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Share Name | Share Symbol | Market | Type |
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Triton Energy Corp. | TSXV:TEZ | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") is pleased to provide the following summary information from its annual independent reserve evaluation completed by AJM Petroleum Consultants for all of the Corporation's properties effective December 31, 2007 (the "AJM Report"). These estimates were prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101). 2007 HIGHLIGHTS - Production totaled an estimated 229 thousand barrels of oil equivalent at an average daily production rate of approximately 629 barrels of oil equivalent; - Triton exited 2007 with daily production of approximately 925 barrels of oil equivalent; - Proved plus probable reserve additions totaled 1,320 thousand barrels of oil equivalent; - Triton replaced estimated production by 576% with proved plus probable reserve additions; - Proved plus probable reserves increased by 287% to 1,674 thousand barrels of oil equivalent; - The Corporation increased its Reserves Life Index on a proved plus probable reserves basis to 5.0 years. - Estimated finding and development costs, including changes in future development costs, improved to $19.96 per barrel of oil equivalent on a proved reserves basis and $14.95 per barrel of oil equivalent on a proved plus probable reserves basis compared to $24.80 and $19.41, respectively, in 2006; - The net present value (before tax discounted at 10 percent) of total proved plus probable reserves increased by 224% to $27.9 million. RESERVES Triton's 2007 capital expenditures totaled approximately $17.5 million, which resulted in total proved plus probable reserve additions of 1,320 thousand barrels of oil equivalent. These additions represent a 576% replacement of the Corporation's estimated 2007 production of 229 thousand barrels of oil equivalent. During 2007, Triton increased total proved plus probable reserves by 287% to 1,674 thousand barrels of oil equivalent at December 31, 2007 compared to 583 thousand barrels of oil equivalent at December 31, 2006. Total proved reserves were increased by 270% to 1,202 thousand barrels of oil equivalent at December 31, 2007 compared to 446 thousand barrels of oil equivalent at December 31, 2006. Approximately 72% of the Corporation's total proved plus probable reserves at December 31, 2007 are natural gas while the remaining 28% are comprised of crude oil and natural gas liquids. The following table summarizes the Corporation's gross and net interests in proved and probable reserves at December 31, 2007 as assessed in the AJM Report using their December 31, 2007 forecasted price and cost assumptions. RESERVES (1)(2)(3) ----------------------------------------------- LIGHT AND MEDIUM OIL HEAVY OIL NATURAL GAS(4) --------------- --------------- --------------- RESERVES Gross Net Gross Net Gross Net CATEGORY (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mmcf) (Mmcf) ---------------------------- ------- ------- ------- ------- ------- ------- Proved Developed Producing 24.9 22.4 87.8 77.2 4,180.2 3,243.8 Non-Producing - - 75.2 62.4 380.3 293.7 Proved Undeveloped 61.1 48.7 - - 884.6 595.4 ------- ------- ------- ------- ------- -------- TOTAL PROVED 86.0 71.1 163.0 139.6 5,445.2 4,133.0 PROBABLE 64.2 54.5 100.3 86.2 1,802.8 1,424.6 ------- ------- ------- ------- ------- -------- TOTAL PROVED PLUS PROBABLE 150.2 125.5 263.3 225.8 7,248.0 5,557.5 ------- ------- ------- ------- ------- -------- ------- ------- ------- ------- ------- -------- RESERVES (1)(2)(3) ------------------------------- NATURAL GAS BARRELS OF OIL LIQUIDS EQUIVALENT(5) --------------- --------------- RESERVES Gross Net Gross Net CATEGORY (Mbbl) (Mbbl) (Mboe) (Mboe) ---------------------------- ------- ------- ------- ------- Proved Developed Producing 29.5 20.8 838.9 660.9 Non-Producing 5.1 3.7 143.7 115.1 Proved Undeveloped 11.1 6.6 219.6 154.5 ------- ------- ------- -------- TOTAL PROVED 45.6 31.1 1,202.1 930.6 PROBABLE 7.2 4.9 472.2 383.0 ------- ------- ------- -------- TOTAL PROVED PLUS PROBABLE 52.8 36.0 1,674.3 1,313.6 ------- ------- ------- -------- ------- ------- ------- -------- (1) Numbers in this table are subject to round off error. (2) Gross reserves are the Corporation's working interest share prior to the deduction of royalty obligations and inclusion of royalty interests. (3) Net reserves are the Corporation's working interest share after the deduction of royalty obligations and the inclusion of royalty interests. (4) Natural gas volumes include solution gas volumes associated with the Corporation's light and medium crude oil reserves. (5) Natural gas is converted to barrels of oil equivalent ("boe") at a ratio of six thousand standard cubic feet to one barrel of oil. NET PRESENT VALUES OF RESERVES The following table summarizes Triton's share of the net present value of its reserves before and after tax but prior to the provision for interest and general and administrative expenses. The forecast prices used in the reserve report were AJM Petroleum Consultant's price forecast as of December 31, 2007. NET PRESENT VALUES OF FUTURE REVENUE(1)(2)(3)(4) -------------------------------------------------- BEFORE INCOME TAXES DISCOUNTED AT (%/year) -------------------------------------------------- RESERVES 0 5 10 15 20 CATEGORY (M$) (M$) (M$) (M$) (M$) ---------- --------- --------- --------- --------- Proved Developed Producing 21,596.7 19,133.4 17,201.1 15,667.2 14,428.0 Non-Producing 3,629.6 2,107.0 1,318.0 881.7 625.8 Proved Undeveloped 3,895.6 3,018.0 2,348.4 1,827.0 1,413.7 --------- -------- -------- -------- --------- TOTAL PROVED 29,122.0 24,258.4 20,867.6 18,375.9 16,467.4 PROBABLE 14,341.2 9,620.0 7,030.7 5,452.8 4,410.6 --------- -------- -------- -------- --------- TOTAL PROVED PLUS PROBABLE 43,463.2 33,878.4 27,898.2 23,828.8 20,877.9 --------- -------- -------- -------- --------- --------- -------- -------- -------- --------- NET PRESENT VALUES OF FUTURE REVENUE(1)(2)(3)(4) -------------------------------------------------- AFTER INCOME TAXES DISCOUNTED AT (%/year) -------------------------------------------------- RESERVES 0 5 10 15 20 CATEGORY (M$) (M$) (M$) (M$) (M$) ---------- --------- --------- --------- --------- Proved Developed Producing 15,548.8 13,801.7 12,413.8 11,307.9 10,414.1 Non-Producing 2,811.9 1,615.9 1,003.3 667.7 472.4 Proved Undeveloped 2,830.9 2,097.9 1,546.4 1,121.9 788.8 --------- -------- -------- -------- --------- TOTAL PROVED 21,191.6 17,515.5 14,963.5 13,097.5 11,675.3 PROBABLE 10,675.8 7,118.7 5,177.7 4,000.3 3,225.5 --------- -------- -------- -------- --------- TOTAL PROVED PLUS PROBABLE 31,867.4 24,634.2 20,141.2 17,097.8 14,900.8 --------- -------- -------- -------- --------- --------- -------- -------- -------- --------- (1) Utilizes AJM Petroleum Consultants price forecast as of December 31, 2007 as detailed below. (2) Values are net of abandonment liabilities. (3) Numbers in this table are subject to round off error. (4) The net present values of future net revenue do not represent fair market value. PRICE FORECASTS The following price forecasts were used to determine future revenues from the Corporation's reserves. OIL ------------------------------- Edmonton Hardisty Oil Heavy WTI Price 40 12 Cushing degrees degrees Oklahoma API API Year ($US/Bbl) ($Cdn/Bbl) ($Cdn/Bbl) --------- --------- ---------- ---------- Forecast 2008 $85.00 $85.65 $50.65 2009 $81.60 $84.75 $49.75 2010 $81.15 $87.05 $52.75 2011 $79.60 $87.25 $54.00 2012 $77.95 $85.40 $52.15 2013 $77.30 $84.60 $51.35 2014 $78.85 $86.30 $53.05 2015 $80.40 $88.05 $54.80 2016 $82.00 $89.80 $55.50 2017 $83.65 $91.60 $56.60 2018 $85.35 $93.45 $58.45 2019+ Escalated oil, gas and product prices at approximately 2% per year thereafter Alberta AECO Average Pentanes Butanes Gas Plus Price Inflation Exchange Price Edmonton Edmonton Rates(1) Rate(2) Year ($Cdn/Mcf) ($Cdn/Bbl) ($Cdn/Bbl) %/Year ($US/$Cdn) --------- ---------- ---------- ---------- ---------- ---------- Forecast 2008 $ 6.90 $89.95 $68.50 0.0% 0.980 2009 $ 7.75 $89.00 $67.80 2.0% 0.950 2010 $ 8.10 $91.40 $69.65 2.0% 0.920 2011 $ 8.50 $91.60 $69.80 2.0% 0.900 2012 $ 8.65 $89.65 $68.30 2.0% 0.900 2013 $ 9.10 $88.85 $67.70 2.0% 0.900 2014 $ 9.30 $90.60 $69.05 2.0% 0.900 2015 $ 9.50 $92.45 $70.45 2.0% 0.900 2016 $ 9.65 $94.29 $71.85 2.0% 0.900 2017 $ 9.85 $96.20 $73.30 2.0% 0.900 2018 $10.05 $98.10 $74.75 2.0% 0.900 2019+ Escalated oil, gas and product prices at approximately 2% per year thereafter 2.0% 0.900 (1) Inflation rates for forecasting prices and costs. (2) Exchange rates used to generate the benchmark reference prices in this table. FINDING AND DEVELOPMENT COSTS The Corporation's finding and development costs (including changes in future development costs) for 2007 are estimated to be $19.96 per barrel of oil equivalent on a proved reserves basis and $14.95 on a proved plus probable reserves basis. FINDING AND DEVELOPMENT COSTS 2007(1) 2006 ----------------------------------------------- -------- -------- Capital Expenditures (millions)(2) $ 17.5 $ 11.4 Proved Reserves Added (mboe) 985 493 Proved Plus Probable Reserves Added (mboe) 1,320 631 Average Cost/boe (proved) $19.96 $24.80 Average Cost/boe (proved plus probable) $14.95 $19.41 (1) Estimated. (2) Includes exploration and development costs. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for that year. (3) The Corporation had no petroleum or natural gas reserves in 2005 and thus the Corporation cannot provide a three-year average. However, the two-year average cost per boe is $22.38 (proved) and $17.18 (proved plus probable). RESERVES COMMITTEE Triton has a Reserves Committee comprised of a majority of independent board members, which reviews the qualifications and appointment of the independent reserve evaluators. The Reserves Committee also reviews the process for providing information to the evaluators and meets with the independent evaluators to discuss the procedures used in the independent report, to review major property assessments and to discuss any areas of risk. The AJM Report was reviewed by Triton's Reserves Committee and subsequently approved by the Corporation's Board of Directors on February 1, 2008. 2008 CAPITAL EXPENDITURES BUDGET The Corporation's Board of Directors has approved a preliminary capital expenditures budget of $16.1 million for 2008, which includes drilling up to fourteen (fourteen net) wells. Triton's 2008 drilling program combines lower risk, medium risk and higher risk drills. On a risk basis, approximately fifty percent of the drilling budget is expected to be spent on lower risk prospects at Inland, Sullivan Lake, Lloydminster and Lanaway. Forty percent is budgeted for medium risk prospects at Newton, Alexander, Giroux Lake and Sullivan Lake, with the remaining ten percent reserved for one or more higher risk prospects not as yet determined. Triton expects to fund its 2008 capital expenditures program primarily with cash flow and credit facilities. An updated Corporate Presentation is available for viewing at Triton's website, www.tritonenergy.ca. 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, production, proved and proved plus probable reserves, commodity prices, estimated finding and development costs, capital expenditures, the number and location of wells to be drilled and sources of capital. 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 six thousand standard cubic feet of natural gas to one 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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