Triton Energy Corp.

Triton Energy Corp.

August 21, 2006 17:24 ET

Triton Announces Continued Drilling Success

CALGARY, ALBERTA--(CCNMatthews - Aug. 21, 2006) - Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to announce another successful well in its summer drilling program. The well, located in the Inland area, has been completed and production tested in both the Sparky and the Colony formations and is expected to be a new pool discovery in both zones. The well is currently shut in for a 14-day reservoir pressure test. Triton has a 100% working interest ("WI") in this well.

This is the second successful well drilled in the Inland area this summer and represents the third successful well in Triton's summer drilling program. Tie-in operations are underway and both Inland wells are expected be on production in September along with Triton's successful Viking/Belly River well in the Sullivan Lake area. Triton has 100% WI in all three (3) operated wells.

Additionally, pursuant to the terms of a farm-out agreement, Triton has been advised by the operator that a test well targeting the Montney formation has commenced drilling in the Girouxville/Fahler area. Triton has a 25% carried WI in this well through tie-in.

As a result of the success to date of its summer drilling program, Triton provides preliminary guidance for a Q3 exit production rate of 3,600 - 4,200 mcf per day of natural gas (600 - 700 boe per day).

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 licensing and drilling of wells, formations to be tested, timing of tie-in of and commencement of production from wells and 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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