Triton Energy Corp.
TSX VENTURE : TEZ

Triton Energy Corp.

March 04, 2009 18:51 ET

Triton Updates Status of Tay River Deep Test Well

CALGARY, ALBERTA--(Marketwire - March 4, 2009) - Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to provide 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").

The Test Well, located at 16-27-35-11W5M, is licensed to total depth of 5,462 meters and is targeting a Leduc reef formation that has been identified on 3-D seismic. 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 commenced drilling on January 6, 2009 and the first string of intermediate casing has been set. Total depth is currently expected to be reached in May.

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.

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.

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)
    Email: mzuber@tritonenergy.ca
    or
    Triton Energy Corp.
    Dean J. Schultz
    Vice President, Finance & CFO
    (403) 266-5541 ext. 229
    (403) 266-5579 (FAX)
    Email: dschultz@tritonenergy.ca