I went for an x-ray due to pain in the area of my fibula head. There was a bony prominence, somewhat triangular shaped, which the orthopedist said was caused by repeated inflammation turning to bone. He advised me to stop doing squatting exercises and gave me a muscle relaxant and ibuprofen. Anyone know anything about such bony prominences? What are the long-term implications?

Sounds as though you received good advise.

The only possible long term problem would be an entrapment of the peroneal nerve. (symptoms of which include tingling of the shin and top of the foot)

Take the advise given act upon it and do not worry !

These are commonly refrred to as "bone spurs". See http://www.mayoclinic.org/diseases-conditions/bone-spurs/basics/definition/CON-20024478

You can also google "bone spur head of fibula"

As other poster said, main problem comes if it compresses the nerve.

Thanks, it's good to be well-informed about these things. I think avoiding any more exercise that causes inflammation is the key.