Accounts Receivable At October 31, 2011:

9 Months Ended

Oct. 31, 2011

Accounts Receivable At October 31, 2011: [Abstract]

Accounts Receivable At October 31, 2011:

6. Accounts receivable at October 31, 2011:

The accounts receivable balance of $5,034,199 at October 31, 2011 consisted of the following:

·$2,649,255 of receivables for revenue, net of withheld production and severance taxes,

·$1,613,677 of other trade receivables, primarily receivables from other working interest owners for their share of costs in a well begun in October 2011 and operated by Triangle USA Petroleum Corporation, and

·$771,267 of other receivables, of which approximately $717,000 was received prior to December 14, 2011.

Management expects all of the $5,034,199 to be received and has recorded no allowance for doubtful accounts.