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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. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) 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 ---------------------------------------------------------------------------- Three months ended March 31, 2008 2007 ---------------------------------------------------------------------------- Financial ($000's except for per share amounts) Petroleum and natural gas sales 4,023 2,753 Funds from (used in) operations(1) 1,760 1,245 Per share basic(1) 0.05 0.05 Per share diluted(1) 0.05 0.05 Net earnings (loss) 9 (172) Per share basic 0.00 (0.01) Per share diluted 0.00 (0.01) Working capital 2,694 4,390 Capital expenditures(2) 3,656 5,502 Total assets 32,593 29,279 Shareholders' equity 23,091 22,059 ---------------------------------------------------------------------------- Common Shares (000's) Shares outstanding, end of period Weighted average common shares - basic 34,532 25,663 Weighted average common shares - diluted 34,634 25,663 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- Three months ended March 31, 2008 2007 ---------------------------------------------------------------------------- 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, net of ARTC $ (11.63) $ (11.98) Operating expenses $ (9.85) $ (6.32) Transportation expenses $ (1.76) $ (1.68) ---------------------------------------------------------------------------- Operating netback $ 26.56 $ 25.50 ---------------------------------------------------------------------------- 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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