Triton Energy Corp.
TSX VENTURE : TEZ

Triton Energy Corp.

May 06, 2010 06:30 ET

Triton Energy Corp. Announces Second Ricinus Ellerslie Discovery Well

CALGARY, ALBERTA--(Marketwire - May 6, 2010) - Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to announce a second successful Ellerslie liquids rich natural gas discovery with the deepening of the 100% owned Triton 14-29-37-8W5M well ("14-29 well").

The 14-29 well, which was deepened by 50 meters and fracture stimulated, is currently being tested in-line to the Keyera Strachan gas plant. Currently, the 14-29 well is producing against 1,000 psi of pipe line pressure to the high pressure side of the plant. The 14-29 well is producing approximately 500 boe/d net sales to the Corporation (100 bbl/d liquids plus 2.8MMcf/d natural gas).

The 14-29 well encountered a twenty-three meter thick Ellerslie sand channel which directly correlates to Triton's 3D seismic. The net pay in the 14-29 well was 11 meters of sand and gas in place per section is estimated at 2 BCF per net meter and 37 bbls of natural gas liquids per MMcf of sales gas. Well spacing on the Ricinus Ellerslie lands is approved at four wells per section. With the successful exploratory phase completed, Triton is initiating horizontal drill plans on the Ellerslie thick channel sand with a horizontal well being planned for the second half of 2010.

Additionally, Triton plans to spud an Ellerslie exploration well located ten miles south at the Triton 15-10-36-9W5M well location on or before May 10, 2010. The Corporation is also in the planning stages of a ten section 3D seismic shoot on its Ricinus lands with the shoot targeted for summer 2010. The Corporation has accumulated 20 strategic net sections of land directly on-trend with this Ellerslie channel and currently has over 25 drilling locations identified on the Ellerslie trend.

Triton's current production including the 14-29 well is approximately 2,600 boepd.

INVESTOR INFORMATION

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". Additional information regarding Triton is available under the Corporation's profile at www.sedar.com.

This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Forward Looking and Cautionary Statements

This news release contains forward-looking statements relating to the Corporation's plans and other aspects of the Corporation's anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, reserves, future plans and operations.

Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," "plan,," "intend," and similar expressions suggesting future outcomes, and statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. Specifically, this press release contains forward-looking statements relating to results and confirmation of exploration concepts; estimates of production being tested; estimated production additions; composition of production additions; estimated gas in place; amount of natural gas liquids to be recovered; timing of operations; and number of drilling locations. In addition, statements regarding reserves are deemed to be forward-looking statements, as they involve estimates and assumptions as to the expectation that the reserves can be economically exploited in the future. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although Triton believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Triton does not undertake any obligation to publicly update or revise any forward-looking statements.

Note Regarding BOEs

The term barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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