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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") announces financial and operating results for the three and six months ended June 30, 2008. Triton has filed its unaudited financial statements for the three and six months ended June 30, 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 Second Quarter of 2008 - Petroleum and natural gas sales increased 113% to $3.54 million compared to $1.66 million in the second quarter of 2007. - Funds from operations increased 149% to $1.77 million ($0.05 per share) compared to $0.71 million ($0.03 per share) in the second quarter of 2007. - Net income totaled $294,946 compared to a net loss of $153,914 in the second quarter of 2007. - Production increased 65% to an average of 689 barrels of oil equivalent ("boe") per day during the quarter compared to an average of 418 boe per day during the second quarter of 2007. - Capital expenditures totaled $3.72 million, of which $1.94 million was spent on land and seismic, $0.90 million on drilling and completions, and $0.85 million on facilities. - Triton drilled two 100% working interest wells resulting in two successful natural gas wells. - Both successful wells were tied-in during June with one well placed on production in late June while the other well was completed and production tested in-line (on production in late July). - An additional 3,200 net acres of undeveloped land were acquired at Crown land sales, bringing the Corporation's total undeveloped land position to approximately 53,000 net acres at June 30, 2008. Financial Summary ---------------------------------------------------------------------------- Three months ended Six months ended June 30, June 30, 2008 2007 2008 2007 ---------------------------------------------------------------------------- Financial ($000's except (unaudited) (unaudited) (unaudited) (unaudited) for per share amounts) Petroleum and natural gas sales 3,538 1,656 7,561 4,409 Funds from (used in) operations(1) 1,765 706 3,525 1,951 Per share basic & diluted(1) 0.05 0.03 0.10 0.07 Net earnings (loss) 295 (154) 304 (326) Per share basic & diluted(2) 0.01 (0.01) 0.01 (0.01) Working capital (4,111) 2,091 (4,111) 2,091 Capital expenditures(3) 3,716 3,030 7,372 8,531 Total assets 34,573 26,672 34,573 26,672 Shareholders' equity 23,943 22,009 23,943 22,009 ---------------------------------------------------------------------------- Notes (1) Funds from (used in) 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) At June 30, 2008 there were 2,725,000 options to purchase common shares and 1,200,000 non-transferable common share purchase warrants outstanding that have not been included in the calculation of the weighted average shares outstanding as the effect would be anti- dilutive. (3) Excludes asset retirement obligations. Operating Summary ---------------------------------------------------------------------------- Three months ended Six months ended June 30, June 30, 2008 2007 2008 2007 ---------------------------------------------------------------------------- Operating Production Crude oil (bbls per day) 24 8 32 11 Natural gas (mcf per day) 3,994 2,458 4,542 3,201 BOE per day (6:1) 689 418 789 544 Netback per boe (6:1) Petroleum and natural gas sales $ 56.39 $ 43.56 $ 52.68 $ 44.74 Royalties, net of ARTC $ (9.66) $ (9.32) $(10.77) $(10.95) Operating expenses $ (9.35) $ (6.66) $ (9.63) $ (6.45) Transportation expenses $ (1.85) $ (1.54) $ (1.80) $ (1.62) ---------------------------------------------------------------------------- Operating netback $ 35.53 $ 26.04 $ 30.48 $ 25.72 ---------------------------------------------------------------------------- On July 2, 2008 Triton closed a sale of its 25% non-operated working interest in three (0.75 net) natural gas wells in the Girouxville area for $1 million, with an effective date of July 1, 2008. The sale included approximately 17 boe per day of net production. Current net production is estimated to be approximately 825 to 850 boe per day from 14 (13.6 net) wells, all of which are operated by Triton, with an additional estimated 500 boe per day of production that is expected to be on-stream in the fourth quarter. Outlook Triton's 2008 capital expenditures budget includes drilling up to seven (7.0 net) wells in the second half of 2008, four wells targeting natural gas and three wells targeting oil, all in formations between 1,000 and 1,500 meters in depth. Triton's summer drilling program and field operations have been proceeding with a focus at Newton and at Sullivan Lake. At Newton, Triton has four (4.0 net) operated natural gas wells currently producing approximately 347 boe per day. A fifth successful well has recently been drilled and completed and is expected to be on production by the end of October. The Corporation has 13 (12.75 net) sections of land at Newton (8,160 net acres) and plans to drill one or possibly two additional 100% working interest wells here before year-end at seismically and geologically identified locations. At Sullivan Lake, Triton has five (4.85 net) operated natural gas wells currently producing approximately 314 boe per day. The Corporation has 16 (15.75 net) sections of land at Sullivan Lake (10,080 net acres) and an additional 14 sections (8,960 acres) under option. Two 100% working interest wells are budgeted for drilling in the second half of 2008 at seismically and geologically identified locations. Additionally, Triton will be participating in the completion and tie-in of one (0.5 net) non-operated oil well at Lanaway with completion operations scheduled to begin in late August. The Corporation currently plans to finance the balance of its 2008 capital expenditures program utilizing funds from operations and available credit facilities. 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, budgeted capital expenditures and funding thereof, wells to be drilled, timing of drilling of wells and commencement of production from 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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