Triton Announces Financing, Acquisition and New Management Group

Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased
to announce that it has entered into a definitive agreement (the "Agreement")
which provides for (i) a non-brokered private placement of an aggregate of $10.0
million (the "Private Placement"), (ii) the acquisition of assets from Waldron
Energy Corporation, a private oil and gas company (the "Waldron Acquisition"),
(iii) the appointment of a new management team and board of directors
(collectively, the "Management Group"), and (iv) a rights offering to current
holders of Triton common shares (the "Rights Offering") (collectively the
"Transaction").


The new management team will be led by Ernest G. Sapieha as President & Chief
Executive Officer, Murray J. Stodalka as Executive VP Engineering & Operations,
Byron Lissel as VP Exploration and Nanna Eliuk as VP Geophysics & Land
(collectively, the "Management Team"). The Management Team is also complemented
by a full team of experienced professionals.


Upon closing of the Transaction, the new board of directors will be comprised of
Donald Archibald, John E. Zahary, Thomas A. Budd, David R.J. Lefebvre and Ernest
G. Sapieha, and possibly one additional director designated by Messrs. Sapieha
and Stodalka.


It is anticipated that the shareholders of Triton will be asked to approve a
change of the Corporation's name to "Waldron Energy Corp." at the next meeting
of the shareholders. 


Management Team
 
The Management Team has significant expertise and a proven track record of
creating shareholder value, most recently at Compton Petroleum Corporation
("Compton"). Using a strategy focused on exploring, developing and acquiring
unconventional natural gas reserves, controlling infrastructure and operating
with high working interest, the Management Team grew Compton from inception to
an intermediate producer with over 30,000 boepd of production, 1.3TCF (215MMboe)
of reserves and over $500 million in retained earnings.


Additionally, the Management Team brings to Triton, through Waldron Energy
Corporation ("Waldron"), a new core focus area in Central Alberta with
undeveloped lands and prospects with significant room to expand. These lands
include a number of drill ready prospects and re-completions targeting deep
basin liquids rich tight natural gas, where the Management Team has considerable
drilling experience. The team has drilled in excess of 1,000 wells in Alberta,
including a significant number of successful deep horizontal multi-staged
fractured wells. 


The Management Team will apply its past experience to grow the recapitalized
Triton through a combination of organic growth and acquisitions. The Management
Team has assembled a full team of professionals that possess the skills,
experience and desire to repeat their previous success.




Ernest G. Sapieha, CA     Mr. Sapieha has in excess of 25-years of executive
President & CEO           experience in the oil and gas industry.           
Director                  Previously, Mr. Sapieha was the founder of Compton
                          and acted as President & CEO until January 2009.  
                                                                            
Murray J. Stodalka, P.Eng Mr. Stodalka is a professional engineer with over 
Executive VP Engineering  25-years of engineering and operations experience 
 & Operations             in the oil and gas industry. Previously, Mr.      
                          Stodalka was VP Engineering and Operations at     
                          Compton from 1996 to March 2009, and prior thereto
                          held progressively senior positions at Texaco,    
                          Exxon USA and Pennzoil.                           
                                                                            
Byron Lissel, P.Geol      Mr. Lissel is a professional geologist with over  
VP Exploration            25-years of experience in the oil and gas         
                          industry.  Mr. Lissel was Compton's original VP   
                          Exploration and was responsible for the assembly  
                          of Compton's Southern Alberta land base, which    
                          lead to the discovery of the Hooker resource play.
                          Subsequent to Compton, Mr. Lissel held the        
                          position of VP Exploration at Pocaterra Resources,
                          Tsunami Exploration and Stratosphere Energy.      
                                                                            
Nanna Eliuk, P. Geoph     Ms. Eliuk is a professional geophysicist with over
VP Geophysics & Land      15-years of experience in the oil and gas         
                          industry.  Ms. Eliuk spent five years at Compton  
                          as a Senior Geophysicist and prior thereto held   
                          senior positions at Hunt Oil and Husky Energy.    



New Board of Directors
 
The new board of directors will be comprised of individuals with strong track
records and distinguished careers in both the oil & gas and capital markets
industry. The directors have held prominent lead positions within a range of
successful companies, and their combined experience and expertise will provide
the Management Team with invaluable advice, guidance and support.




Donald Archibald,         Mr. Archibald is an independent businessman and   
 B.Comm,MBA               brings an extensive wealth of knowledge and       
Director                  experience as a leader in the public oil and gas  
                          industry. Currently, Mr. Archibald is Chairman at 
                          Iteration Energy Ltd. and Cequence Energy Ltd.,   
                          and serves as a director at Progress Energy       
                          Resources Corp., Ember Resources Inc., Sea NG     
                          Corp., Spartan Exploration Ltd. and several other 
                          private companies.  Previously, Mr. Archibald held
                          the position of Chairman & CEO at Cyries Energy   
                          Inc., and President & CEO at Cequel Energy Inc.   
                          and Cypress Energy Inc.                           
                                                                            
John E. Zahary, M.Phil,   Mr. Zahary is a well recognized professional      
 P.Eng                    engineer and chief executive with extensive       
Director                  experience, currently acting as President & CEO of
                          Harvest Energy Trust. Prior to his current role,  
                          Mr. Zahary was President & CEO of Viking Energy   
                          Trust.  Mr. Zahary is a past governor of the      
                          Canadian Association of Petroleum Producers, past 
                          chair and current board member of the Petroleum   
                          Technology Research Center and past President and 
                          current board member at the Alberta Chamber of    
                          Commerce.  Mr. Zahary also presently serves as a  
                          director at several public and private            
                          corporations.                                     
                                                                            
Thomas A. Budd, MBA, CMA  Mr. Budd is an independent investor and has       
Director                  established a reputation as one of Canada's top   
                          mergers and acquisitions and financial advisors,  
                          playing an instrumental part in a significant     
                          amount of Canada's oil & gas transactions.  Most  
                          recently, Mr. Budd served as President and Vice   
                          Chairman, Head of Investment Banking at GMP Corp. 
                          and Griffiths McBurney Canada Corp. until 2008.   
                                                                            
David R. J. Lefebvre,     Mr. Lefebvre is a partner of Stikeman Elliott LLP 
 M.A., LL.M               and a leading corporate, securities and mergers   
Director                  and acquisitions lawyer.  Mr. Lefebvre's focus has
                          been on national and international mergers and    
                          acquisitions, capital markets, project financings,
                          private equity and corporate governance.  Mr.     
                          Lefebvre currently serves on the board of         
                          directors of a number of public and private       
                          companies.                                        
                                                                            
Ernest G. Sapieha, CA     As above.                                         
Director, President & CEO                                                   



Corporate Strategy

The Management Team has extensive experience in creating shareholder value
through a focused full-cycle business plan and believes the current market
environment of depressed commodity prices, resulting in decreased prices for
assets, lands, and services, provides the ideal opportunity to position Triton
as a strong player in natural gas resource plays complemented by light oil. 


Not only has the Management Team worked together successfully in the past, they
also possess the knowledge and technical expertise required to grow the
recapitalized Triton on a cost-effective basis. Using the proven business model
of being a dominant player in core areas, operating with high working interests,
and achieving operating efficiency by controlling infrastructure, the goal of
the Management Team following the completion of the Transaction will be for the
Corporation to achieve high returns on investment on top quality economic plays
on a full-cycle basis. 


Following the Transaction, the business plan will be to focus on the deep basin
of Alberta and to continue to generate a repeatable inventory of liquids rich
tight natural gas drilling prospects in Central Alberta, accompanied by light
oil prospects. In order to achieve this plan, the Management Team will
concentrate on the internal generation of prospects and strategic acquisitions
followed by an aggressive exploration, development and exploitation program. It
is expected that the recapitalized Triton will be debt-free with production of
approximately 810 boepd.


Private Placement 

Pursuant to the Private Placement, the Management Group, together with
additional subscribers identified by the Management Group, will subscribe for a
combination of up to 30,769,231 units (the "Units") of Triton at a price of
$0.26 per unit and up to 23,076,923 common shares (the "Common Shares") of
Triton at a price of $0.13 per Common Share, for total proceeds of $10.0
million. It is anticipated that the Units will be subscribed for by members of
the Management Group and other third party investors. The Common Shares issued
under the Private Placement will be issued to other third party investors. 


Each Unit will consist of one Common Share, one Common Share issued on a
"flow-through basis" and two Common Share purchase warrants (the "Performance
Warrants"). Each Performance Warrant will entitle the holder to purchase one
Common Share at a price of $0.17 for a period of 5 years. The Performance
Warrants will vest and become exercisable as to one-third upon the 20-day
weighted average trading price of the Common Shares ("Trading Price") equaling
or exceeding $0.24, an additional one-third upon the Trading Price equaling or
exceeding $0.36 and a final one-third upon the Trading Price equaling or
exceeding $0.42. 


Following the completion of the Private Placement and the Waldron Acquisition,
and after giving effect to the Rights Offering, assuming that 100% of the rights
exercisable thereunder are exercised, it is anticipated that members of the
Management Group will purchase an aggregate of $6 million to $7 million of Units
under the Private Placement, representing approximately 43 to 49 percent of the
basic outstanding Common Shares and approximately 57 to 64 percent of the
outstanding Common Shares on a fully-diluted basis.


Proceeds from the Private Placement will initially be used to pay off bank debt
and for working capital purposes.


Waldron Acquisition

Triton will also acquire the undeveloped land and drill ready and re-completion
prospects of Waldron for aggregate proceeds of $1.98 million. In consideration
thereof, Triton will issue 15,200,000 units ("Waldron Units") at a price of
$0.13 per Waldron Unit. Each Waldron Unit shall consist of one Common Share and
one Common Share purchase warrant, which will have the same terms as the
Performance Warrants.


Escrow

75% of the Units issued to new officers, directors and employees of Triton and
their associates and affiliates under the Private Placement and 75% of the
Waldron Units will be subject to contractual escrow. The escrowed securities
will be released in successive six-month intervals such that one-third of the
escrowed securities will be released six months after the closing date of the
Private Placement, one-third will be released 12 months after the closing date
of the Private Placement and the remaining one-third will be released 18 months
after the closing date of the Private Placement.


Rights Offering

The Agreement also provides that, following the completion of the Private
Placement, the Waldron Acquisition and the appointment of the Management Group,
Triton will initiate the Rights Offering by way of a rights offering circular.
The Rights Offering will allow holders of Common Shares, as at the record date
set by the board of directors in respect of the Rights Offering (the "Record
Date"), to be issued one right for each Common Share held. Each four full rights
will entitle the holder to purchase one Common Share. The exercise price under
the Rights Offering shall, subject to regulatory approval, be $0.13 per share,
being equal to the price of the Common Shares issued under the Private
Placement. Subscribers for Common Shares or Units pursuant to the Private
Placement and recipients of the Waldron Units will not be entitled to
participate in the Rights Offering with respect to any such securities. The
Rights Offering is subject to the approval of the TSX Venture Exchange ("TSXV")
and other applicable regulatory authorities. The Record Date for the Rights
Offering will be established once all regulatory approvals are obtained.


Shareholder and Stock Exchange Approvals

Completion of the Transaction is subject to a number of conditions and approvals
including, but not limited to, the approval of the TSXV and the approval by a
majority of the shareholders of Triton. If required, shareholder approval may be
achieved by Triton obtaining, on or before December 30, 2009, written consent
from shareholders holding not less that 50.1% of the outstanding Common Shares
(the "Written Consent"). In the event the Written Consent is not obtained,
Ernest G. Sapieha and Murray J. Stodalka have the ability to terminate the
Transaction or, at their election, to determine whether or not they want to
proceed with a meeting of shareholders of Triton to approve the Transaction.
Messrs. Sapieha and Stodalka are Control Persons of Waldron as defined in TSXV
Policy 1.1.


Board of Directors' Recommendation

The board of directors of Triton has determined that the Transaction is in the
best interest of Triton's shareholders, has unanimously approved the Transaction
and recommends that Triton's shareholders approve the Agreement and execute the
Written Consent. Any shareholder of Triton wishing to obtain and execute the
Written Consent should contact Triton as set out below. 


The board of directors and officers of Triton who, in aggregate, control
approximately 10% of the Common Shares, have entered into support agreements or
agreed to enter into support agreements pursuant to which they have agreed or
will agree, among other things, to execute the Written Consent. 


The Agreement

The Agreement contains a number of customary representations, warranties and
conditions and provides for a non-completion fee of $300,000 payable by Triton
to certain members of the Management Group in certain circumstances. The
complete Agreement will be accessible on Triton's SEDAR profile at
www.sedar.com. 


Financial Advisors

Macquarie Capital Markets Canada Ltd. is acting as financial advisor to Triton
with respect to the Transaction.


National Bank Financial Inc. is acting as financial advisor to the Management
Group and Blackmont Capital Inc. is acting as strategic advisor with respect to
the Agreement. 


About Triton

Triton Energy Corp. is a Calgary, Alberta based company 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, management's assessment of future plans and operations,
and, more particularly, statements concerning the completion of the Transaction
contemplated by the Agreement, the business plan of the Management Group, use of
proceeds and debt levels and production following completion of the Transaction.



When used in this document, the words "will," "anticipate," "believe,"
"estimate," "expect," "intent," "may," "project," "should," and similar
expressions are intended to be among the statements that identify
forward-looking statements. 


The forward-looking statements are founded on the basis of expectations and
assumptions made by Triton, which include, but are not limited to, the timing of
the receipt of the required shareholder, regulatory and third party approvals,
the future operations of, and transactions completed by, Triton as well as the
satisfaction of other conditions pertaining to the completion of the
Transaction. 


Forward-looking statements are subject to a wide range of risks and
uncertainties, and 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. 


Any number of important factors could cause actual results to differ materially
from those in the forward-looking statements including, but not limited to,
shareholder, regulatory and third party approvals not being obtained in the
manner or timing set forth in the Agreement, the ability to implement corporate
strategies, the state of domestic capital markets, the ability to obtain
financing, changes in general market conditions and other factors more fully
described from time to time in the reports and filings made by Triton with
securities regulatory authorities. 


Except as required by applicable laws, Triton does not undertake any obligation
to publicly update or revise any forward-looking statements. 


The term "Boe" may be misleading, particularly if used in isolation. A boe
conversion of 6 Mcf: 1 bbl is based upon an energy equivalency conversion method
primarily applicable at the burner tip and it does not represent a value
equivalency at the well head.