Triton Energy Corp.

Triton Energy Corp.

November 17, 2008 09:00 ET

Triton to Participate in Deep Foothills Test Well

CALGARY, ALBERTA--(Marketwire - Nov. 17, 2008) - Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") is pleased to announce that, pursuant to the terms of a Farmin Agreement, the Corporation will be participating in a deep test well (the "Test Well") in the Tay River area in the foothills of Alberta.

The Test Well is licensed to a total depth of 5,462 meters and is targeting a Leduc reef formation that has been identified on proprietary 3-D seismic data. Geological and seismic interpretation suggests that the Test Well is targeting a structure similar in size to the structure that hosts the Tay River Leduc gas pool located approximately 12 kilometers north-northeast of the Test Well.

The Test Well is expected to spud within ninety (90) days, subject to certain industry standard conditions, and take approximately 145 days to drill to total depth. Triton has budgeted $4 million for its share of the costs to drill, case and complete, cap or abandon the Test Well and upon fulfillment of its earning obligations Triton will have a 12.5% working interest in the Test Well, Section 27-35-11W5M and ten (10) additional contiguous sections of land. A major oil and gas producer is the operator of the Test Well.

In conjunction with Triton's participation in the Test Well, the Corporation's board of directors has approved a $4 million increase to Triton's 2008 capital expenditures budget, which is currently expected to be funded by cash flow and existing credit facilities. According to Michael Zuber, Triton's President & CEO, "This is a unique opportunity that is not generally available to juniors. Triton's decision to participate in this well is in line with our corporate strategy of allocating up to twenty percent of our annual capital expenditures budget to high risk, potential high impact projects. The risk is high, but a successful well here would have a dramatically positive impact on the Corporation". Dean Schultz, Triton's CFO, added, "The cost of this well is being allocated to our 2008 capital expenditures budget and will not affect our other capital expenditures plans for the remainder of 2008".

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 drilling of wells and expected depth, and budgeted cost 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.

While geological and seismic interpretation suggests that the Test Well is targeting a structure similar in size to the structure that hosts the Tay River Leduc gas pool located approximately twelve kilometers to the north-northeast, there is no assurance that the Test Well will be successful or have similar results to wells in the Tay River Leduc gas pool.

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.

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)