August17,2015
FORWARDLOOKINGSTATEMENTS
Theinformationpresentedinthispresentationmaycontainforwardlookingstatementswithinthemeaningof
thePrivateSecuritiesLitigationReformActof1995.Allstatements,otherthanstatementsofhistoricalfacts,
includedinthispresentationthataddressactivities,eventsordevelopmentsthattheCompanyexpects,believesor
anticipateswillormayoccurinthefutureareforwardlookingstatements.Theseforwardlookingstatementsare
notguaranteesoffutureperformanceandaresubjecttorisksanduncertaintiesthatcouldcauseactualresultsto
differmateriallyfromtheresultscontemplatedbytheforwardlookingstatements.Factorsthatcouldcauseactual
resultstodiffermateriallyfromtheresultscontemplatedbytheforwardlookingstatementsinclude,butarenot
limitedto,therisksdiscussedintheCompanysannualreportonForm10KanditsotherfilingswiththeSecurities
andExchangeCommission.Theforwardlookingstatementsinthispresentationaremadeasofthedateofthis
presentation,andtheCompanyundertakesnoobligationtoupdateanyforwardlookingstatementasaresultof
newinformation,futuredevelopments,orotherwise.
OperationalOverview
FinancialOverview
16
Appendix
22
TABLE OF CONTENTS
BusinessOverview
BUSINESSOVERVIEW
TPCwhollyownedE&Psubsidiary
IndependentE&PcompanyoperatingintheWillistonBasin
Q1FY16productionof~13,775Boepd;currentproductionover~13,000Boepd
Provedreservesof58.9MMBoe asoftheendofFY2015(1)
~82,400netcoreacrespredominantlyinMcKenzie/WilliamsCounties(62%operated;84%HBP)
FY2016developmentcontemplates1.5operatedrigsonaverageanddelayingcompletions(2)
Focusedonprotectingthebalancesheet,maintainingadequateliquidityandmanagingreturnoncapital
TPCwhollyownedenergyservicessubsidiary
TPCowns50%ofG.P.and28%ofL.P.
Offersintegratedcompletionservicespackage
Gathering,transportation,treatingand
includingpressurepumping,wirelineand
processingservices
pumpdownandwellinterventionservices
JVwithFirstReserveEnergy
Maintainedhighutilizationwiththirdparties
InfrastructureFund(FREIF)
throughTUSAcompletiondeferralperiod
Increaseinmarketsharethroughdownturnpositions
Benefitsinclude:reducingcosts,eliminatingflaring,reducing
volumestransportedviatrucksandcrudestabilization
companywellforarecoveryscenarioalthoughvisibilityis
verylimitedandutilizationlevelsaresubjecttochange
Note:TrianglePetroleumCorporationsQ1FiscalYear2016(Q1FY2016)endedApril30,2015.
(1) BasedoninternalparentlevelreservesasofJanuary31,2015,whichwereindependentlyauditedbyCawley,Gillespie&Associates.TUSAreservesmaydiffer
slightlyfromparentlevelreservesduetointercompanyeliminations,whichimproveswelleconomicsattheparentlevel.
(2) SubjecttocommoditypricesandgapsintheRockPilethirdpartycompletionschedule.
BUSINESS OVERVIEW
TRIANGLEPETROLEUMCORPORATIONOVERVIEW
SUBSTANTIAL GROWTH
IN OPERATED
PRODUCTION AND
RESERVES
OILFOCUSED
WILLISTON BASIN
OPERATOR
58.9MMBoe ofprovedreserves(89%liquids;61%proveddeveloped)(1)
ContiguousacreagepositionprospectiveforBakkenandThreeForks(TFS)formations
Extensivelowriskinventorycontinuestobeenhancedwiththesuccessofongoingdown
spacingtestsandprovides20+yearsofdevelopmentatcurrentpace
DISCIPLINED
MANAGERS AND
EXPERIENCED
OPERATORS
Disciplinedfinancialmanagementsupportedbyateamwithaprovenblendoftechnical,
operational,commercial,land,andregulatoryexperience
Keytechnicalandoperationsmembersofourteamaveragemorethan20yearsof
industryexperience
INTEGRATED
AND EFFICIENT
DEVELOPMENT MODEL
STRONG
FINANCIAL POSITION
(1)
6
(2)
Q1FY16productionincreased69%yearoveryear(YoY)
FY2015provedreservesincreased46%YoY(1)
IncreasedscaleduringFY2015andFY2014throughselectiveboltonacquisitionsand
tradesincorearea
Reducesrelianceonthirdpartyserviceproviders;relievesinfrastructureconstraints
Recoversvalueleakagetocriticalsupplychainservices
Increasingthenumberofwellsoneachlocationtoachievemaximumreservoirrecovery
Trianglereceived$95mmofdistributionsfromitsnonE&PsubsidiariesinFY2015
$500mmintotallendingfacilitycommitmentswith$305mminproformaliquidity(2)
Conservativefinancialapproachwithfocusonprotectingthebalancesheetandcashflow
FY16capexreduced~71%;TPC/TUSAreportedcashG&Atargeteddown~20%YoY
Repurchased11.4mmsharesandrepurchasedandretired$20.5mmfacevalueofour
outstanding6.75%seniornotesduring2HFY15
Toptierprivateequitypartners(NGP,FirstReserveandTIAAOil&GasInvestments)
BasedoninternalparentlevelreservesasofJanuary31,2015,whichwereindependentlyauditedbyCawley,Gillespie&Associates.TUSAreservesmaydiffer
slightlyfromparentlevelreservesduetointercompanyeliminations,whichmayimprovewelleconomicsattheparentlevel.
AsofApril30,2015,proformaforTUSAs$350mmborrowingbase,whichbecameeffectiveApril30,2015followingthesemiannualredetermination.
BUSINESS OVERVIEW
KEYINVESTMENTHIGHLIGHTS
FY2016Avg.DailyProductionGuidance
11,500 13,500Boepd(1)
14,000
12,000
10
13,775
13,500
12,230
10,000
8,000
6,804
6,000
7,254
8,129
5,286
4,287
4,000
11,441
10,551
2,714
1,334
2,000
0
0
Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16
ActualProduction
GuidanceLowCase
GuidanceHighCase
%ofTotalSoldVolumes
40.3
40
30
14.6
10
1.5
FY15A
FY16E
Avg.RigCount
80%
30%
35%
22%
20%
15%
14%
14%
15%
16%
78%
80%
85%
86%
86%
85%
84%
Q3
FY14
Q4
FY14
Q1
FY15
Q2
FY15
Q3
FY15
Q4
FY15
Q1
FY16
60%
40%
70%
65%
Q1
FY14
Q2
FY14
20%
0%
0
FY12
FY14A
100%
50
20
FY13A
60
FY13
PDPReserves
OperatedRigCount
NetSalesVolumes(Boepd)
16,000
FY14
PUDReserves
FY15
(1)
NonOperatedVolumes
OperatedVolumes
Note:FY2016productionguidanceincreasedJune8,2015frominitialrangeof11,00013,000BoepdissuedonFebruary5,2015.
(1) BasedoninternalparentlevelreservesasofJanuary31,2015,whichwereindependentlyauditedbyCawley,Gillespie&Associates.TUSAreservesmay
differslightlyfromparentlevelreservesduetointercompanyeliminations,whichmayimprovewelleconomicsattheparentlevel.
BUSINESS OVERVIEW
SIGNIFICANTOPERATEDPRODUCTIONANDRESERVESGROWTH
OPERATIONALOVERVIEW
RECENT DEVELOPMENTS
127grossoperatedhorizontalwellscurrentlyproducingand
24wellsinprogressorwaitingoncompletion(1)
AveragePDPEURsincreasedto~532MboeinFY2015,which
represented~4%YoYgrowth
TargetingMiddleBakkenwellswith630MboeaverageEURs
inFY2016(2)
StrategicandtargeteddevelopmentofoperatedDSUs
tomaximizereturnsandoperationalefficienciesin
currentcommoditypriceenvironment
2LittleMuddyWells
Avg.EUR:~705Mboe
SuccessfullyprovedmiddleBakkendownspacingconcept
acrossTUSAcoreacreage,whichimplies8middleBakken
locationsperDSU
FurthertestingofThreeForksdownspacingongoing
Evaluatingconversionto25%from100%ceramicproppant
2Wisness Wells
Avg.EUR:~790Mboe
completionsbasedonhistoricalperformanceofearlytests
Electricalsubmersiblepumps(ESP)leadingtoexpedited
production;30%+increaseonaverageoverfirst6months
DETAILS
NetCoreAcreage
TPLMCORE
~82,400
PercentOperated(%)(3)
62%
84%
OPERATED DSUS(4)
65
653
(1)
(2)
(3)
(4)
EckertThreeForks
Well
EUR:~530Mboe
TUSACoreAcreage
4Nygaard Wells
Avg.EUR:~550Mboe
4HagenWells
Avg.EUR:~640Mboe
TPLMAcreage
ESPInstallation
SlickWaterFrac
ThreeForksDownspace
WhiteSandProppant
TUSADSUs1/31/2015
TPLMOperatedDSU
AsofJune5,2015.
Seeslide23intheAppendixforadditionaldetailsonthebridgebetweenFY2015PDPEURsandtheFY2016averagedevelopmentprogramMiddleBakkentargetEUR.
TUSAsoperatorshipinNorthDakotahasbeenconfirmedthroughtitleandpermits.InMontana,operatorshiphasbeenconfirmedthroughtitleandpermitsorassumes30%or
greaterworkinginterest.
GrossOperatedLocationsRemainingassumeseightBakkenandfourThreeForkswellsperDSU.
OPERATIONAL OVERVIEW
TRIANGLEUSACOREAREA MCKENZIEANDWILLIAMSCOUNTIES
HIGHLIGHTS
17.0
LeadingedgeAFEshavebeenreducedto$7.3mm,
15.0
Reactedquicklytodeclining
oilpriceenvironment
whichis28%belowtheFY2015average(1)
13.4
10.4
9.0
8.0
5.0
6.2
9.0
6.7
6.4
Drivenbyservicecompanypriceconcessions,
9.0
8.0
internalefficienciesandothercostreductions
6.2
4.5
4.3
5.0
FY2016spudtoTDtargetis~14days,whichisinline
3.3
with2HFY15andQ1FY16results
Evaluatingotherchangestodrillingandcompletion
Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16
GrossOperatedCompletions
savings
NetOperatedCompletions
proceduresanddesignsthatcouldyieldincremental
28
$12
$10
20
17
$8
14
15
10
$MM
Days
$10.2
24
25
$4
$2
$7.3
$7.8
$7.0
$6
10
$4.1
$3.2
$0
0
FY13
10
$11.9
(1)
FY14
FY15
BeforeRockPileandothereliminations.
Q1FY16
RecordWell
FY14
FY15
LeadingEdgeAFEs
OPERATIONAL OVERVIEW
DRILLINGANDPRODUCTIONPROFILE
$60.00/$3.00
60%
TUSAOperatedWell(1)
OffsetOperatorMcKenzieCountyWell(2)
TUSAOperatedFY16TargetMiddleBakkenEUR
$70.00/$3.00
$75.00/$3.50
40%
300
IRR%
CumulativeProduction(Mboe)
400
20%
200
0%
IRRD&C
(+10%D&C)
IRRBase
IRREUR
(+10%)
IRRD&C
(10%)
ASSUMPTIONS
100
10
20
30
Months
(1)
(2)
(3)
11
(4)
40
50
GrossEUR(Mboe)(3)
630
%Oil
83%
30DayIP(Boepd)
507
GrossWellCost($mm)(4)
$6.3
OilPriceRealization(%WTI)
90%
GasPriceRealization(%HH)
79%
NGLPriceRealization(%WTI)
24%
OPERATIONAL OVERVIEW
TPCSTANDALONEWELLECONOMICSOVERVIEW
RockPileEnergyServices,LLCisfocusedonprovidingBestin
ClasspressurepumpingandancillaryservicesintheWillistonBasin
EXPANDING CAPACITY AND CAPABILITIES
BestinClassexecutiondrivingcriticalvolumeand
wellscompletedandthenumberofcompletedstages
up21%QoQ despitechallengingwinterconditions
However,intensecompetitivepressuredrove
significantrevenueandmargincompression
RevenueperstagedownfromQ3FY15peak
50
45
40
35
30
25
20
15
10
5
0
Horsepower
>90%ofworkperformedforthirdpartiesduring
FYQ116vs.~65%inFYQ115
26
19
1
5
4
6
5
5
10
19
16
17
15
37
50
17
8
100
90
80
70
60
50
40
30
20
10
Horsepower(000s)
Q1FY16wasarecordintermsofvolumewith55total
WellsCompleted
accesstonewclients
3rdPartyWells
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
FY13 FY13 FY13 FY14 FY14 FY14 FY14 FY15 FY15 FY15 FY15 FY16
duetopriceconcessionsanddesignchanges
Costcutslaggedpriceconcessionsdueto
implementationhurdlesandworkingthrough
highcostlegacymaterialsinventory
TheneartermWillistonBasincompletionservices
marketoutlookremainschallengingbutleadingedge
indicatorswithclientshavebeguntoimprove
Simultaneousoperations 1)drillingoperations,2)Caliberpipingfreshwaterprovisions,
3)Workover rigsreturning2wellstoproductionand4)operationalproductionfacilities
12
OPERATIONAL OVERVIEW
ROCKPILEENERGYSERVICES
250
WillistonBasinnRigCount
TheNorthDakotarigcountisdown~65%in10months
sincetheOctober2014peak
200
Comparesto62%dropover7monthsin08/09
150
Thebacklogofwellsinthebasinwaitingoncompletion
swelledasE&Pcompaniesdelayedcompletions
100
ErosionofsupplybaselikelytopositiontheBakkenfor
70
50
asignificantsnapbackinpricingwhenmarketturns
Thispointstoafavorableopportunityforplayersthat
0
Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15
canremainpositionedtogrowwhenthecycleturns
1000
848
Est.FracCrewsIntheWillistonBasin
900
#ofwellsinbacklog
800
700
600
500
400
300
200
72
1.7
70
55
60
3.1
50
40
70
30
52
26
4.0
20
9
22
10
100
0
Jan12 May12 Sep12
13
(1)
(2)
(3)
Jan15 May15
BakerHughesWeeklyRigCount
NorthDakotaIndustrialCommissionAugust2015MonthlyDirectorsCutReport
BasedonRockPileEstimates,publicfilingsandWallStreetresearchreports
2013
2014
NDFracCrewsexRPES
2015
RPESFracCrews
OPERATIONAL OVERVIEW
WILLISTONBASINCOMPLETIONSERVICESMARKETUPDATE
OPERATIONAL OVERVIEW
ROCKPILEMAINTAININGUTILIZATIONANDGAININGMARKETSHARETHROUGHDOWNTURN
ROCKPILE STAGES COMPLETED PER MONTH
HIGHLIGHTS
800
Completed730stagesinApril,40%morestagesthan
700
previoussinglemonthrecord
#ofStagesCompleted
600
RockPilesestimatedshareofcompletionactivityhas
500
increasedto~15%,upfrom~6%incalendaryear2014
400
Lookingatmarketsharefromanotherperspective,
300
RockPilehas~15%ofthecompletionspreadsthatare
200
currentlyactiveintheWillistonBasin(2)
100
0
Nov12 Mar13
Jul13
Nov13 Mar14
Jul14
Nov14 Mar15
20%
150
15%
100
10%
50
5%
RPESNDMarketShare
25%
200
(1)
14
(2)
Apr14
Jun14
Aug14
NDTotalCompletions
Oct14
Dec14
Feb15
RPESNDMarketShare
48
12%
50
41
40
10%
8%
29
30
6%
6%
4%
0%
Feb14
60
15%
14%
2%
RPESMktShare
16%
RPESShareofNDFrac Market
250
NDTotalCompletions
AvgWellsperSpread
30%
20
10
2%
0%
2013
2014
NorthDakotaIndustrialCommissionandRockPileEstimates.Averagewellsperspreadbasedonestimatedwellscompleted/estimatedspreads
workingintheWillistonBasin.
RockPileEstimates.
2015
NDAvgWellsCompletedPerSpread
Jul12
CaliberMidstreamPartners,LPisfocusedonproviding
gathering,transportationandprocessingintheWillistonBasin
$34mequityinfusionmadebyFREIFinearly2015tofundexecuted
3rd partyagreementsandforgeneralcorporatepurposes
FollowingFREIFsequityinfusion,Trianglehasa~28%ownership
stake,butcanstillearnupto50%subjecttotheperformanceofthe
business(1)
CumulativecashdistributionstodatetoTriangleequal~$10mm
Currentlygatheringanaverageof~7.5MMcfepd (2) ingassystemand
processingthroughputof~7.0MMcfpd (2)throughnaturalgasfacility
PhaseIandII,includingtheCartwrightfreshwatersystem,forTUSA
completeandfullyoperational
CrudeflowedthroughtheAlexanderOilCenterstartinginAugust
2014,providingstabilizationaswellasadditionaltakeaway
optionalityviapipelineandtrucktorail(bothinboundandoutbound
loadingservices)
40,000bblsofworkingstorageandinboundandoutboundtruck
loadingservicesforaccesstorailoption
SWDinjectionsaveraging~25,500Bpd(2)
Centralfacilitycrudegatheringaveraging~14,400Bopd (2)
15
(1)
(2)
AssumesallwarrantsexercisedintoClassAunits.ReflectsreceiptbyTriangleof3.6mmnewwarrantsinconjunctionwithFREIFsequityinfusion.
AsofJune2015.
OPERATIONAL OVERVIEW
CALIBERMIDSTREAM
FINANCIALOVERVIEW
CURRENT POSITION
SharePrice(asofAugust13,2015)
90day%Change
LIQUIDITY ($MM)
$3.85
24.7%
BasicSharesOutstanding(mm)(1)
MarketCapitalization($mm)
75.4
$290
ConvertibleNote($mm) (2)
$138
Debt($mm) (3)
$685
KEY HIGHLIGHTS
TotalCash
TUSACreditFacilityAvailability
RPESCreditFacilityAvailability
$50
$204
$51
Liquidity (3)
$305
DebtmetricsremainconservativewithTUSAsenior
CommonStock
Public(4)
89%
debttotrailing12monthadjustedEBITDAof0.7x
andRockPiledebttotrailing12monthadjusted
EBITDAof1.2x(2)
InQ1FY16,proactivelyamendedTUSAsexisting
seniorcreditfacilityandmodifiedcertaincovenants
tofurtherenhanceTUSAsfinancialflexibility
(1)
(2)
(3)
(4)
(5)
17
Managementand
Board:Common
StockandOptions (5)
8%
EmployeeRSUs
3%
(5)
BasicsharesoutstandingasofJune2015.Doesnotinclude$137.6mm5%convertiblenote,whichisconvertibleintoTrianglestockat$8.00pershareandpotentially
dilutiveintoapproximately~17.2mmsharesofTrianglecommonstock.
CarryingvalueasofApril30,2015,whichincludes~$17.6mminaccruedinterest.
AsofApril30,2015.
Commonstockassumesconversionof$137.6mmconvertiblenoteasofApril30,2015.Potentiallydilutiveintoapproximately~17.2mmsharesofTrianglecommonstock.
CalculatedusingoutstandingmanagementandboardstockandoptionsandunvestedemployeeRSUs.Doesnotapplytreasurystockmethod.
FINANCIAL OVERVIEW
CURRENTPOSITION
$137.6mm5%ConvertibleNote(includes~$17.6mmofaccruedinterest)
ConvertsintoTPLMcommonstockat$8.00/sh
Interestpaidinkind
Nofinancialcovenants
Notexposedtocrossdefaultriskfromsubsidiaries
TrianglePetroleumUSA whollyownedE&Psubsidiary
$350mmSeniorCreditFacility
$150mmSeniorCreditFacility
~$146mmdrawn(1),~$204mmavailable(2)
NonrecoursetoTPC,nocrossdefaultrisk
Allowsforlimitedmovementofcashto/fromTPC
~$99mmdrawn,~$51mmavailable(2)
Keycovenants:
AllowsforfuturecashdistributionstoTPC,withsome
<2.75xseniorsecureddebt/TTMEBITDA
0.7xatendofQ1FY16
Interestcoverageratio2.5x
6.9xatendofQ1FY16
$429.5mm6.75%SeniorUnsecuredNotesdue2022
Repurchasedandretired$20.5mmfacevaluefor$13.9mm
duringFYQ415
TUSAdebtisnonrecoursetoTPC,nocrossdefaultrisk
18
RockPileEnergy whollyownedenergyservicessubsidiary
(1)
(2)
AsofApril30,2015.
BasedonApril30,2015amendmentandsemiannualredetermination.
restrictions
Keycovenants:
<2.75xtotaldebt/TTMEBITDA
~1.2xatendofQ1FY16
TTMFixedchargecoverageratio>1.25x
25xatendofQ1FY16
FINANCIAL OVERVIEW
TRIANGLEPETROLEUMCORPORATIONDEBTSTRUCTUREOVERVIEW
BUDGET DETAIL
(1)
CapitalExpenses
E&POperatedDrillingProgram
E&PNonOperatedDrillingProgram
$010
RockPile
$1520
Total
$165195
BUDGET ALLOCATION
E&P
Operated
Drilling
Program(2)
88%
(1)
(2)
19
(3)
(4)
FY2016ProposedBudget($mm)
$150165
FY2016BUDGET HIGHLIGHTS
E&PNonOp
Drilling
Program
3%
RockPile
10%
Representsa71%yearoveryearreduction
Primaryfocusonprotectingthebalancesheet,
maintainingadequateliquidity,returnoncapitaland
positioningforgrowthpostrecovery
Drillingplancontemplates1.5operatedrigson
averageforFY2016
Spud~2527grossoperatedwells(3)
Complete~2729grossoperatedwells(3)
Deferringcompletions(4)
Anticipatehaving2024wellswaitingon
completion,whichcouldrepresentasourceof
incrementalgrowthwithafurther
improvementincommodityprices
FY2016capitalbudgetissuedonFebruary5,2015.
E&POperatedDrillingProgramdoesnotincludetheRockPileandothereliminationsthatreducecapitalexpendituresattheTriangleParentCompany
level.ActualE&Poperatedincurredcapexwilllikelybereducedbyeliminations.
Grossspudandcompletioncountsmayvarydependingonactualworkinginterestsinoperatedwells
SubjecttocommoditypricesandgapsintheRockPilethirdpartycompletionschedule
FINANCIAL OVERVIEW
STANDALONECAPITALBUDGETFORFY2016(ENDINGJANUARY31,2016)
Guidancedetailsaresubjecttochangebasedonthedynamicnatureofthecommoditypriceenvironment
TUSASPECIFIC FY2016ITEMS(1):
$6.507.10/boe inLOEexpenses
$2729mminexpectedcashG&Aexpense
$5.305.80/boe ingathering,transportationand
~1015%declinefromYE15levels(3)
processingexpenses
$1.301.40/boe
incashG&Aexpenses(2)
represents55%+yearoveryeardecline
1011%productiontaxrate
~25%+declineonperspreadbasisfrom
YE15(3)
Anticipate15%+reductiononkeycosts
(chemicals,proppant,labor,etc.)basedon
currentmarketconditions
FY2016CONSOLIDATED FINANCIALS
Thefollowingitemsmustalsobeconsideredfortheconsolidatedfinancials:
ITEM
DESCRIPTION
ConsolidatedTriangleParentCompany(TPC)G&A
Incrementalcorporatelevel G&Aexpense
FY2016EffectiveTaxRate
20
*DescriptionofsegmentinformationandnonGAAPmeasuresarelocatedatthebackoftheAppendix
(1) FY2016guidanceissuedonFebruary5,2015.
(2) ReflectseffortstooptimizeinternalcashG&AandshiftingofsomeexpensestoTPCfromTUSA.
(3) ComparisonversusannualizedexpenseincurredoverOct14toDec14timeperiodduringwhichtimeRPESoperated4hydraulicfracturing spreads;RPES
anticipatespurchasingorleasinganadditionalspreadinFY2016.Excludesintercompanycharges.
(4) GiventheimpairmentrecordedinQ1FY16,theamountofaccumulatedNOLsforfederaltaxpurposesandthepossibilitythattheCompanycouldrecognize
additionalimpairmentsinfutureperiodsifcommoditypricesremainatcurrentlevelsordecline,wedonotanticipatehaving anyincometaxexpenseforFY2016.
$18 23mm(2)
0%(4)
FINANCIAL OVERVIEW
ADDITIONALBUSINESSSEGMENTGUIDANCE
FINANCIAL OVERVIEW
RISKMANAGEMENT
KEY HIGHLIGHTS
Marktomarketvalueofhedgebookwas
FY16Collars
~$98/Bbl Ceiling
~$87/Bbl Floor
Hedgingprogramconsistsofzerocostcollars
andswapstoprotectpresentandfuturecash
flows
BOPDHedged
~$25mmasofApril30th,2015
4,500
FY17Swaps
~$60/Bbl
3,000
~4,400
Abilitytohedgeupto85%ofexpected
FY16Swaps
~$60/Bbl
1,500
productionovernext36months
~2,750
~860
Monitoringmarketconditionsforopportunities
toadjusthedgepositionintoFY2017
FY2016
FY2017
CostlessCollarVolume
SwapVolume
CostlessCollarVolume
$87.50
$87.50
SwapVolume
14,000
VWAPFloor
$82.47
12,000
$60.23
$60
$60.23
$60.23
$60.23
8,000
$50
6,000
$40
842
$30
$20
4,000
6,000
6,000
4,484
2,668
$10
2,000
3,000
3,000
3,000
1,989
Q1FY17
Q2FY17
Q3FY17
Q4FY17
995
$0
Q1FY16
21
10,000
$65.59
$70
Q2FY16
*Note:AsofApril16,2015.
Q3FY16
Q4FY16
BOPDHedged
WTIHedgePrice($/Bbl)
$80
APPENDIX
a) TUSAFY2016EURBridge
b) HistoricalFinancials
c) ReconciliationsandSegmentInformation
650
630
40
600
590
565
550
PerWellEUR(Mboe)
550
536
14
Upliftfor
Exclusionof
NonOp
Locations
500
15
Upliftfor
Exclusionof
ThreeForks
Locations
25
UpliftforCurrent
Completion
Design
Improvements
UpliftforTargeted
FY2016
Development
Program
112
630
450
GrossUpfor
Average~21%
TUSARoyalty
400
424
350
300
FY'15YENetPUD(1)
23
(1)
(2)
GrossUpforRoyalties
ExcludeNonOpLocations
ExcludeThreeForks
CurrentCompletionDesign
Improvement(2)
HighGradeFY'16Activity
PerwellPDPEURsbasedonreservereportasofJanuary31,2015,whichwasindependentlyauditedbyCawley,Gillespie&Associates.
Representativeofcurrentcompletiondesignincluding31stages,acementedliner,ahybridslickwater frac and4mmpoundsofproppant.Welldataset
comprisedof40wells.
FY'16TargetEUR
OPERATIONAL OVERVIEW
TUSAFY2015PUDEURTOFY2016DEVELOPMENTPROGRAMTARGETMIDDLEBAKKENEURBRIDGE
(a)
Oilfield services
Total revenues
Expenses
Lease operating expenses
Gathering, transportation and processing
Production taxes
(a)
Oilfield services
Corporate and other stock-based compensation
E&P stock-based compensation
RockPile stock-based compensation
Corporate and other cash G&A expenses
E&P cash G&A expenses
RockPile cash G&A expenses
Total operating expenses
Operating Income (Loss)
Interest expense, net
Amortization of deferred loan costs
Realized commodity derivative gains (losses)
Unrealized commodity derivative gains (losses)
Equity investment income (loss)
Gain (loss) on equity investment derivatives
Gain on Caliber capital transactions
(a)
Other income
Total other income (expense)
Income (Loss) Before Income Taxes
(b)
(c)
(c)
24
60,834
38,948
99,782
47,778
70,510
118,288
4,726
3,802
6,348
21,287
25
27,710
1,523
395
90
3,518
2,778
5,097
77,299
10,909
6,348
4,787
37,806
192,000
57
65,464
2,136
321
51
4,977
748
6,626
332,230
22,483
(213,942)
(2,672)
(192)
(818)
(4,638)
(126)
10,454
62
2,070
(9,106)
(616)
19,468
(33,442)
188
2,880
930
(19,698)
24,553
(233,640)
10,011
14,542
(53,441)
(180,199)
$
$
0.17
0.15
$
$
(2.39)
(2.39)
$
$
0.13
0.12
$
$
(0.09)
(0.09)
(d)
85,952
103,314
75,256
75,256
(a)Includesintercompanyeliminations;referenceNote3 SegmentReportinginthefiscalyear2015Form10Kforadditionaldetails.
(b)ThetaxbenefitforthequarterendedApril30,2015isassociatedwiththeestablishmentofafullvaluationallowanceagainstournetdeferredtaxassets.Theeffectivetaxrateforthe
quarterendedApril30,2014wasapproximately40.8%.Incometaxprovisionisanoncashexpense.
(c)Includesinterestexpenseaddbackof$0.9millionnetofincometaxesandamountscapitalizedQ1fiscal2015relatedtooutstandingconvertiblenote.
(d)SeeUseofSegmentInformationandNonGAAPMeasuresandAdjustedNetIncomeReconciliationintheAppendixforadditionaldetails.
APPENDIX
Q1FY16CONSOLIDATEDINCOMESTATEMENT
11,099
(6,868)
$
$
0.13
0.12
$
$
(0.09)
(0.09)
(b)
85,952
103,314
75,256
75,256
STANDALONEBUSINESSSEGMENTADJUSTEDEBITDARECONCILIATION
Net Income (Loss) Before Income Taxes
Depreciation and amortization
Impairment of oil and natural gas properties
Net interest expense
Stock-based compensation
Accretion of asset retirement obligations
Other
Unrealized commodity derivative losses (gains)
Adjusted-EBITDA
Adjusted-EBITDA
25
44,454
3,513
(a)TaxadjustmentiscalculatedbyapplyingCompanyseffectivetaxrateof40.8%forQ1fiscal2015topretaxeffectedadjusting itemsandexpectedQ1fiscal2016statutorytaxrateof38.0%to
adjustedpretaxloss.
(b)Includesinterestexpenseaddbackof$0.9millionnetofincometaxesandamountscapitalizedforQ1fiscal2015relatedtooutstandingconvertiblenote.
(c)RockPileAdjustedEBITDAcalculatedasperRockPilecreditfacility.
APPENDIX
CONSOLIDATEDADJUSTEDNETINCOMERECONCILIATION
APPENDIX
Q1FY16INTERSEGMENTTABLE
Exploration and
Production
Corporate
Oilfield
Services
Eliminations
and Other
(a)
and Other
Consolidated
Total
Revenues
Oil, natural gas and natural gas liquids sales
47,778
Intersegment revenues
Total Revenues
71,090
(580)
47,778
70,510
9,504
(9,504)
47,778
80,594
(10,084)
118,288
Expenses
LOE, GTP, Production Taxes and other expenses
22,101
29,299
9,489
325
192,000
-
70,586
1,238
26
22,101
(1,307)
37,806
192,000
(6,360)
65,464
1,069
6,677
7,113
244,469
86,752
8,676
(7,667)
332,230
(196,691)
(6,158)
(8,676)
(2,417)
(213,942)
(21,002)
(875)
2,686
(507)
(217,693)
(7,033)
(5,990)
(2,924)
14,859
(19,698)
(b)
(a)CorporateandOtherincludesTrianglescorporateofficeandseveralsubsidiariesthatmanagementdoesnotconsidertobepartoftheexplorationandproductionoroilfieldservices
segments.AlsoincludedareresultsfromTrianglesinvestmentinCaliber,includinganychangesinthefairvalueofequity investmentderivatives.OtherthanCaliber,thesesubsidiaries
havelimitedactivity.
(b)$2.9millionRockPile,Caliber,andotherservicesconsolidatedeliminationresultsina$2.9millionreductioninoilandnaturalgaspropertyexpenditures.
*ReferenceNote3 SegmentReportinginourfiscalyear2015Form10Kforadditionaldetails.
(233,640)
USEOFSEGMENTINFORMATIONANDNONGAAPMEASURES
1)TheCompanyoftenprovidesfinancialmetricsforTrianglessegmentsofoperation.Revenuesforeachsegmentaredisclosed
innotestothefinancialstatementscontainedintheCompanysForm10KandForm10Qfilings,butthesumofthosestand
alonerevenuesdifferfromTrianglesconsolidatedrevenuesforthecorrespondingreportingperiod.Trianglesconsolidated
revenueswouldreflectsegmentrevenuesreducedforintercompanysales(i.e.forRockPileservicestoTrianglesE&Psegment).
TrianglealsobelievesthatstandalonesegmentrevenueassistsinvestorsinmeasuringRockPilesperformanceasastand
alonecompanywithouteliminating,onaconsolidatedbasis,certainrevenuesattributabletoservicesforTriangleseconomic
interestsinwellsoperatedbyTrianglesE&Psegment.
2)AdjustedEBITDArepresentsincomebeforeinterestexpense,incometaxes,depreciationandamortization,othernoncash
items,andnonrecurringitems.AdjustedEBITDAisnotacalculationbasedupongenerallyacceptedaccountingprinciplesin
theU.S.(GAAP).TrianglehaspresentedAdjustedEBITDAbysegmentbecauseitregularlyreviewsAdjustedEBITDAby
segmentasameasureofthesegmentsoperatingperformance.TrianglealsobelievesAdjustedEBITDAassistsinvestorsin
comparingsegmentperformanceonaconsistentbasiswithoutregardtointerestexpense,incometaxes,depreciationand
amortization,othernoncashitems,andnonrecurringitemswhichcanvarysignificantlydependinguponmanyfactors.
ThetotalofAdjustedEBITDAbysegmentisnotindicativeofTrianglesconsolidatedAdjustedEBITDA,whichreflectsother
matterssuchas(i)additionalparentcompanyadministrativecosts,(ii)intercompanyeliminations,(iii)paidinkindinterest
expenseontheconvertiblenotes,and(iv)theuseoftheequitymethod,ratherthanconsolidation,forTrianglesinvestment in
Caliber.TheAdjustedEBITDAmeasurespresentedintheReconciliationTablesmaynotalwaysbecomparabletosimilarly
titledmeasuresreportedbyothercompaniesduetodifferencesinthecomponentsofthecalculation.
Trianglebelievesthatnetincomebeforeincometaxesistheperformancemeasurecalculatedandpresentedinaccordancewith
GAAPthatismostdirectlycomparabletoAdjustedEBITDA.Netincomebeforeincometaxeswillbesignificantlyaffectedby
consolidatedinterestexpenseandfullcostpoolamortization.Suchamortizationvarieswithchangesinprovedreserves,well
costsduringtheyear,andfutureplansindevelopingprovedundevelopedreserves
3)Adjustednetincome(loss)isdefinedasnetincome(loss)applicabletocommonstockholdersadjustedtoexcludecertain
chargesoramountsinordertoprovideusersofthisfinancialinformationwithadditionalmeaningfulcomparisonsbetween
currentresultsandtheresultsofpriorperiods.Trianglepresentsthismeasurebecause(i)itisconsistentwiththemannerin
whichtheCompanysperformanceismeasuredrelativetotheperformanceofitspeers,(ii)thismeasureismorecomparableto
earningsestimatesprovidedbysecuritiesanalysts,and(iii)chargesoramountsexcludedcannotbereasonablyestimatedand
guidanceprovidedbytheCompanyexcludesinformationregardingthesetypesofitems.Theseadjustedamountsarenota
measureoffinancialperformanceunderGAAP.Webelievethatnetincome(loss)istheperformancemeasurecalculatedand
presentedinaccordancewithGAAPthatismostdirectlycomparabletoadjustednetincome(loss).