Triton Energy Corp.
TSX VENTURE : TEZ

Triton Energy Corp.

October 11, 2006 10:09 ET

Triton Announces Increase to 2006 Capex Budget and $3 Million Bought Deal Private Placement Financing

CALGARY, ALBERTA--(CCNMatthews - Oct. 11, 2006) - Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") is pleased to announce that as a result of the Corporation's drilling success this year its Board of Directors has approved a $1 million increase to the 2006 CAPEX budget to $11 million.

Additionally, Triton announces that it has entered into a private placement financing agreement (the "Agreement"), on a bought deal basis, with a syndicate of underwriters co-led by Acumen Capital Finance Partners and CIBC World Markets, and including Canaccord Adams (the "Underwriters"). Under the terms of the Agreement, Triton will issue by way of a private placement 2,352,942 common shares on a flow-through basis at $1.275 per flow-through share for gross proceeds of $3 million. The Corporation has also granted the Underwriters an option to place an additional 784,314 common shares on a flow-through basis, such option exercisable prior to closing for additional gross proceeds of $1 million. The private placement is expected to close on or about November 1, 2006 and is subject to receipt of all necessary regulatory approvals and completion of definitive documentation. Proceeds from the private placement will be used to fund Triton's ongoing exploration activities.

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

  • Triton Energy Corp.
    Michael S. Zuber
    President & CEO
    (403) 266-5541 ext. 222
    (403) 266-5579 (FAX)
    Email: mzuber@tritonenergy.ca
    or
    Triton Energy Corp.
    Dean J. Schultz
    Vice President, Finance & CFO
    (403) 266-5541 ext. 229
    (403) 266-5579 (FAX)
    Email: dschultz@tritonenergy.ca