Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to announce that all three (2.5 net) wells scheduled to be tied-in during the fourth quarter are now on production and the Corporation's current net production exceeds it's year-end production guidance of 1,100 barrels of oil equivalent ("boe") per day.
At Newton, Triton has tied-in a 100% working interest dual zone natural gas well. This is the fifth successful well placed on production by the Corporation in the Newton area. Triton has 14 (13.75 net) sections of land at Newton and has identified two additional drilling locations on primary spacing. Current plans are to drill a 100% working interest well on this prospect in January 2009. The location has been selected based on proprietary 2-D seismic and geological mapping and is immediately adjacent to a recently completed Triton owned pipeline.
At Sullivan Lake, Triton has tied-in a 100% working interest medium gravity oil well. This is the first oil well the Corporation has drilled on this prospect, which is part of a 14-section farm-in and option agreement with a senior producer. A second 100% working interest well also targeting medium gravity oil is currently being drilled on this prospect at a location that was selected based on proprietary 3-D seismic and geological mapping. In addition to the 14-section farm-in and option lands, Triton has acquired an additional six sections of land in the prospect area through Crown land sales and a private land purchase.
At Lanaway, one (0.5 net) non-operated dual zone oil and natural gas well has been tied-in and is on production. Based on this successful well and 3-D seismic interpretation, Triton has identified up to three additional drilling locations for oil on this prospect.
"Everyone at Triton is excited about having surpassed the 1,000 boe per day production level for the first time", commented Michael Zuber, President and CEO of Triton. "We are also very pleased to have exceeded our year-end production guidance of 1,100 boe per day during these challenging industry, market and economic times. Triton is well positioned for continued growth in 2009. We have approximately 53,000 net acres of undeveloped land, a drilling inventory of over 50 potential locations on 100% working interest lands, a 12.5% working interest in a non-operated potential high impact well in the Tay River area that is scheduled to commence drilling in January and no balance sheet issues."
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, number of wells to be drilled, timing of drilling, and production rates. 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 of natural gas to 1 bbl 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.
SOURCE: Triton Energy Corp.
Triton Energy Corp. Michael S. Zuber President & CEO (403) 266-5541 ext. 222 (403) 266-5579 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Triton Energy Corp. Dean J. Schultz Vice President, Finance & CFO (403) 266-5541 ext. 229 (403) 266-5579 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.tritonenergy.ca