Triton Energy Corp.

Triton Energy Corp.

March 29, 2010 16:54 ET

Triton Energy Corp. Announces Ellerslie Liquids Rich Natural Gas Discovery and Land Acquisition

CALGARY, ALBERTA--(Marketwire - March 29, 2010) - Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to announce an Ellerslie liquids rich natural gas discovery well in the Corporation's Strachan/Ricinus core area of west central Alberta and the acquisition of 15 sections of Crown land directly on the Ellerslie trend.

Triton confirmed its exploration concepts in its Strachan/Ricinus core area by deepening a suspended well 55 meters at 6 - 30 - 37 - 8W5. A six meter Ellerslie channel sand was discovered at 3,120 meters. Triton's mapping indicates this Ellerslie discovery to be significant as it is an extension of the highly productive Ferrier Ellerslie F pool located six miles to the north east.

The 6-30 well was fracture stimulated on March 27 and is currently flowing 3 Mmcf/d with 2 bbls/hr of frac fluid on fracture cleanup. The well is tied in and will be tested in-line once the final tubing string is snubbed into place. This well is expected to be placed on production at 2 Mmcf/d of raw gas plus 50 bbls per Mmcf of natural gas liquids (approximately 365 boe/d sales). The Corporation has an 83% working interest in the well.

Triton is immediately commencing a second deepening operation at the adjacent 14-29-37-8W5M well. The 14-29 well is 100% owned and is expected to encounter a thicker sand sequence based on 3D seismic interpretation. Additionally, Triton's third exploration prospect on this channel sand system is licensed as a 100% working interest 3,500 meter test well located ten miles south at Triton Ricinus 15-10-36-9W5M and is planned to spud in the second quarter of 2010.

At a highly competitive Crown land sale on March 24, the Corporation acquired 100% working interests in 15 key sections of lands that it posted. Triton now has 20 net sections of land directly on-trend with the Ellerslie channel discovery. The Strachan/Ricinus Ellerslie lands with a large amount of gas in place per section are approved to be drilled at up to four wells per section on select lands.

The analogous Ferrier Ellerslie F pool has produced 70 BCF to date from this Ellerslie channel with ultimate gas recovery forecasted to average 4.6 BCF per well. Triton's management team has considerable experience targeting Lower Cretaceous deep basin channel sands through a combination of geological and geophysical models. The wells are expected to generate a risked 20% rate of return at gas prices of approximately $3.50/Mcf. Additionally, recent proposed changes to the Alberta Crown royalty regime are expected to enhance liquids rich natural gas well economics. Other prospective zones in Triton's Strachan/Ricinus core area include the Cardium, Viking, Glauconite and Rock Creek.

Triton will release its 2010 capital expenditure budget on March 31, 2010.

Triton is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas and is currently producing approximately 2,000 boepd. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TEZ".

Additional information regarding Triton is available under the Corporation's profile at

Forward Looking and Cautionary Statements

This news release contains forward-looking statements relating to the Corporation's plans and other aspects of the Corporation's anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, reserves, future plans and operations.

Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," "plan,," "intend," and similar expressions suggesting future outcomes, and statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. Specifically, this press release contains forward-looking statements relating to tested and future production rates; estimated recoverable reserves; expected results and economics on future drill wells; the number and location of additional drilling locations; the effect of the proposed changes to the Alberta Crown royalty regime and resulting well economic and including rates of return; whether or not other geological zones are prospective; and estimated corporate production levels. In addition, statements regarding reserves are deemed to be forward-looking statements, as they involve estimates and assumptions as to the expectation that the reserves can be economically exploited in the future. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although Triton believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Triton does not undertake any obligation to publicly update or revise any forward-looking statements.

Note Regarding BOEs

The term barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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