Triton Energy Corp.

Triton Energy Corp.

May 11, 2009 06:00 ET

Triton Provides Operations Update

CALGARY, ALBERTA--(Marketwire - May 11, 2009) - Triton Energy Corp. ("Triton" or the "Corporation")(TSX VENTURE:TEZ) provides the following update with respect to a deep test well in which the Corporation is participating in the Tay River area in the foothills of Alberta (the "Test Well") and Triton's current near term drilling plans.

The Test Well, located at 16-27-35-11W5M, has been drilled to a measured depth of 5,420 meters (5,246 meters true vertical depth) and logging operations have been completed. The primary target, a Leduc reef formation, was not present in the Test Well. The operator intends to abandon the open hole portion of the Test Well and set a cement plug across the base of the intermediate casing to enable future evaluation of one zone of potential interest that flowed natural gas during the drilling operations. Triton has earned a 12.5% working interest in the Test Well, Section 27-35-11W5M and ten (10) additional contiguous sections of land.

Triton currently plans to drill two (2.0 net) operated wells commencing in June, following breakup. One of these wells will be located in the South Sullivan Lake area targeting medium gravity oil in the Ellerslie formation at a depth of approximately 1,200 meters. The second well will be located in the Newton area targeting natural gas in the Ellerslie and Sparky formations at a depth of approximately 1,225 meters.

Additionally, the Corporation has been and will continue to review potential acquisition opportunities.

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 and Cautionary Statements

This news release may include forward-looking statements including opinions, assumptions, estimates and management's assessment of future plans and operations, timing of evaluation of wells, number and location of wells to be drilled and timing of drilling of 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, 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.

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.

Contact Information

  • Triton Energy Corp.
    Michael S. Zuber
    President & CEO
    403-266-5541 ext. 222
    403-266-5579 (FAX)
    Triton Energy Corp.
    Dean J. Schultz
    Vice President, Finance & CFO
    403-266-5541 ext. 229
    403-266-5579 (FAX)