Trident Resources Corp.

Trident Resources Corp.

July 18, 2007 15:07 ET

Trident Resources Corp. and Investor Groups Agree to Terms of Financing

CALGARY, ALBERTA--(Marketwire - July 18, 2007) - Trident Resources Corp. ("TRC") and its primary subsidiary, Trident Exploration Corp. ("TEC") are pleased to announce that they have reached agreement with their lenders and holders of approximately 75% of TRC's common and preferred stock on the terms by which certain of the largest existing investors in TRC's common stock will provide TRC with CDN $120 million of financing, subject to definitive documentation. The financing will be in the form of subordinated unsecured notes with detachable warrants to acquire common stock of TRC. The parties expect the financing to close within 30 days.

Trident will use these proceeds to assist in funding its drilling and development program for 2007 and 2008.

Trident is a natural gas exploration and development company, principally focused on natural gas from coal, also known as coal-bed methane, from resource plays in the Western Canadian Sedimentary Basin. Our principal properties are located in Alberta, Canada. We also explore for other unconventional natural gas resources plays, including tight sands and shale gas.

Contact Information

  • Trident Resources Corp.
    Paul K. O'Donoghue, MBA
    V.P. Corporate and Strategic Development
    (403) 770-2686
    Trident Exploration Corp.
    Brad Robertson, CA
    Manager, Investor Relations
    (403) 770-3153