Triton Energy Corp.

Triton Energy Corp.

October 16, 2007 13:14 ET

Triton Announces Closing of Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Oct. 16, 2007) - Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") announces that it has closed $4,812,840 of its previously announced private placement of 6,944,500 flow-through common shares at a price of $0.72 per share. The balance of the proceeds of $187,200 is scheduled to close on October 18, 2007 for aggregate gross proceeds of approximately $5 million. The private placement was underwritten by a syndicate of underwriters led by Acumen Capital Finance Partners Limited and including Canaccord Capital Corporation and CIBC World Markets Inc. who received a commission of six percent of the gross proceeds.

The flow-through common shares issued pursuant to the initial closing of the private placement on October 16, 2007 will be subject to a four-month hold period expiring February 17, 2008 and the flow-through common shares issued pursuant to the second closing of the private placement on October 18, 2007 will be subject to a four-month hold period expiring February 19, 2008.

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, location of wells, risk of wells, timing of drilling of wells and expected formations. 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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