Triton Energy Corp.

Triton Energy Corp.

January 08, 2008 17:01 ET

Triton Provides Operations and Production Update

CALGARY, ALBERTA--(Marketwire - Jan. 8, 2008) - Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") is pleased to provide the following operations and production update.

During the fourth quarter of 2007, Triton participated in the drilling of five (3.75 net) wells including three (3.0 net) operated wells and two (0.75 net) non-operated wells in central Alberta. Production casing was set in all five (3.75 net) wells.

The three (3.0 net) operated wells were all successfully completed and tested. Two of these wells, one located in the Sullivan Lake area and one located in the Newton area, were tied-in and placed on production in late December 2007. The other operated well, located in the Bruce area of central Alberta, is currently shut-in. Triton now has two (2.0 net) operated wells shut-in at Bruce and, at current natural gas prices, intends to delay tie-in of these wells pending the drilling of a third successful well in this area.

One (0.25 net) non-operated well located in the Girouxville area has been successfully completed and tested and is expected to be tied-in and placed on production by the end of January, and completion and testing operations are underway at one (0.5 net) non-operated well located in the Giroux Lake area.

Triton's current production is approximately 970 barrels of oil equivalent ("boe") per day from thirteen (12.6 net) operated wells and two (0.5 net) non-operated wells with an estimated 100 boe per day of additional production capability behind pipe, not including the one (0.5 net) well currently being completed and tested at Giroux Lake. "This is a new high production level for Triton", commented Michael Zuber, President and CEO of Triton. "We are pleased with the results to date from our fourth quarter 2007 drilling program and are well positioned for continued growth with over 65,000 net acres of undeveloped land, a 20 plus well drilling inventory and no debt heading into 2008."

The Corporation has commenced its first quarter 2008 drilling program, which includes three (3.0 net) operated wells in central Alberta, one in the Sullivan Lake area, one in the Inland area and one in the Alexander area, and expects to announce its 2008 capital expenditures budget in the next few weeks.

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, number of wells to be drilled, completed and tested, timing of drilling, completion and testing of wells, timing of tie-in of wells, and production and behind pipe production rates. 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, 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 mcf of natural gas to 1 bbl 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.

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