Triton Energy Corp.

Triton Energy Corp.

November 28, 2007 18:56 ET

Triton Announces Third Quarter 2007 Results

CALGARY, ALBERTA--(Marketwire - Nov. 28, 2007) - Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") announces financial and operating results for the three and nine months ended September 30, 2007. Triton has filed its unaudited financial statements for the three and nine months ended September 30, 2007 and the accompanying Management's Discussion and Analysis with Canadian securities regulatory authorities. These filings are available for review at and on the Corporation's website,

Highlights of the Third Quarter of 2007

- Triton participated in the drilling of four (3.43 net) wells resulting in two (2.0 net) operated oil wells at Lloydminster, one (0.93 net) operated dry hole at Sullivan Lake and one (0.5 net) non-operated dry hole at Willesden Green.

- Three (3.0 net) natural gas wells were tied-in and placed on production, one (1.0 net) at Inland, one (1.0 net) at Sullivan Lake and one (1.0 net) at Newton.

- An additional 2,370 net acres of undeveloped land were acquired, increasing the Corporation's undeveloped land position to approximately 65,790 net acres at the end of the quarter.

- Capital expenditures totaled approximately $4.76 million.

- Petroleum and natural gas sales totaled $1.95 million.

- Funds from operations totaled $687,243.

- The Corporation's average production for the quarter was 643 boe per day, a 54% increase over the second quarter's average production of 418 boe per day.

Financial Summary
Three months ended Nine months ended
September 30, September 30,
2007 2006 2007 2006
Financial ($000's except (unaudited) (unaudited) (unaudited) (unaudited)
for per share amounts)

Petroleum and natural
gas sales 1,953 - 6,361 -
Funds from (used in)
operations(1) 687 (161) 2,638 (533)
Per share basic &
diluted(1) 0.02 (0.01) 0.10 (0.02)
Net earnings (loss) (563) (188) (889) (463)
Per share basic &
diluted(2) (0.02) (0.01) (0.03) (0.02)
Working capital (1,981) 3,671 (1,981) 3,671
Capital expenditures(3) (4,759) (3,515) (13,290) (7,343)
Total assets 27,691 17,850 27,691 17,850
Shareholders' equity 21,496 15,014 21,496 15,014
(1) Funds from (used in) operations is a non-GAAP term and the Corporation
calculates this measure as cash provided from operations before changes
in non-cash operating working capital.
(2) At September 30, 2007 there were 2,550,000 options to purchase common
shares and 300,000 non-transferable common share purchase warrants
outstanding that have not been included in the calculation of the
weighted average shares outstanding as the effect would be
(3) Excludes asset retirement obligations.

Operating Summary

Three months ended Six months ended
June 30, June 30,
2007 2006 2007 2006
Crude oil (bbls per day) 23 - 15 -
Natural gas (mcf per day) 3,721 - 3,376 -
BOE per day (6:1) 643 - 578 -
Average realized price
BOE (per boe, 6:1) $ 33.01 $ - $ 40.34 $ -
Netback per boe (6:1)
Petroleum and natural gas
sales $ 33.01 $ - $ 40.34 $ -
Royalties, net of ARTC $ (7.31) $ - $ (9.59) $ -
Operating expenses $ (8.32) $ - $ (7.16) $ -
Transportation expenses $ (1.39) $ - $ (1.54) $ -
Operating netback $ 15.99 $ - $ 22.05 $ -


During the third quarter of 2007 Triton increased its average production to 643 boe per day from 418 boe per day in the second quarter, bringing its average production for the nine months ended September 30, 2007 up to 578 boe per day from 546 boe per day for the six months ended June 30, 2007 and nil in the corresponding periods in 2006. The Corporation's current production is approximately 725 boe per day and tie-in operations in the third and fourth quarters are expected to lead to a higher year-end exit rate and a further increase in average daily production during the fourth quarter of 2007.

During the fourth quarter, the Corporation plans to drill up to five (5.0 net) operated wells and participate in the drilling of one (0.25 net) non-operated well. To date, three (3.0 net) operated wells and one (0.25 net) non-operated well have been drilled. Production casing has been set in all four (3.25 net) wells and completion and testing operations are underway. Triton has 100 percent working interest in the three operated wells, which are located in the Bruce, Sullivan Lake and Newton areas in Central Alberta, and has a 25 percent working interest in the non-operated well located in the Girouxville area of West Central Alberta. Test results from all four (3.25 net) of these wells are expected by year-end.

Triton currently plans to drill up to two (2.0 net) additional operated wells by year-end. Additionally, the Corporation continues to evaluate potential asset and corporate acquisitions with exploration, exploitation and development opportunities that complement Triton's existing asset base.

Triton is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum 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 and tied-in, and timing of drilling and tie-in of wells and effects on production. 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, results from testing, 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, delays in tie-in operations, results from testing, environmental risks, competition from other producers, imprecision of reserve estimates, changes in general economic conditions 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.
Disclosure provided herein in respect of barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6,000 cubic feet of natural gas to 1 barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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

Contact Information

  • Triton Energy Corp.
    Michael S. Zuber
    President & CEO
    (403) 266-5541 ext. 222
    (403) 266-5579 (FAX)
    Triton Energy Corp.
    Dean J. Schultz
    Vice President, Finance & CFO
    (403) 266-5541 ext. 229
    (403) 266-5579 (FAX)