In a press release this morning, Triangle Petroleum Corporation (OTCBB: TPLM; TSX-V: TPE) announced the following developments based upon recent discussions with its largest shareholder, Palo Alto Investors, LLC.

In addition to its existing shale gas project in Nova Scotia, Triangle has decided to pursue several opportunities in North American unconventional oil plays. The Company intends to acquire prospective acreage and to commence an appraisal and development program with the aim of producing early cash flow and a series of growth options. The Company has cash reserves in excess of $5 million, significant tax pools (approximately $32 million in the US and $29 million in Canada), and has no debt, to support this new direction.

As a follow up to this morning’s announcement, at the close of markets today, Palo Alto Investors applauded the Company’s Board for its decisive actions on behalf of shareholders, including the appointment of Dr. Peter J. Hill as the Company’s Chief Executive Officer and the addition of three new Board members who have been brought in to help the Company create a new strategy focused on near-term opportunities in North American unconventional oil and gas basins.

Below please find links to both press releases:

Triangle Petroleum Announces New Strategic Direction, Changes to the Board of Directors and New CEO