Commitments And Contingencies

9 Months Ended

Oct. 31, 2011

Commitments And Contingencies [Abstract]

Commitments And Contingencies

8. Commitments and Contingencies

At October 31, 2011, there were no known environmental or other regulatory matters related to the Company's operations that were reasonably expected to result in a material liability other than asset retirement obligations which are reflected on the balance sheet. Compliance with environmental laws and regulations has not had, and is not expected to have, a material adverse effect on the Company's financial position, results of operations or cash flows.

The Company's wholly-owned subsidiary, Triangle USA Petroleum Corporation, entered into a contract for the use of a drilling rig for a term of two years commencing in September 2011. The total drilling commitment over the term of the contract is estimated to be approximately $17 million.

During the first quarter of fiscal 2012, the Company signed a contract to lease office space in Denver, Colorado.  The lease term is 39 months, and the commencement date of the lease was April 15, 2011.  The annual rentals are approximately $240,000.  In addition to the commitments for this new lease, the Company also has lease commitments for previous office space of approximately $70,000 per year for fiscal 2012, 2013 and 2014.