TEZ Triton Energy Corp.

Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased
to announce that it has approved a $20.5 million 2010 capital expenditure
budget, has closed the previously announced $7.5 million bought deal financing
(the "Offering") of common shares ("Common Shares") issued on a flow-through
basis, intention to apply for the listing of its Common shares on the Toronto
Stock Exchange, proposed share consolidation and proposed name change. 


2010 CAPITAL BUDGET 

Triton's 2010 capital expenditure budget achieves a balance between low to
medium risk opportunities and high impact exploration concepts funded through
cash flow and available credit facilities in its west central Alberta core area.
The Corporation's presently budgeted opportunities for 2010 include high impact
Ellerslie liquids rich natural gas; horizontal Glauconite liquids rich natural
gas on the Hoadley trend; Belly River, Ellerslie and Viking Oil; and the
acquisition of undeveloped acreage and seismic. The 2010 budget will be reviewed
and updated at the start of the third quarter to account for the results of
budgeted operations to the end of the second quarter.


Triton's Board of Directors has approved a 2010 capital budget of $20.5 million
which includes:




--  Drilling 9 net wells 
    --  Two Ellerslie well deepenings in Ricinus 
    --  One Ellerslie vertical drill well in Ricinus 
    --  Two Glauconite horizontal drill wells in Crystal 
    --  One vertical and two horizontal Belly River oil drill wells in
        Crystal 
    --  One Viking oil well in Ferrybank 
--  Oil well optimization and work over activity in the Crystal and
    Ferrybank areas 
--  Acquisition of land and seismic in Triton's core area of
    Strachan/Ricinus 



Production at the end of February was approximately 1,950 boe/d (75% natural
gas; 25% oil & liquids). The current budget is projected to have an average
production rate of 2,050 boe/d for the year and an estimated 2010 December
average monthly rate of 2,800 boe/d. Triton will fund the capital budget through
estimated cash flow of $12-13 million, proceeds of the Offering and available
credit facilities. Average 2010 price assumptions underlying the estimated cash
flow are CDN$75.00/bbl for oil and CDN$5.00/mcf AECO for natural gas.


FINANCING

Pursuant to the Offering, on March 31, 2010 Triton issued 34,100,000 Common
Shares at a price of $0.22 per Common Share issued on a flow-through basis for
gross proceeds of $7.5 million through a syndicate of underwriters led by
National Bank Financial Inc. and including FirstEnergy Capital Corp., Macquarie
Capital Markets Canada Ltd., Desjardins Securities Inc. and Raymond James Ltd.
The proceeds of the Offering will be used to finance Triton's capital
expenditure program for this year and next. 


There are now currently 286.2 million Common Shares issued and outstanding
(358.0 million fully diluted).


APPLICATION TO THE TSX, SHARE CONSOLIDATION AND NAME CHANGE 

The Corporation anticipates making application to list its Common Shares on the
Toronto Stock Exchange and to graduate from the TSX Venture Exchange by the end
of the second quarter of 2010.


Triton is also pleased to announce that it intends to propose a consolidation
(the "Share Consolidation") of its issued and outstanding Common Shares on the
basis of one (1) new common share for up to eight (8) Common Shares currently
issued and outstanding subject to shareholder approval at the Corporation's
Annual General and Special Meeting which is expect to take place at the end of
May of 2010. 


In connection with the proposed Share Consolidation, the Corporation intends to
propose a name change and may also seek a new stock trading symbol from the TSX
Venture Exchange. The Corporation intends to change its name to "Waldron Energy
Corporation" or such other name as may be determined by the Board of Directors
and as may be accepted by the TSX Venture Exchange and approved by shareholders
at the Annual General and Special Meeting.


OPERATIONAL UPDATE AND OUTLOOK

Triton commenced 2010 with approximately 850 boe/d of production with high
impact exploration lands and concepts in the Strachan/Ricinus core area. At the
end of February the Corporation acquired approximately 1,100 boe/d of production
in the Crystal and Ferrybank areas with a substantial land base that offers low
to medium risk development and exploitation opportunities. The Ferrybank and
Crystal acquisition offers multi-zone potential and the Corporation has
identified numerous prospective zones on its lands including: Mississippian,
Rock Creek, Ellerslie, Glauconite, Viking, Cardium, Belly River, Edmonton and
Horseshoe Canyon. The Corporation operates with high working interests with
access to and/or control of infrastructure.


Commencing in March 2010, the short term operational focus of the Corporation is
on Ellerslie exploration, Glauconite horizontals, Belly River oil, workovers and
recompletion opportunities. 


Ellerslie Liquids Rich Natural Gas Exploration

Results from deepening the 6-30 -37-8W5 well have confirmed Triton's exploration
concepts in its Strachan/Ricinus core area and the Corporation is immediately
commencing a second deepening operation at the adjacent 100% owned 14-29-37-8W5M
well. The 14-29 well is expected to encounter a thicker sand sequence based on
3D seismic interpretation. Additionally, Triton has licensed a 100% working
interest 3,500 meter test well located ten miles south at Triton Ricinus
15-10-36-9W5M on the Ellerslie trend and the well is planned to spud in the
second quarter of 2010. The Corporation has 20 net sections of land directly
on-trend with the Ellerslie channel and, as a start, Triton currently has
identified approximately 25 drilling locations on the trend. 


Glauconite Horizontals

The Corporation has surveyed and plans to license two horizontal Glauconite
wells from the same pad located at Crystal 3-33-44-3W5M. These two wells are
expected to be drilled sequentially after the Ricinus 15-10-36-9W5M well has
been drilled. Triton has 10 sections directly on the Hoadley Glauconite trend
which is currently being drilled successfully by a Canadian independent producer
adjacent to the Triton acreage.


Belly River Oil, Workovers and Recompletion Opportunities

At Ferrybank the Corporation is immediately focusing on workovers and has
returned seven of twenty-five standing pumpjacks back to production resulting in
140 bbl/d of new oil production. After spring breakup, a second set of seven
Ferrybank oil wells has been selected to be returned to production. 


Additionally, commencing in late June 2010 the Corporation is planning to start
drilling the first of three Belly River oil wells (one vertical & two
horizontals) on this oil play. Triton currently has 50 sections of undeveloped
acreage prospective for Belly River oil which are being evaluated on this oil
play. 


Viking

Triton currently has 56 sections of undeveloped acreage prospective for Viking
oil which are being mapped for oil resource play potential. Recent offsetting
Crown land sale prices in the Crystal area have been very high. Select standing
vertical wells will be worked over to test the limits and applicability of
multistage fracture Viking oil development potential. 


Triton's December 31, 2009 and March 31, 2010 reserve reports ("Reserve
Reports") are currently being prepared by GLJ Petroleum Consultants. The Reserve
Reports and the December 31, 2009 annual audited financial statements are
expected to be released by the end of April 2010.


INVESTOR INFORMATION

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". Additional information regarding Triton is available under the
Corporation's profile at www.sedar.com.


This press release shall not constitute an offer to sell, nor the solicitation
of an offer to buy, any securities in the United States, nor shall there be any
sale of securities mentioned in this press release in any state in the United
States in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.


Forward Looking and Cautionary Statements

This news release contains forward-looking statements relating to the
Corporation's plans and other aspects of the Corporation's anticipated future
operations, strategies, financial and operating results and business
opportunities. These forward-looking statements may include opinions,
assumptions, estimates, management's assessment of value, reserves, future plans
and operations. 


Forward-looking statements typically use words such as "will," "anticipate,"
"believe," "estimate," "expect," "intent," "may," "project," "should," "plan,,"
"intend," and similar expressions suggesting future outcomes, and statements
that actions, events or conditions "may," "would," "could," or "will" be taken
or occur in the future. Specifically, this press release contains
forward-looking statements relating to the number and location of drilling
locations; current, future and average production rates; estimates of cash flow;
application for listing to the Toronto Stock Exchange; share consolidation;
proposed name change; shareholder meeting dates and other matters; whether or
not shareholder approval is received; whether or not other geological zones are
prospective; results and confirmation of exploration concepts; timing of
operations; number of drilling locations; and timing of the release of the
Corporation's reserve reports and financial statements. In addition, statements
regarding reserves are deemed to be forward-looking statements, as they involve
estimates and assumptions as to the expectation that the reserves can be
economically exploited in the future. The forward-looking statements are based
on various assumptions including expectations regarding the success of current
or future drill wells; the outlook for petroleum and natural gas prices;
estimated amounts and timing of capital expenditures; estimates of future
production; assumptions concerning the timing of regulatory approvals; the state
of the economy and the exploration and production business; results of
operations; performance; business prospects and opportunities; future exchange
and interest rates; the Corporation's ability to obtain equipment in a timely
manner to carry out development activities; and the ability of the Corporation
to access capital. While the Corporation considers these assumptions to be
reasonable based on information currently available to it, they may prove to be
incorrect.


Forward-looking statements are subject to a wide range of assumptions, known and
unknown risks and uncertainties and other factors that contribute to the
possibility that the predicted outcome will not occur, including, without
limitation: risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation; loss of markets;
volatility of commodities prices; currency fluctuations; imprecision of reserves
estimates; environmental risks; competition from other producers; inability to
retain drilling rigs and other services; incorrect assessment of the value of
acquisitions; failure to realize the anticipated benefits of acquisitions;
general economic conditions; delays resulting from or inability to obtain
required regulatory approvals and to satisfy various closing conditions; and
ability to access sufficient capital from internal and external sources. Readers
are cautioned that the foregoing list of factors is not exhaustive. 


Although Triton believes that the expectations represented by such
forward-looking statements are reasonable, there can be no assurance that such
expectations will be realized. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements and you
should not rely unduly on forward-looking statements. The forward-looking
statements contained in this news release are made as of the date of this news
release. Except as required by applicable law, Triton does not undertake any
obligation to publicly update or revise any forward-looking statements.


Note Regarding BOEs

The term barrel of oil equivalent ("boe") may be misleading, particularly if
used in isolation. A conversion ratio for gas of 6 mcf:1 boe is based on an
energy equivalency conversion method primarily applicable at the burner tip and
does not represent a value equivalency at the wellhead.

Triton Energy Corp. (TSXV:TEZ)
Historical Stock Chart
Von Jul 2024 bis Aug 2024

Triton Energy Corp. (TSXV:TEZ)
Historical Stock Chart
Von Aug 2023 bis Aug 2024