Triton Energy Corp.
TSX VENTURE : TEZ

Triton Energy Corp.

May 24, 2006 18:28 ET

Triton Announces First Quarter Results

CALGARY, ALBERTA--(CCNMatthews - May 24, 2006) - Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") announces financial and operating results for the three-month period ended March 31, 2006. Triton has filed its unaudited interim consolidated financial statements for the three-month period ended March 31, 2006 and the accompanying Management's Discussion and Analysis with Canadian securities regulatory authorities. These filings are available for review at www.sedar.com and on the Corporation's website, www.tritonenergy.ca.

Highlights of the First Quarter of 2006

- Capital expenditures totaled $1.1 million.

- Seismic programs were carried out at Inland, Sullivan Lake, St. Anne, Cessford and Ricinus/West Strachan.

- An additional 1,920 (gross and net) acres of undeveloped lands were purchased at Crown land sales, bringing Triton's current land base to 51,040 gross (49,840 net) acres.

- The Corporation licensed its first two wells, one at Inland and one at Sullivan Lake, with drilling scheduled to commence in Q2 following spring break-up.

- Triton farmed-out 1,600 gross (1,200 net) acres in the Girouxville area, for a 2-well drilling commitment. The first well is to spud by July 31, 2006 and the second well within 60 days of rig release from the first well. The Corporation retains a 25% carried working interest through tie-in in both wells and the land.



Financial Summary

------------------------------------------------------------------------
($000's, except
per share amounts) Three Months Ended March 31 (unaudited)
------------------------------------------------------------------------
2006 2005
------------------------------------------------------------------------
Total revenue 91 6
------------------------------------------------------------------------
Net earnings (loss) (160) (65)
-----------------------------------------------------------------------
Per share basic and diluted (0.01) (0.01)
-----------------------------------------------------------------------
Cash flow from operations (136) (83)
------------------------------------------------------------------------
Per share basic and diluted (0.01) (0.02)
------------------------------------------------------------------------
Working capital surplus 10,001 1,293
------------------------------------------------------------------------
Capital expenditures 1,125 214
------------------------------------------------------------------------
Total assets 16,407 1,659
------------------------------------------------------------------------
Shareholders' equity 14,919 1,485
------------------------------------------------------------------------



Triton incurred a net loss of $159,774 for the three-month period ended March 31, 2006 compared to a net loss of $65,489 for the same period last year. Cash flow from operations was $(136,153) in the first quarter of 2006 compared to $(82,953) in the first quarter of 2005. At March 31, 2006 the Corporation's working capital was $10.0 million compared to $1.3 million at March 31, 2005. Capital expenditures totaled $1.1 million for the three-month period ended March 31, 2006 compared to $214,000 for the same period last year.

Outlook

During the first quarter of 2006 Triton conducted geophysical programs, selected drilling locations and began licensing wells for its 2006 drilling program. The Corporation plans to participate in the drilling of 7 (6.25 net) wells by the end of September. Currently, two (2) wells are licensed at Inland and one (1) at Sullivan Lake. A drilling rig has been contracted and drilling is scheduled to commence imminently. Additionally, seismic programs are underway and/or planned to commence shortly on two (2) prospects in West Central Alberta and one (1) prospect in East Central Alberta, with three (3) more wells expected to be licensed in June/July.

Triton is a Calgary, Alberta based Corporation engaged in the exploration, development and production of oil and natural gas. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TEZ".

Forward-Looking Statements

This news release may include forward-looking statements including opinions, assumptions, estimates and management's assessment of future plans and operations, wells to be drilled, timing of licensing and drilling of wells and commencement of seismic programs. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "plan", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Corporation believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, the volatility of oil and gas prices, currency fluctuations, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, changes in oil and gas acquisition and drilling programs, delays resulting from inability to obtain required regulatory approvals, delays resulting from inability to obtain drilling rigs and other services, environmental risks, competition from other producers, imprecision of reserve estimates, changes in general economic conditions, whether farm-in and farm-out opportunities result in agreements and other factors more fully described from time to time in the reports and filings made by Triton with securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, as no assurances can be given as to future results, levels of activity or achievements. Except as required by applicable securities laws, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information