Triton Energy Corp.

Triton Energy Corp.

November 02, 2006 09:15 ET

Triton Provides Production and Operations Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 2, 2006) - Triton Energy Corp. (TSX:TEZ) ("Triton" or the "Corporation") is pleased to announce that all three (3) successful wells from its summer drilling program are tied-in and on production. The wells, located in the Inland and Sullivan Lake areas in east central Alberta, are currently producing at a combined rate in excess of 3,600 mcf of natural gas per day (600 boe per day). Triton has 100% working interest ("WI") in all three (3) of these operated wells.

Additionally, pursuant to the terms of a farm-out agreement, two (2) wells in the Girouxville/Fahler area have been successfully completed in the Montney formation. Triton has a 25% carried WI through tie-in in both of these non-operated wells. The operator has advised that the first well is expected to be on production in mid-December and the second well will be tied-in in due course.

Triton plans to drill three (3) additional wells before year-end and re-complete one (1) well. Two (2) natural gas test wells are planned in the Sullivan Lake area and one (1) oil test well and one (1) re-completion in the Giroux Lake area in west central Alberta. Triton will operate all three (3) test wells and the re-completion, with a 92.5% WI at Sullivan Lake and a 75% WI at Giroux Lake. Triton is in the process of licensing these wells and drilling operations are expected to commence within the next two (2) weeks. Two (2) drilling rigs have been arranged, one (1) for the well at Giroux Lake and the other for the two (2) wells at Sullivan Lake.

Also, per the Corporation's News Release dated October 25, 2006, Triton will participate for a 20% carried WI through drilling and completion and capping or abandoning in a deep test well on Triton's Section 11-36-11W5M in west central Alberta. This test well is expected to spud prior to year-end.

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, drilling and re-completion of wells and timing of tie-in of 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, 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.

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)