Exhibits

3.1	Certificate of Incorporation of Triangle Petroleum Corporation, filed as Exhibit 3.1 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 17, 2014 and incorporated herein by reference.
3.2	Certificate of Amendment to the Certificate of Incorporation of Triangle Petroleum Corporation, filed as Exhibit 3.2 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 17, 2014 and incorporated herein by reference.
3.3	Bylaws of Triangle Petroleum Corporation, filed as Exhibit 3.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2012 and incorporated herein by reference.
10.1	Amendment No. 1 to Second Amended and Restated Credit Agreement, dated April 30, 2015, among Triangle USA Petroleum Corporation, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent and Issuing Lender, and the Lenders and Subsidiary Guarantors Named Therein, filed as Exhibit 10.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on May 4, 2015 and incorporated herein by reference.
31.1*	Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document

* Filed herewith.

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SIGNATURES

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
Date:  June 8,  2015	By:	/s/ JONATHAN SAMUELS
	Jonathan Samuels
	President and Chief Executive Officer

USTIN,  2015
Date:  June 8,  2015	By:	/s/JUSTIN BLIFFEN
	Justin Bliffen
	Chief Financial Officer

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EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Jonathan Samuels, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Triangle Petroleum Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date:June 8, 2015

/s/ JONATHAN SAMUELS

Jonathan Samuels

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Justin Bliffen, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Triangle Petroleum Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date:June 8, 2015

/s/ JUSTIN BLIFFEN

Justin Bliffen

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Jonathan Samuels, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Triangle Petroleum Corporation on Form 10-Q for the fiscal quarter ended April 30, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this Quarterly Report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Triangle Petroleum Corporation.

Date: June 8, 2015	By:	/s/JONATHAN SAMUELS
	Name:	Jonathan Samuels
	Title:	President and Chief Executive Officer

I, Justin Bliffen, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report of Triangle Petroleum Corporation on Form 10-Q for the fiscal quarter ended April 30, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this Quarterly Report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Triangle Petroleum Corporation.

Ju
Date: June 8, 2015	By:	/s/ JUSTIN BLIFFEN
	Name:	Justin Bliffen
	Title:	Chief Financial Officer

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Long-term Debt - TUSA 6.75% Note - (Details) (TUSA 6.75% Notes [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Jan. 31, 2015	Jul. 18, 2014
Debt Instrument [Line Items]
Debt instrument, face amount			$ 450.0
Debt instrument, interest rate	6.75%	6.75%	6.75%
Offering costs	10.5
Face value of notes repurchased	20.5
Repurchased amount	13.9
Gain (loss) on extinguishment of debt	$ 6.6
Redemption prior to July 15, 2017 [Member]
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Redemption price, percentage of principal amount redeemed	35.00%
Redemption Due to Change in Control Events [Member]
Debt Instrument [Line Items]
Redemption price, percentage	101.00%

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Fair Value Measurements - Debt instruments carrying value - (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Jan. 31, 2015	Jul. 18, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
5% convertible note, carrying value	137,576	135,877
Convertible note	154,884	137,790
Long-term portion of credit facilities	245,288	224,159
Revolving credit facilities, carrying value	245,288	224,159
Revolving credit facilities, fair value	245,288	224,159
TUSA 6.75% notes, carrying value	429,500	429,500
TUSA 6.75% notes, fair value	365,505	303,871
Other notes and mortgages payable, carrying value	10,490	10,605
Other notes and mortgages payable, fair value	10,490	10,605
Convertible Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	5.00%	5.00%
TUSA 6.75% Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	6.75%	6.75%	6.75%

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Capital Stock (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Jan. 31, 2015
Capital Stock [Line Items]
Common stock issued or reserved	106,500,000
Common stock, shares issued	75,327,056	75,174,442
Common stock, shares outstanding	75,327,056	75,174,442
Stock Repurchase authorized (Tranche 1)	$ 25.0
Common stock repurchased (in shares)	0
Authorized shares remaining repurchase	5,160,820
2011 Omnibus Incentive Plan
Capital Stock [Line Items]
Shares reserved for issuance	2,000,000
2014 Plan
Capital Stock [Line Items]
Shares reserved for issuance	2,900,000
Shares reserved for future grants	3,100,000
CEO Stand-Alone Stock Option Agreement
Capital Stock [Line Items]
Shares reserved for issuance	6,000,000
Convertible Notes Payable [Member]
Capital Stock [Line Items]
Shares reserved for issuance	17,200,000

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Related Party Transactions (Details) (USD $)	3 Months Ended
	Apr. 30, 2015 item
Related Party Transaction [Line Items]
Number of salt water disposal wells sold	1
Proceeds from sale of salt water disposal wells	$ 6,000,000
Caliber North Dakota LLC [Member]
Related Party Transaction [Line Items]
Term of midstream agreements with Caliber	15 years
Minmum commitment over term of agreements	405,000,000
Remaining commitment	$ 347,000,000

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Equity Investment And Equity Investment Derivatives - Equity investment holdings summary - (Details) (Caliber Midstream Partners, L.P. [Member], USD $)	3 Months Ended	12 Months Ended
	Apr. 30, 2015	Jan. 31, 2015
Class A Units [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, units held	7,000,000	7,000,000
Series 1 Warrants [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, warrant excercise price	12.78
Equity method investments, units held	6,615,467	5,600,000
Series 2 Warrants [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, warrant excercise price	22.09
Equity method investments, units held	2,835,200	2,400,000
Series 3 Warrants [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, warrant excercise price	22.09
Equity method investments, units held	3,544,000	3,000,000
Series 4 Warrants [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, warrant excercise price	28.09
Equity method investments, units held	2,362,667	2,000,000
Series 6 Warrants [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, warrant excercise price	12.50
Equity method investments, units held	1,269,333

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Segment Reporting - Selected Financial Information - (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Jan. 31, 2015
REVENUES
Oil and natural gas liquids sales	$ 47,778	$ 60,834
Oilfield services for third parties	70,510	38,948
Total revenues	118,288	99,782
EXPENSES:
Lease operating and production taxes	15,696	11,074
Gathering, transportation and processing	6,348	3,802
Depreciation and amortization	37,806	21,287
Impairment of oil and natural gas properties	192,000
Accretion of asset retirement obligations	57	25
Cost of oilfield services	65,464	27,710
Salaries and benefits	8,423	6,261
Stock-based compensation	2,508	2,008
Other general and administrative	3,928	5,132
Total operating expenses	332,230	77,299
INCOME FROM OPERATIONS	(213,942)	22,483
Other income (expense), net	(19,698)	2,070
NET INCOME (LOSS) BEFORE INCOME TAXES	(233,640)	24,553
Net oil and natural gas properties	966,777		1,126,090
Oilfield services equipment, net	84,398		87,549
Other property and equipment, net	48,259		47,367
Total assets	1,397,773		1,654,870
Total liabilities	1,030,483		1,109,852
Eliminations And Other [Member]
REVENUES
Oilfield services for third parties	(580)	(609)
Total revenues	(10,084)	(22,484)
EXPENSES:
Depreciation and amortization	(1,307)	(2,632)
Cost of oilfield services	(6,360)	(16,001)
Total operating expenses	(7,667)	(18,633)
INCOME FROM OPERATIONS	(2,417)	(3,851)
Other income (expense), net	(507)	(354)
NET INCOME (LOSS) BEFORE INCOME TAXES	(2,924)	(4,205)
Net oil and natural gas properties	(77,705)
Total assets	(98,180)
Total liabilities	(19,930)
Intersegment Revenues [Member] | Eliminations And Other [Member]
REVENUES
Other	(9,504)	(21,875)
Exploration and Production [Member]
REVENUES
Oil and natural gas liquids sales	47,778	60,834
Total revenues	47,778	60,834
EXPENSES:
Lease operating and production taxes	15,696	11,074
Gathering, transportation and processing	6,348	3,802
Depreciation and amortization	29,299	20,153
Impairment of oil and natural gas properties	192,000
Accretion of asset retirement obligations	57	25
Salaries and benefits	341	1,241
Stock-based compensation	321	395
Other general and administrative	407	1,537
Total operating expenses	244,469	38,227
INCOME FROM OPERATIONS	(196,691)	22,607
Other income (expense), net	(21,002)	(6,567)
NET INCOME (LOSS) BEFORE INCOME TAXES	(217,693)	16,040
Net oil and natural gas properties	1,044,482
Other property and equipment, net	9,116
Total assets	1,200,737
Total liabilities	764,057
Oilfield Services [Member]
REVENUES
Oilfield services for third parties	71,090	39,557
Total revenues	80,594	61,432
EXPENSES:
Depreciation and amortization	9,489	3,590
Cost of oilfield services	70,586	43,711
Salaries and benefits	4,829	2,738
Stock-based compensation	51	90
Other general and administrative	1,797	2,359
Total operating expenses	86,752	52,488
INCOME FROM OPERATIONS	(6,158)	8,944
Other income (expense), net	(875)	(507)
NET INCOME (LOSS) BEFORE INCOME TAXES	(7,033)	8,437
Oilfield services equipment, net	84,398
Other property and equipment, net	22,508
Total assets	169,519
Total liabilities	138,322
Oilfield Services [Member] | Intersegment Revenues [Member]
REVENUES
Other	9,504	21,875
Corporate And Other [Member]
EXPENSES:
Depreciation and amortization	325	176
Cost of oilfield services	1,238
Salaries and benefits	3,253	2,282
Stock-based compensation	2,136	1,523
Other general and administrative	1,724	1,236
Total operating expenses	8,676	5,217
INCOME FROM OPERATIONS	(8,676)	(5,217)
Other income (expense), net	2,686	9,498
NET INCOME (LOSS) BEFORE INCOME TAXES	(5,990)	4,281
Other property and equipment, net	16,635
Total assets	125,697
Total liabilities	$ 148,034

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Equity Investment And Equity Investment Derivatives (Tables)

3 Months Ended

Apr. 30, 2015

Equity Investment [Abstract]

Schedule Of Equity Investment In Caliber

	Expiration		Strike Price at		As of	As of
	Date		April 30, 2015		January 31, 2015	April 30, 2015
Class A Units		—	$	—	7,000,000	7,000,000
Series 1 Warrants		October 1, 2024	$	12.78	5,600,000	6,615,467
Series 2 Warrants		October 1, 2024	$	22.09	2,400,000	2,835,200
Series 3 Warrants		September 12, 2025	$	22.09	3,000,000	3,544,000
Series 4 Warrants		September 12, 2025	$	28.09	2,000,000	2,362,667
Series 6 Warrants		February 2, 2018	$	12.50	—	1,269,333

Summary of activities related to company's equity investment

(in thousands)	For the Three Months Ended April 30, 2015
Balance at January 31, 2015	$	64,411
Capital contributions		—
Distributions		—
Equity investment share of net income before intra-company profit eliminations		425
Change in fair value of warrants		—
Gain on Caliber capital transactions		2,880
Balance at April 30, 2015	$	67,716
Fair value of warrants at April 30, 2015	$	504

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Share-Based Compensation - Restricted stock units - (Details) (Restricted Stock Units (RSUs) [Member], USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation	$ 25.1
Unrecognized compensation, recognition period	3 years 7 months 6 days
Number of shares per vesting unit	1
Outstanding, Unvested Beginning Balance	2,914,045
Outstanding, Weighted-Average Award Date Fair Value, Beginning Balance	$ 7.92
Units granted, number of units	1,568,093
Units granted, Weighted Average Award Date Fair Value	$ 5.00
Units forfeited, Number of Shares	(50,588)
Units forfeited, Weighted Average Award Date Fair Value	$ 8.92
Units that vested, Number of Shares	(221,472)
Units that vested, Weighted Average Award Date Fair Value	$ 7.34
Outstanding, Unvested Ending Balance	4,210,078
Outstanding, Weighted-Average Grant Date Fair Value, Ending Balance	$ 6.86
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards vesting period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards vesting period	5 years

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Hedging And Commodity Derivative Financial Instruments - Fair values of commodity derivatives - (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Jan. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 24,796	$ 54,775
Derivative Liability	3,463
Crude Oil Derivative Contract [Member] | Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	24,796	54,775
Crude Oil Derivative Contract [Member] | Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	292
Crude Oil Derivative Contract [Member] | Long-Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 3,171

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Long-term Debt - TUSA credit facility - (Details) (USD $) In Millions, unless otherwise specified	0 Months Ended	3 Months Ended
	Nov. 25, 2014	Apr. 30, 2015	Apr. 30, 2014
Line of Credit Facility [Line Items]
Credit agreement borrowing base		350.0	$ 435.0
TUSA [Member]
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	1,000.0
Letter of credit sublimit	15.0
Percentage of Oil and Gas Interests Used For Collateral	80.00%
Minimum [Member] | TUSA [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Credit facility, commitment fee percentage	0.375%
Maximum [Member] | TUSA [Member] | Letter of Credit [Member]
Line of Credit Facility [Line Items]
Credit facility, commitment fee percentage	0.50%
Federal Funds Rate [Member] | TUSA [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on interest rate		0.50%
Eurodollar Rate Plus 1% [Member] | TUSA [Member]
Line of Credit Facility [Line Items]
Credit facility, margin on dollar amount based on usage		1.00%
Eurodollar Rate Plus 1% [Member] | Minimum [Member] | TUSA [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on interest rate		0.50%
Eurodollar Rate Plus 1% [Member] | Maximum [Member] | TUSA [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on interest rate		1.50%
Eurodollar [Member] | Minimum [Member] | TUSA [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on interest rate		1.50%
Eurodollar [Member] | Maximum [Member] | TUSA [Member]
Line of Credit Facility [Line Items]
Credit facility, basis spread on interest rate		2.50%

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Share-Based Compensation - Rockpile share based compensation - (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of Units, Beginning Balance	5,302,000
Outstanding, Number of Units, Ending Balance	5,302,000
Grants, Number of Vested Units	3,138,000
Grants, Number of Unvested Units	2,164,000
Series B Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares reserved under Plan	6,000,000
Unrecognized compensation	2.3
Unrecognized compensation, recognition period	5 years
Series B-1 Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of Units, Beginning Balance	2,920,000
Outstanding, Number of Units, Ending Balance	2,920,000
Grants, Number of Vested Units	2,920,000
Series B-2 Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of Units, Beginning Balance	60,000
Outstanding, Number of Units, Ending Balance	60,000
Grants, Number of Vested Units	30,000
Grants, Number of Unvested Units	30,000
Series B-3 Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of Units, Beginning Balance	910,000
Outstanding, Number of Units, Ending Balance	910,000
Grants, Number of Vested Units	188,000
Grants, Number of Unvested Units	722,000
Series B-4 Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of Units, Beginning Balance	1,412,000
Outstanding, Number of Units, Ending Balance	1,412,000
Grants, Number of Unvested Units	1,412,000
Rockpile Series A Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred return on investment	8.00%
Minimum [Member] | Series B Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards vesting period	7 months
Maximum [Member] | Series B Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards vesting period	52 months

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Equity Investment And Equity Investment Derivatives - Equity investment activity summary (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2015
Schedule of Equity Method Investments [Line Items]
Equity investment, Beginning balance	$ 64,411
Gain on Caliber capital transactions	2,880
Equity investment, Ending balance	67,716
Caliber Midstream Partners, L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Equity investment, Beginning balance	64,411
Equity investment share of net income before intra-company profit eliminationsr	425
Gain on Caliber capital transactions	2,880
Equity investment, Ending balance	67,716
Fair value of warrants	$ 504

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Segment Reporting

3 Months Ended

Apr. 30, 2015

Segment Reporting [Abstract]

Segment Reporting

3.  SEGMENT REPORTING

We conduct our operations within two reportable operating segments.  We identified each segment based on management’s responsibility and the nature of their products, services, and costs.  There are no major distinctions in geographical areas served as nearly all operations are in the Williston Basin of the United States.  The Exploration and Production operating segment, consisting of TUSA and several insignificant oil and natural gas subsidiaries, is responsible for finding and producing oil and natural gas.  The Oilfield Services segment, consisting of RockPile and its subsidiaries, is responsible for a variety of oilfield and complementary services for both TUSA-operated wells and wells operated by third-parties.  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 in Corporate and Other are our results from our investment in Caliber, including any changes in the fair value of our equity investment derivatives. 

Management evaluates the performance of our segments based upon net income (loss) before income taxes.  The following tables present selected financial information for our operating segments for the three months ended April 30, 2015 and 2014.

	For the Three Months Ended April 30, 2015
	Exploration				Corporate
	and		Oilfield		and				Consolidated
(in thousands)	Production		Services		Other		Eliminations		Total
Revenues:
Oil, natural gas and natural gas liquids sales	$	47,778	$	—	$	—	$	—	$	47,778
Oilfield services for third parties		—		71,090		—		(580)		70,510
Intersegment revenues		—		9,504		—		(9,504)		—
Total revenues		47,778		80,594		—		(10,084)		118,288
Expenses:
Lease operating and production taxes		15,696		—		—		—		15,696
Gathering, transportation and processing		6,348		—		—		—		6,348
Depreciation and amortization		29,299		9,489		325		(1,307)		37,806
Impairment of oil and natural gas properties		192,000		—		—		—		192,000
Accretion of asset retirement obligations		57		—		—		—		57
Cost of oilfield services		—		70,586		1,238		(6,360)		65,464
General and administrative, net of amounts capitalized:
Salaries and benefits		341		4,829		3,253		—		8,423
Stock-based compensation		321		51		2,136		—		2,508
Other general and administrative		407		1,797		1,724		—		3,928
Total operating expenses		244,469		86,752		8,676		(7,667)		332,230
Income (loss) from operations		(196,691)		(6,158)		(8,676)		(2,417)		(213,942)
Other income (expense), net		(21,002)		(875)		2,686		(507)		(19,698)
Income (loss) before income taxes	$	(217,693)	$	(7,033)	$	(5,990)	$	(2,924)	$	(233,640)
As of April 30, 2015:
Net oil and natural gas properties	$	1,044,482	$	—	$	—	$	(77,705)	$	966,777
Oilfield services equipment - net	$	—	$	84,398	$	—	$	—	$	84,398
Other property and equipment - net	$	9,116	$	22,508	$	16,635	$	—	$	48,259
Total assets	$	1,200,737	$	169,519	$	125,697	$	(98,180)	$	1,397,773
Total liabilities	$	764,057	$	138,322	$	148,034	$	(19,930)	$	1,030,483

	For the Three Months Ended April 30, 2014
	Exploration				Corporate
	and		Oilfield		and				Consolidated
(in thousands)	Production		Services		Other		Eliminations		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)		—
Total revenues		60,834		61,432		—		(22,484)		99,782
Expenses:
Lease operating and production taxes		11,074		—		—		—		11,074
Gathering, transportation and processing		3,802		—		—		—		3,802
Depreciation and amortization		20,153		3,590		176		(2,632)		21,287
Accretion of asset retirement obligations		25		—		—		—		25
Cost of oilfield services		—		43,711		—		(16,001)		27,710
General and administrative, net of amounts capitalized:
Salaries and benefits		1,241		2,738		2,282		—		6,261
Stock-based compensation		395		90		1,523		—		2,008
Other general and administrative		1,537		2,359		1,236		—		5,132
Total operating expenses		38,227		52,488		5,217		(18,633)		77,299
Income (loss) from operations		22,607		8,944		(5,217)		(3,851)		22,483
Other income (expense), net		(6,567)		(507)		9,498		(354)		2,070
Income (loss) before income taxes	$	16,040	$	8,437	$	4,281	$	(4,205)	$	24,553

Certain income statement reclassifications were made as previously noted, as well as changes to reflect the Exploration and Production depreciation and amortization expense gross rather than net of consolidating eliminations.

Eliminations and Other.  For consolidation, intercompany revenues and expenses are eliminated with a corresponding reduction in Triangle’s capitalized well costs.

Under the full cost method of accounting, we defer recognition of oilfield services income (intersegment revenues less cost of oilfield services and related depreciation) for wells that we operate and this deferred income is credited to proved oil and natural gas properties. In addition, we eliminate our non-operating partners’ share of oilfield services income for well completion activities on properties we operate. We also defer Caliber gross profit from our share of its income associated with services it provided that were capitalized by TUSA, by charging such gross profit against income from equity investment and crediting proved oil and natural gas properties.

The above deferred income is indirectly recognized in future periods through a lower amortization rate as proved reserves are produced. For the three months ended April 30, 2015 and 2014, $0.5 and $1.4 million, respectively, of the depreciation and amortization elimination relates to the Exploration and Production segment and the balance relates to the Oilfield Services segment.

These differences, as well as differing amounts for impairments, result in basis differences between the net oil and gas property amounts presented in Triangle’s financial statements compared to those presented in TUSA’s standalone financial statements.

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Oil And Natural Gas Properties - (Details) (Marathon Oil Company [Member], USD $) In Millions, unless otherwise specified	1 Months Ended
	Jun. 30, 2014 acre
Marathon Oil Company [Member]
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items]
Number of acres purchased	41,100
Total consideration for acquisition	$ 90.4
Net downward adjustment included in the purchase price consideration	$ 9.6

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Description Of Business - (Details)	3 Months Ended
	Apr. 30, 2015 item
Description Of Business [Abstract]
Number of major focus lines of business	3

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Supplemental Disclosures of Cash Flow Information (Tables)

3 Months Ended

Apr. 30, 2015

Supplemental Disclosures of Cash Flow Information [Abstract]

Schedule of Supplemetal Cash Flow Disclosures

	For the Three Months Ended April 30,
(in thousands)	2014		2015
Cash paid during the period for:
Interest expense	$	1,661	$	1,890
Income taxes	$	—	$	—
Non-cash investing activities:
Additions to oil and natural gas properties through:
Increase (decrease) in accounts payable and accrued liabilities	$	10,167	$	(7,932)
Capitalized stock based compensation	$	339	$	320
Change in asset retirement obligations	$	197	$	242

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Supplemental Disclosures Of Cash Flow Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Supplemental Disclosures of Cash Flow Information [Abstract]
Interest expense	$ 1,890	$ 1,661
Increased accounts payable and accrued liabilities	(7,932)	10,167
Capitalized stock-based compensation	320	339
Change in asset retirement obligations	$ 242	$ 197

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Oil And Natural Gas Properties - Proforma Financial Information - (Details) (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2014
Acquisitions [Abstract]
Operating revenue	$ 106,647,000
Net income (loss)	15,919,000
Earnings (loss) per common share, basic	$ 0.19
Earnings (loss) per common share, diluted	$ 0.16
Weighted average common shares outstanding, basic	85,952
Weighted average common shares outstanding, diluted	103,314
Pro forma depreciation, amortization and accretion expense	$ 2,000,000

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Summary Of Significant Accounting Policies - Consolidation- (Details)	Apr. 30, 2015
Minimum [Member]
Accounting Policies [Line Items]
Equity method ownership percentage	20.00%
Maximum [Member]
Accounting Policies [Line Items]
Equity method ownership percentage	50.00%

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Summary Of Significant Accounting Policies - Oilfield Services Equipment Schedule - (Details) (USD $)	3 Months Ended
	Apr. 30, 2015	Jan. 31, 2015
Property, Plant and Equipment [Line Items]
Impairment of oil and natural gas properties	$ 192,000,000
Total Depreciable Assets	176,125,000	168,858,000
Accumulated depreciation	(44,998,000)	(35,189,000)
Depreciable assets, net	131,127,000	133,669,000
Assets not placed in service	1,530,000	1,247,000
Total oilfield service equipment and other property and equipment, net	132,657,000	134,916,000
Period of pre-tax losses	3 years
Domestic net losses carried forward		136,900,000
Unrecognized tax benefits	0
Land [Member]
Property, Plant and Equipment [Line Items]
Total Depreciable Assets	7,888,000	7,888,000
Building And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Depreciable Assets	34,160,000	33,625,000
Oilfield Service Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Depreciable Assets	121,653,000	116,354,000
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total Depreciable Assets	5,521,000	4,811,000
Software, Computers And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Depreciable Assets	6,050,000	5,327,000
Capital Leases [Member]
Property, Plant and Equipment [Line Items]
Total Depreciable Assets	$ 853,000	$ 853,000

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Summary Of Significant Accounting Policies

3 Months Ended

Apr. 30, 2015

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation.  These unaudited condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and are expressed in U.S. dollars.  Preparation in accordance with GAAP requires us to (i) adopt accounting policies within accounting rules set by the Financial Accounting Standards Board (“FASB”) and by the Securities and Exchange Commission (“SEC”), and (ii) make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and other disclosed amounts.  

Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. We believe the disclosures made are adequate to make the information not misleading. We recommend that these unaudited condensed consolidated financial statements be read in conjunction with our audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, as filed with the SEC (“Fiscal 2015 Form 10-K”). In the opinion of management, all material adjustments considered necessary for a fair presentation of the Company’s interim results have been reflected. All such adjustments are considered to be of a normal recurring nature. The results for interim periods are not necessarily indicative of annual results.

No condensed consolidated statement of comprehensive income (loss) is presented because the Company had no comprehensive income or loss activity in the periods presented.

Use of Estimates.  In the course of preparing its condensed consolidated financial statements, management makes various assumptions, judgments, and estimates to determine the reported amount of assets, liabilities, revenue, and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. Significant areas requiring the use of assumptions, judgments and estimates include (i) oil and natural gas reserves; (ii) cash flow estimates used in ceiling tests of oil and natural gas properties; (iii) depreciation and amortization; (iv) impairment of undeveloped properties and other assets; (v) assigning fair value and allocating purchase price in connection with business combinations; (vi) accrued revenue and related receivables; (vii) valuation of commodity derivative instruments and equity derivative instruments; (viii) accrued liabilities; (ix) valuation of share-based payments and (x) income taxes. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions for matters that may require recognition or disclosure in these condensed consolidated financial statements.

Principles of Consolidation.  The accounts of Triangle and its wholly-owned subsidiaries are presented in the accompanying condensed consolidated financial statements.  All significant intercompany transactions and balances are eliminated in consolidation.  Triangle generally uses the equity method of accounting for investments in entities in which Triangle has an ownership between 20% and 50% and exercises significant influence. The investment in Caliber is accounted for utilizing the equity method of accounting.  

Oil and Natural Gas Properties.  The Company follows the full-cost method of accounting for its oil and natural gas properties. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits and other internal costs directly identified with these activities, and oil and natural gas property acquisitions are capitalized. The net book value of oil and natural gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and natural gas reserves, discounted at ten percent per annum.  Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous twelve months, held flat for the life of the production, except where prices are defined by contractual arrangements.

Any excess of the net book value of proved oil and natural gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as “Impairment of oil and natural gas properties” in the accompanying condensed consolidated statements of operations. The ceiling limitation is evaluated quarterly.

At April 30, 2015, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million.  Triangle will likely be required to recognize an additional impairment of oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairment will likely be material.

Oilfield Services Equipment and Other Property and Equipment.  Oilfield services equipment and other property and equipment consisted of the following as of:

(in thousands)	January 31, 2015		April 30, 2015
Land	$	7,888	$	7,888
Building and leasehold improvements		33,625		34,160
Oilfield service equipment		116,354		121,653
Vehicles		4,811		5,521
Software, computers and office equipment		5,327		6,050
Capital leases		853		853
Total depreciable assets		168,858		176,125
Accumulated depreciation		(35,189)		(44,998)
Depreciable assets, net		133,669		131,127
Assets not placed in service		1,247		1,530
Total oilfield service equipment and other property & equipment, net	$	134,916	$	132,657

Income Taxes.  The Company computes its quarterly tax provision using the effective tax rate method based on applying the anticipated annual effective rate to its year-to-date income or loss, except for discrete items.  Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs.

As noted above, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million.  This impairment results in Triangle having three years of cumulative historical pre-tax losses and a net deferred tax asset position.  Additionally, Triangle will likely be required to recognize additional impairments of its oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairments will likely be material. Triangle also had net operating loss carryovers ("NOLs") for federal income tax purposes of $136.9 million at January 31, 2015.  These losses and expected future losses were a key consideration that led Triangle to provide a valuation allowance against its net deferred tax assets as of April 30, 2015 since it cannot conclude that it is more likely than not that its net deferred tax assets will be fully realized in future periods.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.  At each reporting period, management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment.  Future events or new evidence which may lead the Company to conclude that it is more likely than not that its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings; sustained or continued improvements in oil prices; and taxable events that could result from one or more transactions.  The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods.

In the current period the Company recorded the benefit of reversing its net deferred tax liability.  As long as the Company concludes that it will continue to have a need for a valuation allowance against its net deferred tax assets, the Company likely will not have any additional income tax expense or benefit other than for federal alternative minimum tax expense, a release of a portion of the valuation allowance for net operating loss carryback claims or for state income taxes.

As of April 30, 2015, the Company had no unrecognized tax benefits.  The Company’s management does not believe that there are any new items or changes in facts or judgments that should impact the Company’s position during the first three months of fiscal year 2016.  Given the substantial net operating loss carryforwards at both the federal and state levels, neither significant interest expense nor penalties charged for any examining agents’ tax adjustments of income tax returns are anticipated, as any such adjustments would very likely only adjust net operating loss carryforwards.

Earnings per Share.  Basic earnings per common share is computed by dividing net income (loss) attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period.  Diluted net income per common share reflects increases in average shares outstanding from the potential dilution, under the treasury stock method, that could occur upon (i) exercise of stock options, (ii) vesting of restricted stock units, and (iii) conversion of convertible debt. The treasury stock method assumes exercise, vesting or conversion at the beginning of a period for securities outstanding at the end of a period. Also, the treasury stock method for calculating dilution assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company at the quarter’s average stock price using assumed proceeds from (a) the exercise cost of the options and (b) the foregone future compensation expense of hypothetical early vesting of the outstanding restricted stock units.  The assumed proceeds are adjusted for income tax effects.  In the event of a net loss, no potential common shares are included in the calculation of shares outstanding, as their inclusion would be anti-dilutive.

The following table details the weighted average dilutive and anti-dilutive securities, which consist of options and unvested restricted stock, for the periods presented:

	For the Three Months Ended April 30,
	2014		2015
Dilutive		17,362,426		—
Anti-dilutive shares		6,000,000		10,910,078

The table below sets forth the computations of net income (loss) per common share (basic and diluted) for the periods presented:

	For the Three Months Ended April 30,
(in thousands, except per share data)	2014		2015
Net income (loss) attributable to common stockholders	$	14,542	$	(180,199)
Effect of 5% convertible note conversion		918		—
Net income (loss) attributable to common stockholders after effect of debt conversion	$	15,460	$	(180,199)
Basic weighted average common shares outstanding		85,952		75,256
Effect of dilutive securities		17,362		—
Diluted weighted average common shares outstanding		103,314		75,256
Basic net income (loss) per share	$	0.17	$	(2.39)
Diluted net income (loss) per share	$	0.15	$	(2.39)

Reclassifications.  Certain amounts in our unaudited condensed consolidated statement of operations for the three months ended April 30, 2014 have been reclassified to conform to the financial statement presentation for the period ended April 30, 2015.  The unaudited condensed consolidated statement of operations reclassifications relate to the break out of amortization of deferred loan costs from interest expense and amounts related to revisions in the Elmworth abandonment obligation that were reclassified from accretion of asset retirement obligations to depreciation and amortization expense. Such reclassifications had no impact on consolidated total assets, stockholders’ equity or net income previously reported.

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Summary Of Significant Accounting Policies - Earnings per Share- (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Earnings Per Share [Abstract]
Net income	$ (180,199)	$ 14,542
Effect of 5% Convertible Note conversion		918
Net income (loss) attributable to common shareholders after effect of debt conversion	$ (180,199)	$ 15,460
Basic weighted average common shares outstanding	75,256,000	85,952,000
Effect of dilutive securities		17,362,426
Diluted weighted average common shares outstanding	75,256,000	103,314,000
Basic net income (loss) per share	$ (2.39)	$ 0.17
Diluted net income (loss) per share	$ (2.39)	$ 0.15
Anitdilutive securities excluded from calculation of diluted net income	10,910,078	6,000,000

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Hedging And Commodity Derivative Financial Instruments - (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2015 item	Apr. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Number of counterparties	4
Realized commodity derivative gains (losses)	$ 19,468	$ (818)
Unrealized commodity derivative gains (losses)	(33,442)	(4,638)
Crude Oil Derivative Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized commodity derivative gains (losses)	19,468	(818)
Unrealized commodity derivative gains (losses)	(33,442)	(4,638)
Commodity derivatives gains (losses)	$ (13,974)	$ (5,456)

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Fair Value Measurements - Assets and liabilities table - (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Apr. 30, 2015	Jan. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 24,796	$ 54,775
Commodity derivative Liabilities	(3,463)
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative Liabilities	(3,463)
Rockpile earn-out liability	(1,226)	(1,825)
Fair Value, Measurements, Recurring [Member] | Equity Investment Derivative [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	504	504
Fair Value, Measurements, Recurring [Member] | Crude Oil Derivative Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	24,796	54,775
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative Liabilities	(3,463)
Rockpile earn-out liability	(1,226)	(1,825)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Crude Oil Derivative Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	24,796	54,775
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Investment Derivative [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 504	$ 504

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Jan. 31, 2015
CURRENT ASSETS
Cash and equivalents	$ 50,277	$ 67,871
Accounts receivable	124,821	171,911
Commodity derivatives	24,796	54,775
Other current assets	10,605	14,952
Total current assets	210,499	309,509
Oil and natural gas properties, at cost, full cost method of accounting:
Proved properties	1,239,328	1,159,584
Unproved properties and properties under development, not being amortized	124,518	142,896
Total oil and natural gas properties	1,363,846	1,302,480
Accumulated amortization	(397,069)	(176,390)
Net oil and natural gas properties	966,777	1,126,090
Oilfield services equipment - net	84,398	87,549
Other property and equipment, net	48,259	47,367
Net property, plant and equipment	1,099,434	1,261,006
Deferred loan costs	14,312	14,038
Equity investment	67,716	64,411
Other	5,812	5,906
Total other assets	87,840	84,355
Total assets	1,397,773	1,654,870
CURRENT LIABILITIES
Accounts payable and accrued capital expenditures	139,140	176,182
Other accrued liabilities	51,809	73,440
Current portion of long-term debt	508	503
Interest payable	9,132	2,250
Deferred income taxes		19,467
Derivative liability	292
Total current liabilities	200,881	271,842
LONG-TERM LIABILITIES
5% convertible note	137,576	135,877
Borrowings on credit facilities	245,288	224,159
TUSA 6.75% notes	429,500	429,500
Other notes and mortgages payable	9,982	10,102
Deferred income taxes		33,974
Derivative liability	3,171
Other	4,085	4,398
Total liabilities	1,030,483	1,109,852
COMMITMENT AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $0.00001 par value, 140,000,000 shares authorized; 75,174,442 and 75,327,056 shares issued and outstanding at January 31, 2015 and April 30, 2015, respectively	1	1
Additional paid-in capital	547,488	545,017
Retained earnings (accumulated deficit)	(180,199)
Total stockholders' equity	367,290	545,018
Total liabilities and stockholders' equity	$ 1,397,773	$ 1,654,870

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Equity Investment And Equity Investment Derivatives - Equity Investment - (Details) (USD $)	3 Months Ended	12 Months Ended	0 Months Ended
	Apr. 30, 2015	Jan. 31, 2015	Feb. 02, 2015
Schedule of Equity Method Investments [Line Items]
Gain on Caliber capital transactions	$ 2,880,000
Caliber Midstream Partners, L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Gain on Caliber capital transactions	2,880,000
Class A Units [Member] | Caliber Midstream Partners, L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, units held	7,000,000	7,000,000
Class A Units [Member] | Caliber Midstream Partners, L.P. [Member] | FREIF Caliber Holdings [Member]
Schedule of Equity Method Investments [Line Items]
Capital contributions			34,000,000
Equity method investments, Class A Units received			2,720,000
Equity method investments, units held	17,720,000
Equity method ownership percentage	71.70%
Equity method investments, warrants received	906,667
Class A Units [Member] | Caliber Midstream Partners, L.P. [Member] | Triangle Caliber Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Capital contributions			0
Equity method investments, units held	7,000,000
Equity method ownership percentage	28.30%
Gain on Caliber capital transactions	2,900,000
Equity method investments, warrants received	3,626,667
Unrealized gain (loss)	$ 200,000
Series 1 To 4 Warrants [Member] | Caliber Midstream Partners, L.P. [Member] | Triangle Caliber Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, warrants received	2,357,334
Series 6 Warrants [Member] | Caliber Midstream Partners, L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, units held	1,269,333
Warrants, exercise price (in dollars per share)	$ 12.50
Series 6 Warrants [Member] | Caliber Midstream Partners, L.P. [Member] | Triangle Caliber Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments, warrants received	1,269,333
Warrants, exercise price (in dollars per share)	$ 12.50

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Consolidated Statement of Stockholders' Equity (USD $) In Thousands, except Share data	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Jan. 31, 2015	$ 1	$ 545,017		$ 545,018
Balance, shares at Jan. 31, 2015	75,174,442			75,174,442
Vesting of restricted stock units (net of shares surrendered for taxes)		(357)		(357)
Vesting of restricted stock units (net of shares surrendered for taxes), shares	152,614
Share-based compensation		2,828		2,828
Net income (loss) for the year			(180,199)	(180,199)
Balance at Apr. 30, 2015	$ 1	$ 547,488	$ (180,199)	$ 367,290
Balance, shares at Apr. 30, 2015	75,327,056			75,327,056

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Long-Term Debt - Schedule of long term debt- (Details) (USD $) In Thousands, unless otherwise specified	Apr. 30, 2015	Jan. 31, 2015	Jul. 18, 2014
Debt Instrument [Line Items]
5% Convertible Note	137,576	135,877
Credit facility	245,288	224,159
Other notes and mortgages payable	10,490	10,605
TUSA 6.75% notes	429,500	429,500
Total debt	822,854	800,141
Other notes and mortgages payable	(508)	(503)
Total long-term debt	822,346	799,638
TUSA 6.75% Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	6.75%	6.75%	6.75%
Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%	5.00%
TUSA [Member]
Debt Instrument [Line Items]
Credit facility	146,272	119,272
Rockpile [Member]
Debt Instrument [Line Items]
Credit facility	99,016	104,887

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Long-Term Debt (Tables)

3 Months Ended

Apr. 30, 2015

Long-Term Debt [Abstract]

Schedule Of Debt

	January 31, 2015		April 30, 2015
5% convertible note	$	135,877	$	137,576
TUSA credit facility due October 2018		119,272		146,272
RockPile credit facility due March 2019		104,887		99,016
TUSA 6.75% notes due July 2022		429,500		429,500
Other notes and mortgages payable		10,605		10,490
Total debt		800,141		822,854
Less current portion of debt:
Other notes and mortgages payable		(503)		(508)
Total long-term debt	$	799,638	$	822,346

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Long-Term Debt - Convertible note- (Details) (USD $)	Apr. 30, 2015	Jan. 31, 2015
Debt Instrument [Line Items]
Accrued interest	$ 9,132,000	$ 2,250,000
Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%	5.00%
Debt instrument, face amount	120,000,000
Convertible note, conversion price	$ 8.00
Accrued interest	$ 17,600,000

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Oil And Natural Gas Properties (Tables)

3 Months Ended

Apr. 30, 2015

Oil And Natural Gas Properties [Abstract]

Proforma Schedule For Oil And Natural Gas Acquisition

The following unaudited pro forma financial information represents the combined results for the Company and the properties acquired from Marathon, in June of 2014, as if the acquisitions had occurred on February 1, 2014.  

	For the Three Months Ended
(in thousands, except per share data)	April 30, 2014
Operating revenues	$	106,647
Net income (loss)	$	15,919
Earnings (loss) per common share
Basic	$	0.19
Diluted	$	0.16
Weighted average common shares outstanding:
Basic		85,952
Diluted		103,314

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Description Of Business

3 Months Ended

Apr. 30, 2015

Description Of Business [Abstract]

Description Of Business

1.  DESCRIPTION OF BUSINESS

Triangle Petroleum Corporation (“Triangle,” the “Company,” “we,” “us,” “our,” or “ours”) is an independent energy holding company with three principal lines of business: oil and natural gas exploration, development, and production; oilfield services; and midstream services.

We hold leasehold interests and conduct our operations in the Williston Basin of North Dakota and Montana.  Our core focus area is predominantly located in McKenzie and Williams Counties, North Dakota, and eastern Roosevelt and Sheridan Counties, Montana.  We conduct our exploration and production operations through our wholly-owned subsidiary, Triangle USA Petroleum Corporation (“TUSA”).

In June 2011, we formed RockPile Energy Services, LLC (“RockPile”), a wholly-owned subsidiary, which provides oilfield and complementary well completion services to oil and natural gas exploration and production companies predominantly in the Williston Basin.  RockPile began operations in July 2012.

In September 2012, through our wholly-owned subsidiary, Triangle Caliber Holdings, LLC, we formed Caliber Midstream Partners, L.P. (“Caliber”), an unconsolidated joint venture with First Reserve Energy Infrastructure Fund (“FREIF”).  Caliber was formed for the purpose of providing oil, natural gas and water transportation and related services to oil and natural gas exploration and production companies in the Williston Basin.

The Company, through its wholly-owned subsidiary, Elmworth Energy Corporation (“Elmworth”), previously conducted insignificant exploration and production activities in Canada.  Elmworth has since sold all leasehold interests except for acreage in the Maritimes Basin of Nova Scotia.  Elmworth has ceased all exploration and production activities in Canada except for reclaiming five wells, the drilling site and brine ponds on its Nova Scotia acreage.  Elmworth has no proved reserves and its oil and natural gas properties were fully impaired as of January 31, 2012.

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Consolidated Balance Sheets (Parenthetical) (USD $)	Apr. 30, 2015	Jan. 31, 2015
Common stock, par value	0.00001	0.00001
Common stock, shares authorized	140,000,000	140,000,000
Common stock, shares issued	75,327,056	75,174,442
Common stock, shares outstanding	75,327,056	75,174,442
Convertible Notes [Member]
Debt instrument, interest rate	5.00%	5.00%
TUSA 6.75% Notes [Member]
Debt instrument, interest rate	6.75%	6.75%

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Related Party Transactions

3 Months Ended

Apr. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions

11. RELATED PARTY TRANSACTIONS

TUSA and an affiliate of Caliber have entered into certain midstream services agreements for (i) crude oil gathering, stabilization, treating and redelivery; (ii) natural gas compression, gathering, dehydration, processing and redelivery; (iii) produced water transportation and disposal services; and (iv) fresh water transportation for TUSA’s oil and natural gas drilling and production operations.  The agreements also include an acreage dedication from TUSA and a firm volume commitment by the Caliber affiliate for each service line.  TUSA has agreed to deliver minimum monthly revenues derived from the fees paid by TUSA to the Caliber affiliate for volumes of oil, natural gas, produced water, and fresh water for a primary term of 15 years beginning on the 2014 in-service dates for the Caliber facilities.  The aggregate minimum revenue commitment over the term of the agreements is $405.0 million, of which $347.0 million was outstanding at April 30, 2015.

TUSA and an affiliate of Caliber have also entered into a gathering services agreement, pursuant to which the Caliber affiliate will provide certain gathering-related measurement services to TUSA, and a fresh water sales agreement, that will make available certain volumes of fresh water for purchase by TUSA at a set per barrel fee for a primary term of five years from the in-service date anticipated to be in the first half of fiscal year 2016.  The fresh water sales agreement obligates TUSA to purchase all of the fresh water it requires for its drilling and operating activities exclusively from the Caliber affiliate, subject to availability, but it does not require TUSA to purchase a minimum volume of fresh water.

During the three months ended April 30, 2015, TUSA sold one salt water disposal well to an affiliate of Caliber for net proceeds of $6.0 million.

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Document And Entity Information	3 Months Ended
	Apr. 30, 2015	Jun. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2015
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2016
Entity Registrant Name	Triangle Petroleum Corp
Entity Central Index Key	0001281922
Current Fiscal Year End Date	--01-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		75,385,334

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Supplemental Disclosures Of Cash Flow Information

3 Months Ended

Apr. 30, 2015

Supplemental Disclosures of Cash Flow Information [Abstract]

Supplemental Disclosures of Cash Flow Information

12.  SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

	For the Three Months Ended April 30,
(in thousands)	2014		2015
Cash paid during the period for:
Interest expense	$	1,661	$	1,890
Income taxes	$	—	$	—
Non-cash investing activities:
Additions to oil and natural gas properties through:
Increase (decrease) in accounts payable and accrued liabilities	$	10,167	$	(7,932)
Capitalized stock based compensation	$	339	$	320
Change in asset retirement obligations	$	197	$	242

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
REVENUES
Oil and natural gas liquids sales	$ 47,778	$ 60,834
Oilfield services	70,510	38,948
Total revenues	118,288	99,782
EXPENSES:
Lease operating expenses	10,909	4,726
Gathering, transportation and processing	6,348	3,802
Production taxes	4,787	6,348
Depreciation and amortization	37,806	21,287
Impairment of oil and natural gas properties	192,000
Accretion of asset retirement obligations	57	25
Oilfield services	65,464	27,710
General and administrative, net of amounts capitalized	14,859	13,401
Total operating expenses	332,230	77,299
INCOME FROM OPERATIONS	(213,942)	22,483
OTHER INCOME (EXPENSE):
Interest expense, net	(9,106)	(2,672)
Amortization of deferred loan costs	(616)	(192)
Realized commodity derivative gains (losses)	19,468	(818)
Unrealized commodity derivative gains (losses)	(33,442)	(4,638)
Equity investment income (loss)	188	(126)
Gain on equity investment derivatives		10,454
Gain on Caliber capital transactions	2,880
Other income	930	62
Total other income (expense)	(19,698)	2,070
INCOME (LOSS) BEFORE INCOME TAXES	(233,640)	24,553
Income tax provision	(53,441)	10,011
NET INCOME (LOSS)	(180,199)	14,542
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (180,199)	$ 14,542
Earnings (loss) per common share outstanding:
Basic	$ (2.39)	$ 0.17
Diluted	$ (2.39)	$ 0.15
Weighted average common shares outstanding:
Basic	75,256	85,952
Diluted	75,256	103,314

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Oil And Natural Gas Properties

3 Months Ended

Apr. 30, 2015

Oil And Natural Gas Properties [Abstract]

Oil And Natural Gas Properties

6.  ACQUISITIONS

In June 2014, we acquired from Marathon Oil Company (“Marathon”) certain oil and natural gas leaseholds and related producing properties located in Williams County, North Dakota, Sheridan County, Montana, and Roosevelt County, Montana comprising approximately 41,100 net acres and various other related rights, permits, contracts, equipment and other assets for approximately $90.4 million in cash, net of certain closing adjustments of $9.6 million.  

The acquisition was accounted for using the acquisition method under ASC-805, Business Combinations, which requires the assets acquired and liabilities assumed to be recorded at fair value as of the acquisition date of June 30, 2014.  

The following unaudited pro forma financial information represents the combined results for the Company and the properties acquired from Marathon, in June of 2014, as if the acquisitions had occurred on February 1, 2014.  

	For the Three Months Ended
(in thousands, except per share data)	April 30, 2014
Operating revenues	$	106,647
Net income (loss)	$	15,919
Earnings (loss) per common share
Basic	$	0.19
Diluted	$	0.16
Weighted average common shares outstanding:
Basic		85,952
Diluted		103,314

The pro forma information includes the effects of adjustments for depreciation and amortization expense of $2.0million for the first quarter of fiscal year 2015. The pro forma results do not include any cost savings that may result from the acquisition or any estimated costs that have been or will be incurred by the Company to integrate the properties acquired.  The pro forma results are not necessarily indicative of what actually would have occurred if the transactions had been completed as of the beginning of the period, nor are they necessarily indicative of future results.

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Hedging And Commodity Derivative Financial Instruments

3 Months Ended

Apr. 30, 2015

Commodity Derivative Instruments [Abstract]

Commodity Derivative Instruments

5.  HEDGING AND COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS

Through TUSA, the Company has entered into commodity derivative instruments utilizing costless collars and swaps to reduce the effect of price changes on a portion of our future oil production.  A collar requires us to pay the counterparty if the settlement price is above the ceiling price, and requires the counterparty to pay us if the settlement price is below the floor price.  The objective of the Company’s use of derivative financial instruments is to achieve more predictable cash flows in an environment of volatile oil and natural gas prices and to manage its exposure to commodity price risk.  While the use of these derivative instruments limits the downside risk of adverse price movements, such use may also limit the Company’s ability to benefit from favorable price movements.  The Company may, from time to time, add incremental derivatives to hedge additional production, restructure existing derivative contracts, or enter into new transactions to modify the terms of current contracts in order to realize the current value of the Company’s existing positions.  The Company does not enter into derivative contracts for speculative purposes.

The use of derivatives involves the risk that the counterparties to such instruments will be unable to meet the financial terms of such contracts.  The Company’s derivative contracts are currently with fourcounterparties.  The Company has netting arrangements with each counterparty that provide for the offset of payables against receivables from separate derivative arrangements with the same underlier with the counterparty in the event of contract termination.  The derivative contracts may be terminated by a non-defaulting party in the event of default by one of the parties to the agreement.

The Company’s commodity derivative instruments are measured at fair value.  The Company has not designated any of its derivative contracts as fair value or cash flow hedges.  Therefore, the Company does not apply hedge accounting to its commodity derivative instruments.  Net gains and losses on derivative activities are recorded based on the changes in the fair values of the derivative instruments.  Net gains and losses on derivative activities are recorded in the commodity derivatives gains (losses) caption on the consolidated statements of operations.  The Company’s cash flows are only impacted when the actual settlements under the commodity derivative contracts result in a payment to or from the counterparty.  These settlements under the commodity derivative contracts are reflected as operating activities in the Company’s consolidated statements of cash flows. 

The components of commodity derivative gains (losses) in the consolidated statements of operations are as follows (in thousands):

	For the Three Months Ended April 30,
	2014		2015
Realized commodity derivative gains (losses)	$	(818)	$	19,468
Unrealized commodity derivative gains (losses)		(4,638)		(33,442)
Commodity derivative gains (losses), net	$	(5,456)	$	(13,974)

The Company’s commodity derivative contracts as of April 30, 2015 are summarized below:

	Contract		Quantity	Weighted Average		Weighted Average		Weighted Average
	Type	Basis (1)	(Bbl/d)	Put Strike		Call Strike		Price
May 1, 2015 to January 31, 2016	Collar	NYMEX	3,826	$	86.52	$	98.72
May 1, 2015 to January 31, 2016	Swap	NYMEX	1,170					$	60.22
February 1, 2016 to January 31, 2017	Swap	NYMEX	2,746					$	60.23

(1) “NYMEX” refers to West Texas Intermediate crude oil prices at Cushing, Oklahoma as quoted on the New York Mercantile Exchange.

The estimated fair values of commodity derivatives included in the consolidated balance sheets at January 31, 2015 and April 30, 2015 are summarized below. The Company does not offset asset and liability positions with the same counterparties within the consolidated financial statements; rather, all contracts are presented at their gross estimated fair value. As of the dates indicated, the Company’s derivative assets and liabilities are presented below (in thousands). These balances represent the estimated fair value of the contracts. The Company has not designated any of its derivative contracts as cash-flow hedging instruments for accounting purposes. The main headings represent the balance sheet captions for the contracts presented (in thousands).

	January 31, 2015		April 30, 2015
Current Assets:
Crude oil derivative contracts	$	54,775	$	24,796
Total derivative asset	$	54,775	$	24,796
Current Liabilities:
Crude oil derivative contracts	$	—	$	292
Long-Term Liabilities:
Crude oil derivative contracts		—		3,171
Total derivative liability	$	—	$	3,463

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Hedging And Commodity Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 30, 2015

Commodity Derivative Instruments [Abstract]

Schedule of components of commodity derivative gains(losses)

The components of commodity derivative gains (losses) in the consolidated statements of operations are as follows (in thousands):

	For the Three Months Ended April 30,
	2014		2015
Realized commodity derivative gains (losses)	$	(818)	$	19,468
Unrealized commodity derivative gains (losses)		(4,638)		(33,442)
Commodity derivative gains (losses), net	$	(5,456)	$	(13,974)

Summary Of Derivative Instruments

The Company’s commodity derivative contracts as of April 30, 2015 are summarized below:

	Contract		Quantity	Weighted Average		Weighted Average		Weighted Average
	Type	Basis (1)	(Bbl/d)	Put Strike		Call Strike		Price
May 1, 2015 to January 31, 2016	Collar	NYMEX	3,826	$	86.52	$	98.72
May 1, 2015 to January 31, 2016	Swap	NYMEX	1,170					$	60.22
February 1, 2016 to January 31, 2017	Swap	NYMEX	2,746					$	60.23

(1) “NYMEX” refers to West Texas Intermediate crude oil prices at Cushing, Oklahoma as quoted on the New York Mercantile Exchange.

Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value

The main headings represent the balance sheet captions for the contracts presented (in thousands).

	January 31, 2015		April 30, 2015
Current Assets:
Crude oil derivative contracts	$	54,775	$	24,796
Total derivative asset	$	54,775	$	24,796
Current Liabilities:
Crude oil derivative contracts	$	—	$	292
Long-Term Liabilities:
Crude oil derivative contracts		—		3,171
Total derivative liability	$	—	$	3,463

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Summary Of Significant Accounting Policies (Policies)

3 Months Ended

Apr. 30, 2015

Summary Of Significant Accounting Policies [Abstract]

Use of Estimates

Use of Estimates.  In the course of preparing its condensed consolidated financial statements, management makes various assumptions, judgments, and estimates to determine the reported amount of assets, liabilities, revenue, and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. Significant areas requiring the use of assumptions, judgments and estimates include (i) oil and natural gas reserves; (ii) cash flow estimates used in ceiling tests of oil and natural gas properties; (iii) depreciation and amortization; (iv) impairment of undeveloped properties and other assets; (v) assigning fair value and allocating purchase price in connection with business combinations; (vi) accrued revenue and related receivables; (vii) valuation of commodity derivative instruments and equity derivative instruments; (viii) accrued liabilities; (ix) valuation of share-based payments and (x) income taxes. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions for matters that may require recognition or disclosure in these condensed consolidated financial statements.

Principles of Consolidation

Principles of Consolidation.  The accounts of Triangle and its wholly-owned subsidiaries are presented in the accompanying condensed consolidated financial statements.  All significant intercompany transactions and balances are eliminated in consolidation.  Triangle generally uses the equity method of accounting for investments in entities in which Triangle has an ownership between 20% and 50% and exercises significant influence. The investment in Caliber is accounted for utilizing the equity method of accounting

Oil And Natural Gas Properties

Oil and Natural Gas Properties.  The Company follows the full-cost method of accounting for its oil and natural gas properties. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits and other internal costs directly identified with these activities, and oil and natural gas property acquisitions are capitalized. The net book value of oil and natural gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and natural gas reserves, discounted at ten percent per annum.  Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous twelve months, held flat for the life of the production, except where prices are defined by contractual arrangements.

Any excess of the net book value of proved oil and natural gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as “Impairment of oil and natural gas properties” in the accompanying condensed consolidated statements of operations. The ceiling limitation is evaluated quarterly.

At April 30, 2015, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million.  Triangle will likely be required to recognize an additional impairment of oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairment will likely be material.

Oilfield Services Equipment and Other Property And Equipment

Oilfield Services Equipment and Other Property and Equipment.  Oilfield services equipment and other property and equipment consisted of the following as of:

(in thousands)	January 31, 2015		April 30, 2015
Land	$	7,888	$	7,888
Building and leasehold improvements		33,625		34,160
Oilfield service equipment		116,354		121,653
Vehicles		4,811		5,521
Software, computers and office equipment		5,327		6,050
Capital leases		853		853
Total depreciable assets		168,858		176,125
Accumulated depreciation		(35,189)		(44,998)
Depreciable assets, net		133,669		131,127
Assets not placed in service		1,247		1,530
Total oilfield service equipment and other property & equipment, net	$	134,916	$	132,657

Income Taxes

Income Taxes.  The Company computes its quarterly tax provision using the effective tax rate method based on applying the anticipated annual effective rate to its year-to-date income or loss, except for discrete items.  Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs.

As noted above, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million.  This impairment results in Triangle having three years of cumulative historical pre-tax losses and a net deferred tax asset position.  Additionally, Triangle will likely be required to recognize additional impairments of its oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairments will likely be material. Triangle also had net operating loss carryovers ("NOLs") for federal income tax purposes of $136.9 million at January 31, 2015.  These losses and expected future losses were a key consideration that led Triangle to provide a valuation allowance against its net deferred tax assets as of April 30, 2015 since it cannot conclude that it is more likely than not that its net deferred tax assets will be fully realized in future periods.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.  At each reporting period, management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment.  Future events or new evidence which may lead the Company to conclude that it is more likely than not that its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings; sustained or continued improvements in oil prices; and taxable events that could result from one or more transactions.  The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods.

In the current period the Company recorded the benefit of reversing its net deferred tax liability.  As long as the Company concludes that it will continue to have a need for a valuation allowance against its net deferred tax assets, the Company likely will not have any additional income tax expense or benefit other than for federal alternative minimum tax expense, a release of a portion of the valuation allowance for net operating loss carryback claims or for state income taxes.

As of April 30, 2015, the Company had no unrecognized tax benefits.  The Company’s management does not believe that there are any new items or changes in facts or judgments that should impact the Company’s position during the first three months of fiscal year 2016.  Given the substantial net operating loss carryforwards at both the federal and state levels, neither significant interest expense nor penalties charged for any examining agents’ tax adjustments of income tax returns are anticipated, as any such adjustments would very likely only adjust net operating loss carryforwards.

Earnings Per Share

Earnings per Share.  Basic earnings per common share is computed by dividing net income (loss) attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period.  Diluted net income per common share reflects increases in average shares outstanding from the potential dilution, under the treasury stock method, that could occur upon (i) exercise of stock options, (ii) vesting of restricted stock units, and (iii) conversion of convertible debt. The treasury stock method assumes exercise, vesting or conversion at the beginning of a period for securities outstanding at the end of a period. Also, the treasury stock method for calculating dilution assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company at the quarter’s average stock price using assumed proceeds from (a) the exercise cost of the options and (b) the foregone future compensation expense of hypothetical early vesting of the outstanding restricted stock units.  The assumed proceeds are adjusted for income tax effects.  In the event of a net loss, no potential common shares are included in the calculation of shares outstanding, as their inclusion would be anti-dilutive.

The following table details the weighted average dilutive and anti-dilutive securities, which consist of options and unvested restricted stock, for the periods presented:

	For the Three Months Ended April 30,
	2014		2015
Dilutive		17,362,426		—
Anti-dilutive shares		6,000,000		10,910,078

The table below sets forth the computations of net income (loss) per common share (basic and diluted) for the periods presented:

	For the Three Months Ended April 30,
(in thousands, except per share data)	2014		2015
Net income (loss) attributable to common stockholders	$	14,542	$	(180,199)
Effect of 5% convertible note conversion		918		—
Net income (loss) attributable to common stockholders after effect of debt conversion	$	15,460	$	(180,199)
Basic weighted average common shares outstanding		85,952		75,256
Effect of dilutive securities		17,362		—
Diluted weighted average common shares outstanding		103,314		75,256
Basic net income (loss) per share	$	0.17	$	(2.39)
Diluted net income (loss) per share	$	0.15	$	(2.39)

Reclassifications

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation.  These unaudited condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and are expressed in U.S. dollars.  Preparation in accordance with GAAP requires us to (i) adopt accounting policies within accounting rules set by the Financial Accounting Standards Board (“FASB”) and by the Securities and Exchange Commission (“SEC”), and (ii) make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and other disclosed amounts.  

Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. We believe the disclosures made are adequate to make the information not misleading. We recommend that these unaudited condensed consolidated financial statements be read in conjunction with our audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, as filed with the SEC (“Fiscal 2015 Form 10-K”). In the opinion of management, all material adjustments considered necessary for a fair presentation of the Company’s interim results have been reflected. All such adjustments are considered to be of a normal recurring nature. The results for interim periods are not necessarily indicative of annual results.

No condensed consolidated statement of comprehensive income (loss) is presented because the Company had no comprehensive income or loss activity in the periods presented.

Use of Estimates.  In the course of preparing its condensed consolidated financial statements, management makes various assumptions, judgments, and estimates to determine the reported amount of assets, liabilities, revenue, and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. Significant areas requiring the use of assumptions, judgments and estimates include (i) oil and natural gas reserves; (ii) cash flow estimates used in ceiling tests of oil and natural gas properties; (iii) depreciation and amortization; (iv) impairment of undeveloped properties and other assets; (v) assigning fair value and allocating purchase price in connection with business combinations; (vi) accrued revenue and related receivables; (vii) valuation of commodity derivative instruments and equity derivative instruments; (viii) accrued liabilities; (ix) valuation of share-based payments and (x) income taxes. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions for matters that may require recognition or disclosure in these condensed consolidated financial statements.

Principles of Consolidation.  The accounts of Triangle and its wholly-owned subsidiaries are presented in the accompanying condensed consolidated financial statements.  All significant intercompany transactions and balances are eliminated in consolidation.  Triangle generally uses the equity method of accounting for investments in entities in which Triangle has an ownership between 20% and 50% and exercises significant influence. The investment in Caliber is accounted for utilizing the equity method of accounting.  

Oil and Natural Gas Properties.  The Company follows the full-cost method of accounting for its oil and natural gas properties. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, including salaries, benefits and other internal costs directly identified with these activities, and oil and natural gas property acquisitions are capitalized. The net book value of oil and natural gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and natural gas reserves, discounted at ten percent per annum.  Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous twelve months, held flat for the life of the production, except where prices are defined by contractual arrangements.

Any excess of the net book value of proved oil and natural gas properties, less related deferred income taxes, over the ceiling is charged to expense and reflected as “Impairment of oil and natural gas properties” in the accompanying condensed consolidated statements of operations. The ceiling limitation is evaluated quarterly.

At April 30, 2015, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million.  Triangle will likely be required to recognize an additional impairment of oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairment will likely be material.

Oilfield Services Equipment and Other Property and Equipment.  Oilfield services equipment and other property and equipment consisted of the following as of:

(in thousands)	January 31, 2015		April 30, 2015
Land	$	7,888	$	7,888
Building and leasehold improvements		33,625		34,160
Oilfield service equipment		116,354		121,653
Vehicles		4,811		5,521
Software, computers and office equipment		5,327		6,050
Capital leases		853		853
Total depreciable assets		168,858		176,125
Accumulated depreciation		(35,189)		(44,998)
Depreciable assets, net		133,669		131,127
Assets not placed in service		1,247		1,530
Total oilfield service equipment and other property & equipment, net	$	134,916	$	132,657

Income Taxes.  The Company computes its quarterly tax provision using the effective tax rate method based on applying the anticipated annual effective rate to its year-to-date income or loss, except for discrete items.  Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs.

As noted above, the carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $192.0 million.  This impairment results in Triangle having three years of cumulative historical pre-tax losses and a net deferred tax asset position.  Additionally, Triangle will likely be required to recognize additional impairments of its oil and natural gas properties in future periods if oil and natural gas prices remain at current levels or continue to decline and such impairments will likely be material. Triangle also had net operating loss carryovers ("NOLs") for federal income tax purposes of $136.9 million at January 31, 2015.  These losses and expected future losses were a key consideration that led Triangle to provide a valuation allowance against its net deferred tax assets as of April 30, 2015 since it cannot conclude that it is more likely than not that its net deferred tax assets will be fully realized in future periods.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.  At each reporting period, management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment.  Future events or new evidence which may lead the Company to conclude that it is more likely than not that its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings; sustained or continued improvements in oil prices; and taxable events that could result from one or more transactions.  The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods.

In the current period the Company recorded the benefit of reversing its net deferred tax liability.  As long as the Company concludes that it will continue to have a need for a valuation allowance against its net deferred tax assets, the Company likely will not have any additional income tax expense or benefit other than for federal alternative minimum tax expense, a release of a portion of the valuation allowance for net operating loss carryback claims or for state income taxes.

As of April 30, 2015, the Company had no unrecognized tax benefits.  The Company’s management does not believe that there are any new items or changes in facts or judgments that should impact the Company’s position during the first three months of fiscal year 2016.  Given the substantial net operating loss carryforwards at both the federal and state levels, neither significant interest expense nor penalties charged for any examining agents’ tax adjustments of income tax returns are anticipated, as any such adjustments would very likely only adjust net operating loss carryforwards.

Earnings per Share.  Basic earnings per common share is computed by dividing net income (loss) attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period.  Diluted net income per common share reflects increases in average shares outstanding from the potential dilution, under the treasury stock method, that could occur upon (i) exercise of stock options, (ii) vesting of restricted stock units, and (iii) conversion of convertible debt. The treasury stock method assumes exercise, vesting or conversion at the beginning of a period for securities outstanding at the end of a period. Also, the treasury stock method for calculating dilution assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company at the quarter’s average stock price using assumed proceeds from (a) the exercise cost of the options and (b) the foregone future compensation expense of hypothetical early vesting of the outstanding restricted stock units.  The assumed proceeds are adjusted for income tax effects.  In the event of a net loss, no potential common shares are included in the calculation of shares outstanding, as their inclusion would be anti-dilutive.

The following table details the weighted average dilutive and anti-dilutive securities, which consist of options and unvested restricted stock, for the periods presented:

	For the Three Months Ended April 30,
	2014		2015
Dilutive		17,362,426		—
Anti-dilutive shares		6,000,000		10,910,078

The table below sets forth the computations of net income (loss) per common share (basic and diluted) for the periods presented:

	For the Three Months Ended April 30,
(in thousands, except per share data)	2014		2015
Net income (loss) attributable to common stockholders	$	14,542	$	(180,199)
Effect of 5% convertible note conversion		918		—
Net income (loss) attributable to common stockholders after effect of debt conversion	$	15,460	$	(180,199)
Basic weighted average common shares outstanding		85,952		75,256
Effect of dilutive securities		17,362		—
Diluted weighted average common shares outstanding		103,314		75,256
Basic net income (loss) per share	$	0.17	$	(2.39)
Diluted net income (loss) per share	$	0.15	$	(2.39)

Reclassifications.  Certain amounts in our unaudited condensed consolidated statement of operations for the three months ended April 30, 2014 have been reclassified to conform to the financial statement presentation for the period ended April 30, 2015.  The unaudited condensed consolidated statement of operations reclassifications relate to the break out of amortization of deferred loan costs from interest expense and amounts related to revisions in the Elmworth abandonment obligation that were reclassified from accretion of asset retirement obligations to depreciation and amortization expense. Such reclassifications had no impact on consolidated total assets, stockholders’ equity or net income previously reported.

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Share-Based Compensation

3 Months Ended

Apr. 30, 2015

Share-Based Compensation [Abstract]

Share-Based Compensation

9.  SHARE-BASED COMPENSATION

The Company has granted equity awards to officers, directors, and certain employees of the Company including restricted stock units and stock options.  In addition, RockPile has granted Series B Units which represent interests in future RockPile profits.  The Company measures its awards based on the award’s grant date fair value which is recognized ratably over the applicable vesting period.

On May 27, 2014, the Board approved the 2014 Plan, which was approved by the Company’s stockholders on July 17, 2014.  No additional awards may be granted under prior plans but all outstanding awards under prior plans shall continue in accordance with their applicable terms and conditions.  The 2014 Plan authorizes the Company to issue stock options, SARs, restricted stock, restricted stock units, cash awards, and other awards to any employees, officers, directors, and consultants of the Company and its subsidiaries.  The maximum number of shares of common stock issuable under the 2014 Plan is 6.0 million shares, subject to adjustment for certain transactions.

For the three months ended April 30, 2014 and 2015, the Company recorded share-based compensation related to restricted stock units, stock options and RockPile Series B Units as follows:

	For the Three Months Ended April 30,
(in thousands)	2014		2015
Restricted stock units	$	1,771	$	2,079
Stock options		486		698
RockPile Series B Units		90		51
		2,347		2,828
Less amounts capitalized to oil and natural gas properties		(339)		(320)
Compensation expense	$	2,008	$	2,508

Restricted Stock Units.  During the three months ended April 30, 2015, the Company granted 1,568,093 restricted stock units as compensation to employees, officers, and directors which generally vest over one to five years.  As of April 30, 2015, there was approximately $25.1 million of total unrecognized compensation expense related to unvested restricted stock units.  This compensation expense is expected to be recognized over the remaining vesting period of the related awards of approximately 3.6 years on a weighted average basis.  When restricted stock units vest, the holder has the right to receive one share of the Company’s common stock per vesting unit.  

The following table summarizes the activity for our restricted stock units during the three months ended April 30, 2015:  

		Weighted
		Average
	Number of	Award Date
	Shares	Fair Value
Restricted stock units outstanding - January 31, 2015	2,914,045	$	7.92
Units granted	1,568,093	$	5.00
Units forfeited	(50,588)	$	8.92
Units vested	(221,472)	$	7.34
Restricted stock units outstanding - April 30, 2015	4,210,078	$	6.86

Stock Options.  There were no grants, exercises or forfeitures of stock options during the three months ended April 30, 2015.  The following table summarizes the stock options outstanding at April 30, 2015:

		Remaining
Exercise Price		Contractual Life	Number of Shares
per Share		(years)	Outstanding		Exercisable
$	7.50	8.18		750,000		75,000
$	8.50	8.18		750,000		75,000
$	10.00	8.18		1,500,000		150,000
$	12.00	8.18		1,500,000		150,000
$	15.00	8.18		1,500,000		150,000
$	12.00	6.37		233,333		—
$	14.00	6.37		233,333		—
$	16.00	9.37		233,334		—
				6,700,000		600,000
Weighted average exercise price per share			$	11.54	$	11.25
Weighted average remaining contractual life				8.10		8.18

As of April 30, 2015, there was approximately $17.9 million of total unrecognized compensation expense related to stock options.  This compensation expense is expected to be recognized over the remaining vesting period of the related awards of approximately 3.1 years.  

RockPile Share-Based Compensation.  RockPile currently has two classes of equity; Series A Units, which are voting units with an 8% preference, and Series B Units, which are non-voting equity awards. RockPile approved a plan that includes provisions allowing RockPile to make equity grants in the form of restricted units (“Series B Units”) pursuant to Restricted Unit Agreements. The plan authorizes RockPile to issue an aggregate of up to 6.0 million Series B Units in multiple series designated by a sequential number with the right to reissue forfeited or redeemed Series B Units.

The following table summarizes the activity for RockPile’s Series B Units for the three months ended April 30, 2015:

	Series	Series	Series	Series
	B-1units	B-2 units	B-3 units	B-4 units	Total
Units outstanding - January 31, 2015	2,920,000	60,000	910,000	1,412,000	5,302,000
Units redeemed	—	—	—	—	—
Units granted	—	—	—	—	—
Units outstanding - April 30, 2015	2,920,000	60,000	910,000	1,412,000	5,302,000
Vested	2,920,000	30,000	188,000	—	3,138,000
Unvested	—	30,000	722,000	1,412,000	2,164,000

Series B Units currently have a 7 to 52 month vesting schedule. Compensation costs are determined using a Black-Scholes option pricing model based upon the grant date calculated fair market value of the award and is recognized ratably over the applicable vesting period.  As of April 30, 2015, there was approximately $2.3 million of unrecognized compensation expense related to unvested Series B Units.  We expect to recognize such expense on a pro-rata basis on the Series B Units’ vesting schedule during the next five fiscal years.

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Equity Investment And Equity Investment Derivatives

3 Months Ended

Apr. 30, 2015

Equity Investment [Abstract]

Equity Investment

7.  EQUITY INVESTMENT AND EQUITY INVESTMENT DERIVATIVES

Equity Investment.On October 1, 2012, Triangle Caliber Holdings, LLC (“Triangle Caliber Holdings”), a wholly-owned subsidiary of Triangle, entered into a joint venture with FREIF Caliber Holdings LLC (“FREIF Caliber Holdings”), a wholly-owned subsidiary of FREIF. The joint venture entity, Caliber, was formed to provide crude oil, natural gas and water transportation and related services to the Company and third parties primarily within the Williston Basin of North Dakota and Montana.

On January 31, 2015, Triangle Caliber Holdings entered into a series of agreements modifying its joint venture with FREIF.  In connection with the modifications, Triangle Caliber Holdings entered into a Second Amended and Restated Contribution Agreement, dated January 31, 2015 (the “2nd A&R Contribution Agreement”), with FREIF and the general partner of Caliber, which is owned and controlled equally between Triangle Caliber Holdings and FREIF.  Pursuant to the terms of the 2nd A&R Contribution Agreement, FREIF agreed to contribute an additional $34.0 million to Caliber in exchange for 2,720,000 Class A Units.  FREIF funded the $34.0 million contribution, and the additional 2,720,000 Class A Units were issued, on February 2, 2015.  Triangle made no capital contribution to Caliber in connection with the 2nd A&R Contribution Agreement or the issuance of the 2,720,000 Class A Units.  Following the issuance, FREIF holds 17,720,000 Class A Units, representing an approximate 71.7% Class A Units ownership interest in Caliber, and Triangle Caliber Holdings holds 7,000,000 Class A Units, representing an approximate 28.3% Class A Units ownership interest in Caliber.  Triangle recognized a gain in the first quarter of fiscal year 2016 of $2.9 million related to Caliber’s issuance of these 2,720,000 Class A Units to FREIF.

Also pursuant to the terms of the 2nd A&R Contribution Agreement, Triangle Caliber Holdings received warrants for the purchase of an additional 3,626,667 Class A Units, and FREIF received warrants for the purchase of an additional 906,667 Class A Units.  The warrants received by Triangle Caliber Holdings on February 2, 2015 included 2,357,334 Class A (Series 1 through 4) Warrants at strike prices and expiration dates noted below and 1,269,333 Class A (Series 6) Warrants with a strike price of $12.50 and an expiration date of February 2, 2018.  Triangle also recognized a gain of $0.2 million in the first quarter of fiscal year 2016 related to the fair value of the warrants issued, which will be amortized over the lives of the related warrants.

The following summarizes the Company’s equity investment holdings in Caliber as of January 31, 2015 and April 30, 2015 and the strike prices for exercising warrants as of April 30, 2015:

	Expiration		Strike Price at		As of	As of
	Date		April 30, 2015		January 31, 2015	April 30, 2015
Class A Units		—	$	—	7,000,000	7,000,000
Series 1 Warrants		October 1, 2024	$	12.78	5,600,000	6,615,467
Series 2 Warrants		October 1, 2024	$	22.09	2,400,000	2,835,200
Series 3 Warrants		September 12, 2025	$	22.09	3,000,000	3,544,000
Series 4 Warrants		September 12, 2025	$	28.09	2,000,000	2,362,667
Series 6 Warrants		February 2, 2018	$	12.50	—	1,269,333

The following summarizes the activities related to the Company’s equity investment in Caliber for the three months ended April 30, 2015:

(in thousands)	For the Three Months Ended April 30, 2015
Balance at January 31, 2015	$	64,411
Capital contributions		—
Distributions		—
Equity investment share of net income before intra-company profit eliminations		425
Change in fair value of warrants		—
Gain on Caliber capital transactions		2,880
Balance at April 30, 2015	$	67,716
Fair value of warrants at April 30, 2015	$	504

Equity Investment Derivatives.At January 31, 2015 and April 30, 2015, the Company held Class A (Series 1 through Series 4 and Series 6) Warrants to acquire additional ownership in Caliber.  These instruments are considered to be equity investment derivatives and are valued at each reporting period using valuation techniques (a Monte Carlo Simulation (“MCS”) model) for which the inputs are generally less observable than from objective sources.

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Capital Stock

3 Months Ended

Apr. 30, 2015

Capital Stock [Abstract]

Capital Stock

8.  CAPITAL STOCK

The Company had 106.5 million shares of common stock issued or reserved for issuance at April 30, 2015.  At April 30, 2015, the Company had 75.3 million shares of common stock issued and outstanding.  The Company also had 2.0 million shares of common stock reserved for issuance pursuant to outstanding awards under its 2011 Omnibus Incentive Plan and 2.9 million shares of common stock reserved for issuance pursuant to outstanding awards under its 2014 Equity Incentive Plan (the “2014 Plan”).  The Company also had 3.1 million shares of common stock reserved that remained available for issuance under the 2014 Plan, as well as 6.0 million shares of common stock reserved for issuance under the CEO Stand-Alone Stock Option Agreement.  Lastly, the Company had 17.2 million shares of common stock reserved for issuance pursuant to the Convertible Note at April 30, 2015.

The Company’s Board of Directors (the “Board”) approved a program authorizing the repurchase of outstanding shares of the Company’s common stock in amounts equal to the aggregate of (i) $25.0 million of the Company’s common stock (“Tranche 1”), (ii) up to the number of shares of common stock authorized for issuance under the Company’s 2014 Equity Incentive Plan and its CEO Stand-Alone Stock Option Agreement (“Tranche 2”), and (iii) up to the number of shares of common stock potentially issuable, at any given time, pursuant to the paid-in-kind interest accrued on the Convertible Note (“Tranche 3”).  The program stipulates that shares of common stock may be repurchased from time to time, in amounts and at prices that the Company deems appropriate, subject to market and business conditions and other considerations.   The repurchase program has no expiration date and may be suspended or discontinued at any time without prior notice.  There were no common stock repurchases for the three months ended April 30, 2015. As of April 30, 2015, the number of shares of common stock remaining available for repurchase under the Board approved program was5,160,820 shares.

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Fair Value Measurements

3 Months Ended

Apr. 30, 2015

Fair Value Measurements [Abstract]

Fair Value Measurements

10.  FAIR VALUE MEASUREMENTS

The FASB’s ASC 820, Fair Value Measurement and Disclosure, establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.  Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company.  Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

· Level 1: Quoted prices are available in active markets for identical assets or liabilities;

· Level 2: Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; and

· Level 3: Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flows models or valuations.

The financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of January 31, 2015 and April 30, 2015, by level within the fair value hierarchy:

	As of January 31, 2015
(in thousands)	Level 1		Level 2		Level3		Total
Assets:
Equity investment derivative assets	$	—	$	—	$	504	$	504
Commodity derivative assets	$	—	$	54,775	$	—	$	54,775
Liabilities:
RockPile earn-out liability	$	—	$	(1,825)	$	—	$	(1,825)

	As of April 30, 2015
(in thousands)	Level1		Level 2		Level 3		Total
Assets:
Equity investment derivative assets	$	—	$	—	$	504	$	504
Commodity derivative assets	$	—	$	24,796	$	—	$	24,796
Liabilities:
Commodity derivative liabilities	$	—	$	(3,463)	$	—	$	(3,463)
RockPile earn-out liability	$	—	$	(1,226)	$	—	$	(1,226)

Commodity Derivative Instruments.The Company determines its estimate of the fair value of commodity derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third-parties, the credit rating of each counterparty, and the Company’s own credit rating.  In considering counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments.  The Company believes that each of its counterparties is creditworthy and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions.  At April 30, 2015, commodity derivative instruments utilized by the Company consist of costless collars and swaps.  The Company’s commodity derivative instruments are valued using public indices and are traded with third-party counterparties, but are not openly traded on an exchange.  As such, the Company has classified these commodity derivative instruments as Level 2.

Caliber Class A (Series 1 through Series 4 and Series 6) Warrants.  The Company determines its estimate of the fair value of Caliber Class A Warrants using a MCS model.  For each MCS, the value of the Class A Units was forecasted at the end of each quarter based on a predetermined yield, and the strike price for the warrant is adjusted accordingly.  The fair value of the underlying Class A Units was estimated employing primarily a discounted cash flows analysis.  At April 30, 2015, the Company’s Caliber Class A Warrants are valued using valuation models that are generally less observable from objective sources.  As such, the Company has classified these instruments as Level 3.

Earn-out Liability.  The Company determined the estimated fair value of the earn-out liability relating to RockPile’s acquisition of Team Well Service, Inc. using a market approach based on information derived from an analysis performed for RockPile by an independent third-party. This analysis used publicly available information from market participants in the same industry, generally accepted methods for estimating an investor’s return requirements, and quoted market prices in active markets. As such, the earn-out liability has been classified as Level 2.

Summary of Level 3 Financial Assets and Liabilities.  The fair values of the Class A (Series 1 through Series 4 and Series 6) Warrants were estimated using a MCS model.  The fair value of the Company’s equity investment derivative assets was $0.5 million at January 31, 2015 and April 30, 2015.  

Fair Value of Financial Instruments.  The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable and payable, derivatives and Caliber Class A Warrants (discussed above) and long-term debt. The carrying values of cash equivalents and accounts receivable and payable are representative of their fair values due to their short-term maturities. The Convertible Note’s estimated fair value is based on discounted cash flows analysis and option pricing.  The carrying amount of the Company’s revolving credit facilities approximated fair value because the interest rate of the facilities is variable. The fair values of the other notes and mortgages payable is not significantly different than their carrying values.  The fair value of the TUSA 6.75% Notes is derived from quoted market prices. This disclosure does not impact our financial position, results of operations or cash flows.

The carrying values and fair values of the Company’s debt instruments are as follows:

	January 31, 2015				April 30, 2015
	Carrying		Estimated		Carrying		Estimated
(in thousands)	Value		FairValue		Value		Fair Value
5% convertible note	$	135,877	$	137,790	$	137,576	$	154,884
Revolving credit facilities		224,159		224,159		245,288		245,288
TUSA 6.75% notes		429,500		303,871		429,500		365,505
Other notes and mortgages payable		10,605		10,605		10,490		10,490

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Segment Reporting - (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2015 segment	Apr. 30, 2014
Number of reportable segments	2
Depreciation, Depletion and Amortization	$ 37,806	$ 21,287
TUSA [Member]
Depreciation, Depletion and Amortization	$ 500	$ 1,400

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Share-Based Compensation - Stock options - (Details) (Employee Stock Option [Member], USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding options	6,700,000
Number of shares exercisable	600,000
Weighted average exercise price per share	$ 11.54
Weighted average remaining contractual life (years)	8 years 1 month 6 days
Weighted average exercise price per share (exercisable)	$ 11.25
Weighted average remaining contractual life (years) (exercisable)	8 years 2 months 5 days
Unrecognized compensation cost related to awards	$ 17.9
Unrecognized compensation, recognition period	3 years 1 month 6 days
$7.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price per share	$ 7.50
Remaining contractual life	8 years 2 months 5 days
Outstanding options	750,000
Number of shares exercisable	75,000
$8.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price per share	$ 8.50
Remaining contractual life	8 years 2 months 5 days
Outstanding options	750,000
Number of shares exercisable	75,000
$10.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price per share	$ 10.00
Remaining contractual life	8 years 2 months 5 days
Outstanding options	1,500,000
Number of shares exercisable	150,000
$12.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price per share	$ 12.00
Remaining contractual life	8 years 2 months 5 days
Outstanding options	1,500,000
Number of shares exercisable	150,000
$15.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price per share	$ 15.00
Remaining contractual life	8 years 2 months 5 days
Outstanding options	1,500,000
Number of shares exercisable	150,000
$12.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price per share	$ 12.00
Remaining contractual life	6 years 4 months 13 days
Outstanding options	233,333
$14.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price per share	$ 14.00
Remaining contractual life	6 years 4 months 13 days
Outstanding options	233,333
$16.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price per share	$ 16.00
Remaining contractual life	9 years 4 months 13 days
Outstanding options	233,334

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Segment Reporting (Tables)

3 Months Ended

Apr. 30, 2015

Segment Reporting [Abstract]

Schedule Of Segment Reporting

	For the Three Months Ended April 30, 2015
	Exploration				Corporate
	and		Oilfield		and				Consolidated
(in thousands)	Production		Services		Other		Eliminations		Total
Revenues:
Oil, natural gas and natural gas liquids sales	$	47,778	$	—	$	—	$	—	$	47,778
Oilfield services for third parties		—		71,090		—		(580)		70,510
Intersegment revenues		—		9,504		—		(9,504)		—
Total revenues		47,778		80,594		—		(10,084)		118,288
Expenses:
Lease operating and production taxes		15,696		—		—		—		15,696
Gathering, transportation and processing		6,348		—		—		—		6,348
Depreciation and amortization		29,299		9,489		325		(1,307)		37,806
Impairment of oil and natural gas properties		192,000		—		—		—		192,000
Accretion of asset retirement obligations		57		—		—		—		57
Cost of oilfield services		—		70,586		1,238		(6,360)		65,464
General and administrative, net of amounts capitalized:
Salaries and benefits		341		4,829		3,253		—		8,423
Stock-based compensation		321		51		2,136		—		2,508
Other general and administrative		407		1,797		1,724		—		3,928
Total operating expenses		244,469		86,752		8,676		(7,667)		332,230
Income (loss) from operations		(196,691)		(6,158)		(8,676)		(2,417)		(213,942)
Other income (expense), net		(21,002)		(875)		2,686		(507)		(19,698)
Income (loss) before income taxes	$	(217,693)	$	(7,033)	$	(5,990)	$	(2,924)	$	(233,640)
As of April 30, 2015:
Net oil and natural gas properties	$	1,044,482	$	—	$	—	$	(77,705)	$	966,777
Oilfield services equipment - net	$	—	$	84,398	$	—	$	—	$	84,398
Other property and equipment - net	$	9,116	$	22,508	$	16,635	$	—	$	48,259
Total assets	$	1,200,737	$	169,519	$	125,697	$	(98,180)	$	1,397,773
Total liabilities	$	764,057	$	138,322	$	148,034	$	(19,930)	$	1,030,483

	For the Three Months Ended April 30, 2014
	Exploration				Corporate
	and		Oilfield		and				Consolidated
(in thousands)	Production		Services		Other		Eliminations		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)		—
Total revenues		60,834		61,432		—		(22,484)		99,782
Expenses:
Lease operating and production taxes		11,074		—		—		—		11,074
Gathering, transportation and processing		3,802		—		—		—		3,802
Depreciation and amortization		20,153		3,590		176		(2,632)		21,287
Accretion of asset retirement obligations		25		—		—		—		25
Cost of oilfield services		—		43,711		—		(16,001)		27,710
General and administrative, net of amounts capitalized:
Salaries and benefits		1,241		2,738		2,282		—		6,261
Stock-based compensation		395		90		1,523		—		2,008
Other general and administrative		1,537		2,359		1,236		—		5,132
Total operating expenses		38,227		52,488		5,217		(18,633)		77,299
Income (loss) from operations		22,607		8,944		(5,217)		(3,851)		22,483
Other income (expense), net		(6,567)		(507)		9,498		(354)		2,070
Income (loss) before income taxes	$	16,040	$	8,437	$	4,281	$	(4,205)	$	24,553

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Share-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2015

Share-Based Compensation [Abstract]

Non-Cash Stock-Based Compensation Cost

	For the Three Months Ended April 30,
(in thousands)	2014		2015
Restricted stock units	$	1,771	$	2,079
Stock options		486		698
RockPile Series B Units		90		51
		2,347		2,828
Less amounts capitalized to oil and natural gas properties		(339)		(320)
Compensation expense	$	2,008	$	2,508

Restricted Stock Units Outstanding

		Weighted
		Average
	Number of	Award Date
	Shares	Fair Value
Restricted stock units outstanding - January 31, 2015	2,914,045	$	7.92
Units granted	1,568,093	$	5.00
Units forfeited	(50,588)	$	8.92
Units vested	(221,472)	$	7.34
Restricted stock units outstanding - April 30, 2015	4,210,078	$	6.86

Summary Of Series B Unit Activity

	Series	Series	Series	Series
	B-1units	B-2 units	B-3 units	B-4 units	Total
Units outstanding - January 31, 2015	2,920,000	60,000	910,000	1,412,000	5,302,000
Units redeemed	—	—	—	—	—
Units granted	—	—	—	—	—
Units outstanding - April 30, 2015	2,920,000	60,000	910,000	1,412,000	5,302,000
Vested	2,920,000	30,000	188,000	—	3,138,000
Unvested	—	30,000	722,000	1,412,000	2,164,000

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Share-Based Compensation (Details) (USD $) In Thousands, except Share data in Millions, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense before capitalized amount	$ 2,828	$ 2,347
Less amounts capitalized to oil and natural gas properties	(320)	(339)
Stock-based compensation, net	2,508	2,008
Series B Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares reserved under Plan	6.0
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares reserved under Plan	6.0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense before capitalized amount	2,079	1,771
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense before capitalized amount	698	486
RockPile Stock Based Compensation Related to Series [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense before capitalized amount	$ 51	$ 90

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Hedging And Commodity Derivative Financial Instruments - Notional - (Details)	3 Months Ended
	Apr. 30, 2015
Fiscal 2016 Collar [Member]
Derivative [Line Items]
End date	May 1, 2015 to January 31, 2016
Contract type	Collar
Basis	NYMEX
Quantity, (bbls)	3,826
Put strike price	86.52
Call strike price	98.72
Notional Disclosures [Abstract]
Notional amount per day (in Bbl)	3,826
Fiscal 2016 Swap [Member]
Derivative [Line Items]
End date	May 1, 2015 to January 31, 2016
Contract type	Swap
Basis	NYMEX
Quantity, (bbls)	1,170
Weighted average price	60.22
Notional Disclosures [Abstract]
Notional amount per day (in Bbl)	1,170
Fiscal 2017 Swap [Member]
Derivative [Line Items]
End date	February 1, 2016 to January 31, 2017
Contract type	Swap
Basis	NYMEX
Quantity, (bbls)	2,746
Weighted average price	60.23
Notional Disclosures [Abstract]
Notional amount per day (in Bbl)	2,746

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (180,199)	$ 14,542
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	37,806	21,287
Impairment of oil and natural gas properties	192,000
Share-based compensation	2,508	2,008
Interest expense not paid in cash	1,699	1,011
Amortization of deferred loan costs	616	192
Accretion of asset retirement obligations	57	25
Unrealized commodity derivative (gains) losses	33,442	4,638
Equity investment income (loss)	(188)	126
Gain on equity investment derivatives		(10,454)
Gain on Caliber capital transactions	(2,880)
Deferred income taxes	(53,441)	9,884
Changes in related current assets and current liabilities:
Accounts receivable	47,090	(627)
Other current assets	4,347	(855)
Accounts payable and accrued liabilities	(42,955)	(1,846)
Asset retirement expenditures	(5)	(136)
Other	(642)	48
Cash provided by operating activities	39,255	39,843
CASH FLOWS FROM INVESTING ACTIVITIES:
Oil and natural gas expenditures	(74,834)	(73,350)
Acquisitions of oil and natural gas properties	(222)	(4,393)
Purchase of oil field services equipment	(5,299)	(12,949)
Purchase of other property and equipment	(2,251)	(1,122)
Sale of oil and natural gas properties	6,000
Other		8
Cash used in investing activities	(76,606)	(91,806)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facilities	51,000	99,616
Repayments of credit facilities	(29,871)	(21,515)
Repayments of other notes and mortgages payable	(125)	(100)
Debt issuance costs	(890)	(1,008)
Payments to settle tax on vested restricted stock units	(357)	(1,498)
Cash provided by financing activities	19,757	75,495
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	(17,594)	23,532
CASH AND EQUIVALENTS, BEGINNING OF PERIOD	105,282	81,750
CASH AND EQUIVALENTS, END OF PERIOD	$ 50,277

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Long-Term Debt

3 Months Ended

Apr. 30, 2015

Long-Term Debt [Abstract]

Long-term Debt

4.  LONG-TERM DEBT

The Company’s long-term debt consisted of the following as of January 31, 2015 and April 30, 2015:

	January 31, 2015		April 30, 2015
5% convertible note	$	135,877	$	137,576
TUSA credit facility due October 2018		119,272		146,272
RockPile credit facility due March 2019		104,887		99,016
TUSA 6.75% notes due July 2022		429,500		429,500
Other notes and mortgages payable		10,605		10,490
Total debt		800,141		822,854
Less current portion of debt:
Other notes and mortgages payable		(503)		(508)
Total long-term debt	$	799,638	$	822,346

Convertible Note.  On July 31, 2012, the Company sold to NGP Triangle Holdings, LLC a 5% convertible note with an initial principal amount of $120.0million (the “Convertible Note”) that became convertible after November 16, 2012 into the Company’s common stock at a conversion rate of one share per $8.00 of note principal.

The Convertible Note accrues interest at a rate of 5.0% per annum, compounded quarterly, on each December 31, March 31, June 30 and September 30, and on the date of any redemption, conversion or exchange of the Convertible Note.  Such interest is paid-in-kind by adding to the principal balance of the Convertible Note, provided that, after October 31, 2017, the Company has the option to make such interest payments in cash.  As of April 30, 2015, $17.6 million of accrued interest has been added to the principal balance of the Convertible Note.

TUSA Credit Facility.  On April 11, 2013, TUSA entered into an Amended and Restated Credit Agreement, which was subsequently amended on various dates.  On November 25, 2014, TUSA entered into a Second Amended and Restated Credit Agreement, which provides for a $1.0 billion senior secured revolving credit facility, with a sublimit for the issuance of letters of credit equal to $15.0 million.  The TUSA credit facility has a maturity date of October 16, 2018.

On April 30, 2015, TUSA entered into Amendment No. 1 to its Second Amended and Restated Credit Agreement (“Amendment No. 1”) to, among other things, replace the existing total funded debt leverage ratio with a senior secured leverage ratio, add an interest coverage ratio, and add an equity cure right for non-compliance with financial covenants.  The May 2015 semi-annual redetermination of the borrowing base was conducted concurrently with the execution of Amendment No. 1, and the borrowing base was adjusted from $435.0 million to $350.0 million.

Borrowings under the TUSA credit facility bear interest, at TUSA’s option, at either (i) the adjusted base rate (the highest of (A) the administrative agent’s prime rate, (B) the federal funds rate plus 0.50%, or (C) the one month Eurodollar rate (as defined in the agreement) plus 1.0%), plus an applicable margin that ranges between 0.50% and 1.50%, depending on TUSA’s utilization percentage of the then effective borrowing base, or (ii) the Eurodollar rate plus an applicable margin that ranges between 1.50% and 2.50%, depending on TUSA’s utilization percentage of the then effective borrowing base.

The lenders will redetermine the borrowing base under the TUSA credit facility on a semi-annual basis by May 1 and November 1.  In addition, each of TUSA and the lenders may request an unscheduled borrowing base redetermination twice during each calendar year.  If at any time the borrowing base is less than the amount of outstanding credit exposure under the TUSA credit facility, TUSA will be required to (i) prepay the principal amount of the loans in an amount sufficient to eliminate the excess, (ii) pledge additional collateral, (iii) prepay the excess in three equal monthly installments, or (iv) any combination of options (i) through (iii).  TUSA will pay a commitment fee that ranges between 0.375% and 0.50% per annum on the unused availability under the TUSA credit facility. The TUSA credit facility is collateralized by certain of TUSA’s assets, including (1) at least 80% of the adjusted engineered value of TUSA’s oil and natural gas interests evaluated in determining the borrowing base for the facility, and (2) all of the personal property of TUSA and its subsidiaries.  The obligations under the TUSA credit facility are guaranteed by TUSA’s domestic subsidiaries, but Triangle is not a guarantor.

The TUSA credit facility contains various covenants and restrictive provisions that may, among other things, limit TUSA’s ability to sell assets, incur additional indebtedness, pay dividends, make investments or loans and create liens.  In addition, the facility contains financial covenants requiring TUSA to maintain specified ratios of consolidated current assets to consolidated current liabilities, consolidated senior secured debt to consolidated EBITDAX, and interest to consolidated EBITDAX.  As of April 30, 2015, TUSA was in compliance with all covenants under the TUSA credit facility.

RockPile Credit Facility.  On March 25, 2014, RockPile entered into a Credit Agreement to provide a $100.0 million senior secured revolving credit facility.  On November 13, 2014, RockPile entered into Amendment No. 1 to Credit Agreement and Incremental Commitment Agreement, which amended the credit facility to increase the borrowing capacity under the facility from $100.0 million to $150.0 million.  The RockPile credit facility has a maturity date of March 25, 2019.

Borrowings under the RockPile credit facility bear interest, at RockPile’s option, at either (i) the alternative base rate (the highest of (a) the administrative agent’s prime rate, (b) the federal funds rate plus 0.5%, or (c) the one-month adjusted Eurodollar rate (as defined in the agreement) plus 1.0%), plus an applicable margin that ranges between 1.5% and 2.25%, depending on RockPile’s leverage ratio as of the last day of RockPile’s most recently completed fiscal quarter, or (ii) the Eurodollar rate plus an applicable margin that ranges between 2.50% and 3.25%, depending on RockPile’s leverage ratio as of the last day of RockPile’s most recently completed fiscal quarter.

RockPile will pay a commitment fee that ranges between 0.375% and 0.50% per annum on the unused availability under the RockPile credit facility.  RockPile will also pay a per annum fee on all letters of credit issued under the RockPile credit facility, which 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.  Triangle is not a guarantor under the RockPile credit facility.  

The RockPile credit facility contains financial covenants requiring RockPile to maintain specified ratios of consolidated debt to EBITDA and Adjusted EBITDA to Fixed Charges.  Amendment No. 1 also modified covenants in the RockPile credit facility related to certain restrictions on the payment of dividends and distributions and increased the amount of permitted capital expenditures.  As of April 30, 2015, RockPile was in compliance with all financial covenants under the RockPile credit facility.

TUSA 6.75% Notes.  On July 18, 2014, TUSA entered into an Indenture (the “Indenture”) among TUSA, a TUSA wholly-owned subsidiary as guarantor, and Wells Fargo Bank, National Association, as trustee, governing the terms of TUSA’s $450.0 million aggregate principal amount of 6.75%Notes due 2022 (the “TUSA 6.75% Notes”).

The TUSA 6.75% Notes were issued in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers in accordance with Rule 144A and to persons outside of the United States pursuant to Regulation S under the Securities Act.  The TUSA 6.75% Notes are senior unsecured obligations of TUSA and are guaranteed on a senior unsecured basis by the initial guarantor and another TUSA wholly-owned subsidiary that became a guarantor of the TUSA 6.75% Notes in early December 2014.  The TUSA 6.75% Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The TUSA 6.75% Notes bear interest at a rate of 6.75% per year, accruing from July 18, 2014.  Interest on the TUSA 6.75% Notes is payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2015.  The TUSA 6.75% Notes will mature on July 15, 2022, subject to earlier repurchase or redemption in accordance with the terms of the Indenture.  The Company incurred $10.5 million of offering costs which have been deferred and are being recognized on the effective interest method over the life of the notes.

TUSA may redeem some or all of the TUSA 6.75% Notes at any time prior to July 15, 2017 at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest, if any, to the redemption date and a make-whole premium set forth in the Indenture.  On or after July 15, 2017, TUSA may redeem some or all of the TUSA 6.75% Notes at any time at redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to the redemption date.  In addition, at any time prior to July 15, 2017, TUSA may redeem up to 35% of the aggregate principal amount of the TUSA 6.75% Notes at a specified redemption price set forth in the Indenture plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of certain equity offerings.  If TUSA experiences certain change of control events, TUSA must offer to repurchase the TUSA 6.75% Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date.

The Indenture permits TUSA to purchase TUSA 6.75% Notes in the open market.  In fiscal year 2015, TUSA repurchased TUSA 6.75% Notes with a face value of $20.5 million for $13.9 million.  TUSA immediately retired the repurchased notes and recognized a gain on extinguishment of debt of $6.6million.

The Indenture contains covenants that, among other things, restrict TUSA’s ability and the ability of any guarantor subsidiary to sell certain assets; make certain dividends, distributions, investments and other restricted payments; incur certain additional indebtedness and issue preferred stock; create certain liens; enter into transactions with affiliates; designate subsidiaries as unrestricted subsidiaries, and consolidate, merge or sell substantially all of TUSA’s assets.  These covenants are subject to a number of important exceptions and qualifications.  As of April 30, 2015, TUSA was in compliance with all covenants under the TUSA 6.75% Notes.

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Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2015

Fair Value Measurements [Abstract]

Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis

	As of January 31, 2015
(in thousands)	Level 1		Level 2		Level3		Total
Assets:
Equity investment derivative assets	$	—	$	—	$	504	$	504
Commodity derivative assets	$	—	$	54,775	$	—	$	54,775
Liabilities:
RockPile earn-out liability	$	—	$	(1,825)	$	—	$	(1,825)

	As of April 30, 2015
(in thousands)	Level1		Level 2		Level 3		Total
Assets:
Equity investment derivative assets	$	—	$	—	$	504	$	504
Commodity derivative assets	$	—	$	24,796	$	—	$	24,796
Liabilities:
Commodity derivative liabilities	$	—	$	(3,463)	$	—	$	(3,463)
RockPile earn-out liability	$	—	$	(1,226)	$	—	$	(1,226)

Summary Of Fair Value Of Financial Instruments

The carrying values and fair values of the Company’s debt instruments are as follows:

	January 31, 2015				April 30, 2015
	Carrying		Estimated		Carrying		Estimated
(in thousands)	Value		FairValue		Value		Fair Value
5% convertible note	$	135,877	$	137,790	$	137,576	$	154,884
Revolving credit facilities		224,159		224,159		245,288		245,288
TUSA 6.75% notes		429,500		303,871		429,500		365,505
Other notes and mortgages payable		10,605		10,605		10,490		10,490

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Uncategorized Items	1/31/2013 USD ($)
[us-gaap_Cash]	67,871,000

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Long-term Debt - Rockpile credit facility - (Details) (Rockpile [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Apr. 30, 2015	Mar. 25, 2014	Nov. 13, 2014
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 100.0
Federal Funds Rate [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on interest rate	0.50%
Eurodollar Rate Plus 1% [Member]
Debt Instrument [Line Items]
Credit facility, margin on dollar amount based on usage	1.00%
Letter of Credit [Member]
Debt Instrument [Line Items]
Credit facility, fronting fee percentage	0.125%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 150.0
Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
Maximum [Member] | Eurodollar Rate Plus 1% [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on interest rate	2.25%
Maximum [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on interest rate	3.25%
Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.375%
Minimum [Member] | Eurodollar Rate Plus 1% [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on interest rate	1.50%
Minimum [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on interest rate	2.50%

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Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 30, 2015

Summary Of Significant Accounting Policies [Abstract]

Schedule of Oilfield services equipment and other property and equipment

Oilfield services equipment and other property and equipment consisted of the following as of:

(in thousands)	January 31, 2015		April 30, 2015
Land	$	7,888	$	7,888
Building and leasehold improvements		33,625		34,160
Oilfield service equipment		116,354		121,653
Vehicles		4,811		5,521
Software, computers and office equipment		5,327		6,050
Capital leases		853		853
Total depreciable assets		168,858		176,125
Accumulated depreciation		(35,189)		(44,998)
Depreciable assets, net		133,669		131,127
Assets not placed in service		1,247		1,530
Total oilfield service equipment and other property & equipment, net	$	134,916	$	132,657

Schedule of weighted average dilutive and anti-dilutive securities

The following table details the weighted average dilutive and anti-dilutive securities, which consist of options and unvested restricted stock, for the periods presented:

	For the Three Months Ended April 30,
	2014		2015
Dilutive		17,362,426		—
Anti-dilutive shares		6,000,000		10,910,078

Schedule of computations of net income(loss) per common share (basic and diluted)

	For the Three Months Ended April 30,
(in thousands, except per share data)	2014		2015
Net income (loss) attributable to common stockholders	$	14,542	$	(180,199)
Effect of 5% convertible note conversion		918		—
Net income (loss) attributable to common stockholders after effect of debt conversion	$	15,460	$	(180,199)
Basic weighted average common shares outstanding		85,952		75,256
Effect of dilutive securities		17,362		—
Diluted weighted average common shares outstanding		103,314		75,256
Basic net income (loss) per share	$	0.17	$	(2.39)
Diluted net income (loss) per share	$	0.15	$	(2.39)