Triton Issues Superceding News Release For First Quarter 2008 Results
May 22 2008 - 7:26PM
Marketwired Canada
Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) issues the
following News Release, which supercedes and corrects the News Release issued
earlier today and corrects some information contained in the Financial Summary
table.
TRITON ANNOUNCES FIRST QUARTER 2008 RESULTS
May 22, 2008 - Calgary, Alberta - Triton Energy Corp. ("Triton" or the
"Corporation") announces financial and operating results for the three months
ended March 31, 2008. Triton has filed its interim financial statements for the
three months ended March 31, 2008 and the accompanying Management's Discussion
and Analysis with Canadian securities regulatory authorities. These filings are
available for review at www.sedar.com and on the Corporation's website,
www.tritonenergy.ca.
Highlights of the First Quarter of 2008
- Petroleum and natural gas sales increased 46% to $4.02 million compared to
$2.75 million in the first quarter of 2007.
- Funds from operations increased 41% to $1.76 million compared to $1.25 million
in the first quarter of 2007.
- Net income totaled $9,141 compared to a net loss of $171,976 in the first
quarter of 2007.
- Production increased 32% to an average of 888 boe/day during the quarter
compared to an average of 673 boe/day during the first quarter of 2007.
- Capital expenditures totaled $3.65 million, of which $2.47 million was spent
on drilling and completions, $1.02 million on land and seismic and $0.16 million
on facilities.
- Triton participated in the drilling of four (4.0 net) wells resulting in two
(2.0 net) operated natural gas wells and two (2.0 net) dry holes.
- The Corporation acquired an option on 14 sections of undeveloped freehold land
in one of its core areas at Sullivan Lake.
Financial Summary
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Three months ended March 31,
2008 2007
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Financial ($000's except for per share amounts)
Petroleum and natural gas sales 4,023 2,753
Funds from operations(1) 1,760 1,245
Per share basic & diluted(1) 0.05 0.05
Net earnings (loss) 9 (172)
Per share basic & diluted 0.00 (0.01)
Working capital surplus (deficiency) (2,694) 4,390
Capital expenditures(2) 3,656 5,502
Total assets 32,593 29,279
Shareholders' equity 23,091 22,059
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Common Shares (000's)
Shares outstanding, end of period
Weighted average common shares - basic 34,532 25,663
Weighted average common shares - diluted 34,532 25,663
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Notes:
(1) Funds from operations is a non-GAAP term and the Corporation calculates
this measure as cash provided from operations before changes in non-cash
operating working capital.
(2) Excludes asset retirement obligations.
Operating Summary
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Three months ended March 31,
2008 2007
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Operating
Production
Crude oil & NGL's (bbls per day) 39 14
Natural gas (mcf per day) 5,091 3,952
BOE per day (6:1) 888 673
Netback per boe (6:1)
Petroleum and natural gas sales $ 49.80 $ 45.48
Royalties $ (11.63) $ (11.98)
Operating expenses $ (9.85) $ (6.32)
Transportation expenses $ (1.76) $ (1.68)
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Operating netback $ 26.56 $ 25.50
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Outlook
Triton has a $16.1 million capital budget for 2008 and plans to drill up to ten
(10.0 net) additional operated wells this year. Much of this drilling will be
focused in two of the Corporation's developing core areas: Newton and Sullivan
Lake.
At Newton, Triton has 100% operated working interest in two producing wells and
13 sections of land. Immediately following spring break-up, the Corporation
intends to tie-in a third 100% operated working interest well that was
successfully drilled in the first quarter of this year and commence drilling the
first of up to six additional 100% operated working interest wells that are
currently planned in this area prior to year-end.
At Sullivan Lake, Triton has an average 97% operated working interest in five
producing wells, 100% operated working interest in 13.75 sections of land and an
option on an additional 14 sections of land. The Corporation recently completed
shooting a 9.5 square mile proprietary 3-D seismic program as part of the
fourteen-section option it acquired in the first quarter of this year. After the
seismic interpretation is completed, Triton plans to drill a 100% operated
working interest well to fulfill its obligations under the aforementioned
option. Up to three additional 100% operated working interest wells are
currently planned in this area before 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 and tied-in, and timing of drilling and tie-in
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, results from testing,
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
6,000 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.
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