Triton Energy Corp.
TSX VENTURE : TEZ

Triton Energy Corp.

November 24, 2006 11:36 ET

Triton Announces Third Quarter 2006 Results

CALGARY, ALBERTA--(CCNMatthews - Nov. 24, 2006) - Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") announces financial and operating results for the three and nine months ended September 30, 2006. Triton has filed its unaudited interim consolidated financial statements for the three and nine months ended September 30, 2006 and the accompanying Management's Discussion and Analysis with Canadian securities regulatory authorities. These filings are available for review at www.sedar.com and on the Corporation's website, www.tritonenergy.ca.

Highlights of the Third Quarter of 2006

- Triton drilled and completed 1 operated well with 100% working interest ("WI") in the Inland area and participated in the drilling and completion of 2 non-operated wells with 25% WI carried through tie-in in the Girouxville/Falher area, with a 100% success rate.

- The Corporation's first production commenced on September 28, 2006.

- Tie-in operations were conducted at 2 other operated wells with 100% WI that were successfully drilled in the second quarter and production commenced from these wells in the first week of October.

- An additional 5,100 gross (4,300 net) acres of Crown and freehold lands were acquired in the Giroux Lake, Inland and Bruce areas, adding 6 potential drilling locations.

- Capital expenditures ("CAPEX") totaled $3.8 million.



Financial Summary

(000s, except per share Three months ended Nine months ended
amounts) September 30, September 30,
2006 2005 2006 2005
Total revenue $ 73 $ - $ 257 $ 8
Net earnings (loss) $ (188) $ (279) $ (463) $ (500)
Per share basic and diluted $ (0.01) $ (0.03) $ (0.02) $ (0.07)
Cash flow used in operations $ (161) $ (132) $ (533) $ (427)
Per share basic and diluted $ (0.01) $ (0.01) $ (0.02) $ (0.06)
Working capital $ 3,671 $ (36) $ 3,671 $ (36)
Capital expenditures $ 3,813 $ 444 $ 7,641 $ 4,437
Total assets $ 17,850 $ 4,467 $ 17,850 $ 4,643
Shareholders' equity $ 15,014 $ 3,716 $ 15,014 $ 3,716


Triton incurred a net loss of $188,479 and $462,864 for the three and nine months ended September 30, 2006 compared to a net loss of $278,726 and $499,709 for the same periods last year. Cash flow used in operations was $(161,020) in the third quarter of 2006 compared to $(132,410) in the third quarter of 2005 and cash flow used in operations was $(532,521) in the nine months of 2006 compared to $(427,376) in the first nine months of 2005. At September 30, 2006 the Corporation's working capital was $3,671,239 compared to $(36,268) at September 30, 2005. Capital expenditures totaled $3.8 million and $7.6 million for the three and nine months ended September 30, 2006 compared to $0.4 million and $4.4 million for the same periods last year.

Outlook

Triton has a CAPEX budget of approximately $4.0 million for the fourth quarter of 2006, which includes the drilling of 2 additional operated test wells in the Sullivan Lake area each with 92.75% WI and 1 operated test well and 1 operated re-complete in the Giroux Lake area each with 75% WI. To date, all 3 test wells have been drilled and cased and the re-complete operation is underway at Giroux Lake. Triton is currently evaluating the 3 cased wells and intends to conduct completion and testing operations over the next few weeks. Subject to successful test results, Triton plans to tie-in the Sullivan Lake well(s) by the end of the year and tie-in the Giroux Lake well(s) in the first quarter of 2007. Triton's current production is approximately 3,600 mcf of natural gas (600 boe) per day.

Pursuant to the terms of a Farmin Agreement, Triton has a 25% carried WI through tie-in in 2 successful wells in the Girouxville/Falher area of west central Alberta. The operator has advised Triton that the first of these 2 wells is expected to be on production in mid-December and the second well is expected to be on production shortly thereafter.

Pursuant to the terms of a Seismic Option Agreement, Triton received notification on October 24, 2006 from the optionee that it has elected to drill a deep test well (the "Test Well") on Triton's Section 11-36-11W5M. Shell Canada Limited (the "Operator") will be the operator of the Test Well. Under the terms of the Seismic Option Agreement the Test Well is to be spud within forty-five (45) days of election, subject to certain industry standard conditions. Upon drilling and completing, capping or abandoning the Test Well the Operator will earn an 80% WI in the Test Well, Section 11-36-11W5M and two (2) additional sections of Triton lands in the area. Triton will have a 20% carried WI through drilling and completing, capping or abandoning of the Test Well and a 20% WI thereafter.

On November 1, 2006 the Corporation closed a private placement for gross proceeds of $4.0 million by issuing 3,137,256 common shares on a flow-through basis at $1.275 per common share. Triton currently has 25,148,224 common shares issued and outstanding.

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, budgeted capital expenditures, wells to be drilled, timing of drilling of wells, timing of completion and tie-in of wells and commencement of production from wells. 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, results from testing, 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 6,000 cubic feet of natural gas to 1 barrel 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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