Triton Energy Corp.

Triton Energy Corp.

January 08, 2007 16:01 ET

Triton Announces 2007 Capital Program and Operations Update

CALGARY, ALBERTA--(CCNMatthews - Jan. 8, 2007) - Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to announce that the Corporation's Board of Directors has approved a 2007 capital program of $21.3 million. This capital program is expected to include drilling of up to 20 wells, which, on a risked basis, is anticipated to result in a 2007 average production rate for Triton of approximately 1,000 boe per day and lead to a projected 2007 exit production rate of 1,300 to 1,500 boe per day. A first quarter capital budget of $6.6 million has been approved, which includes a planned drilling program of 7-9 wells. These wells are located in the Inland, Sullivan Lake and Bruce areas in east central Alberta and the Newton and Giroux Lake areas in west central Alberta.

Triton drilled three (3) test wells in the fourth quarter of 2006, two (2) natural gas test wells in the Sullivan Lake area in east central Alberta and one (1) oil test well in the Giroux Lake area in west central Alberta. Triton operated all three (3) test wells with a 92.5% working interest ("WI") at Sullivan Lake and a 75% WI at Giroux Lake. Casing was set on all three (3) wells and two (2) were successfully completed resulting in a natural gas well at Sullivan Lake and an oil well at Giroux Lake. Triton exited 2006 with net production of approximately 700 boe per day with additional behind pipe net production estimated at approximately 125-150 boe per day. Preparations are currently underway to tie-in the behind pipe production, which is expected to be completed by mid-February 2007.

Additionally, further to the Corporation's news release dated October 25, 2006, Triton is participating for a carried WI through drilling and completion and capping or abandoning in a deep test well in the Foothills area in west central Alberta. Further information regarding this potentially high impact test well is expected to be released shortly. No risked production from this test well has been included in the Corporation's forecasts for 2007.

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, timing of drilling of wells, timing of tie-in of and commencement of production from wells, production rates 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: 1 bbl 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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