Triton Energy Corp.
TSX VENTURE : TEZ

Triton Energy Corp.

May 09, 2008 17:13 ET

Triton Announces Appointment of Stephen Irish as Vice President, Land

CALGARY, ALBERTA--(Marketwire - May 9, 2008) - Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to announce the appointment of Mr. Stephen D. Irish to the position of Vice President, Land effective June 1, 2008.

Mr. Irish has over 28 years of professional negotiation and general land and contract expertise. He obtained a B.A. Degree in Geography (Geomorphology) from the University of Calgary in 1978 and is an active member of the Canadian Association of Professional Landmen. Mr. Irish began his career in 1978 as a District Landman with Dome Petroleum and went on to hold positions of increasing responsibility with Rupertsland Resources, Westburne Petroleum and Anderson Exploration. From 1989 to 2002 he was Land Manager, Deep Basin Exploration and Production at Canadian Hunter Exploration and from 2002 to 2004 he was Land Manager at Lightning Energy. Mr. Irish co-founded Greenbank Energy in 2004 where he was Vice President, Land until the company was sold to Rock Energy in 2007.

In conjunction with Mr. Irish's appointment as an officer of the Corporation, he has agreed to subscribe to a non-brokered private placement (the "Private Placement") of 250,000 units at $0.60 per unit, consisting of 250,000 common shares and 250,000 non-transferable common share purchase warrants (the "Warrants"). Each Warrant entitles the holder to purchase one (1) common share for a period of three (3) years at $0.60 per common share in the first year, $0.70 per common share in the second year and at $0.80 per common share in the third year. The common shares and any common shares issued pursuant to the exercise of the Warrants will be subject to a voluntary hold period of twelve (12) months from the date of closing of the Private Placement.

Additionally, the Corporation has agreed to grant Mr. Irish an option to purchase 150,000 common shares of the Corporation at an exercise price of $0.60 per common share (the "Stock Option"). The Stock Option vests one third each year for three (3) years and expire five (5) years from the date of grant. The Stock Option is issued in accordance with the Corporation's shareholder approved stock option plan, which reserves for issuance on exercise of stock options a maximum of ten (10%) per cent of the number of common shares of the Corporation outstanding, from time to time.

Mr. Irish's appointment as an officer of the Corporation, the Stock Option and the Private Placement are all subject to approval by the TSX Venture Exchange.

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".

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

Contact Information