We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to announce that it has approved a $20.5 million 2010 capital expenditure budget, has closed the previously announced $7.5 million bought deal financing (the "Offering") of common shares ("Common Shares") issued on a flow-through basis, intention to apply for the listing of its Common shares on the Toronto Stock Exchange, proposed share consolidation and proposed name change. 2010 CAPITAL BUDGET Triton's 2010 capital expenditure budget achieves a balance between low to medium risk opportunities and high impact exploration concepts funded through cash flow and available credit facilities in its west central Alberta core area. The Corporation's presently budgeted opportunities for 2010 include high impact Ellerslie liquids rich natural gas; horizontal Glauconite liquids rich natural gas on the Hoadley trend; Belly River, Ellerslie and Viking Oil; and the acquisition of undeveloped acreage and seismic. The 2010 budget will be reviewed and updated at the start of the third quarter to account for the results of budgeted operations to the end of the second quarter. Triton's Board of Directors has approved a 2010 capital budget of $20.5 million which includes: -- Drilling 9 net wells -- Two Ellerslie well deepenings in Ricinus -- One Ellerslie vertical drill well in Ricinus -- Two Glauconite horizontal drill wells in Crystal -- One vertical and two horizontal Belly River oil drill wells in Crystal -- One Viking oil well in Ferrybank -- Oil well optimization and work over activity in the Crystal and Ferrybank areas -- Acquisition of land and seismic in Triton's core area of Strachan/Ricinus Production at the end of February was approximately 1,950 boe/d (75% natural gas; 25% oil & liquids). The current budget is projected to have an average production rate of 2,050 boe/d for the year and an estimated 2010 December average monthly rate of 2,800 boe/d. Triton will fund the capital budget through estimated cash flow of $12-13 million, proceeds of the Offering and available credit facilities. Average 2010 price assumptions underlying the estimated cash flow are CDN$75.00/bbl for oil and CDN$5.00/mcf AECO for natural gas. FINANCING Pursuant to the Offering, on March 31, 2010 Triton issued 34,100,000 Common Shares at a price of $0.22 per Common Share issued on a flow-through basis for gross proceeds of $7.5 million through a syndicate of underwriters led by National Bank Financial Inc. and including FirstEnergy Capital Corp., Macquarie Capital Markets Canada Ltd., Desjardins Securities Inc. and Raymond James Ltd. The proceeds of the Offering will be used to finance Triton's capital expenditure program for this year and next. There are now currently 286.2 million Common Shares issued and outstanding (358.0 million fully diluted). APPLICATION TO THE TSX, SHARE CONSOLIDATION AND NAME CHANGE The Corporation anticipates making application to list its Common Shares on the Toronto Stock Exchange and to graduate from the TSX Venture Exchange by the end of the second quarter of 2010. Triton is also pleased to announce that it intends to propose a consolidation (the "Share Consolidation") of its issued and outstanding Common Shares on the basis of one (1) new common share for up to eight (8) Common Shares currently issued and outstanding subject to shareholder approval at the Corporation's Annual General and Special Meeting which is expect to take place at the end of May of 2010. In connection with the proposed Share Consolidation, the Corporation intends to propose a name change and may also seek a new stock trading symbol from the TSX Venture Exchange. The Corporation intends to change its name to "Waldron Energy Corporation" or such other name as may be determined by the Board of Directors and as may be accepted by the TSX Venture Exchange and approved by shareholders at the Annual General and Special Meeting. OPERATIONAL UPDATE AND OUTLOOK Triton commenced 2010 with approximately 850 boe/d of production with high impact exploration lands and concepts in the Strachan/Ricinus core area. At the end of February the Corporation acquired approximately 1,100 boe/d of production in the Crystal and Ferrybank areas with a substantial land base that offers low to medium risk development and exploitation opportunities. The Ferrybank and Crystal acquisition offers multi-zone potential and the Corporation has identified numerous prospective zones on its lands including: Mississippian, Rock Creek, Ellerslie, Glauconite, Viking, Cardium, Belly River, Edmonton and Horseshoe Canyon. The Corporation operates with high working interests with access to and/or control of infrastructure. Commencing in March 2010, the short term operational focus of the Corporation is on Ellerslie exploration, Glauconite horizontals, Belly River oil, workovers and recompletion opportunities. Ellerslie Liquids Rich Natural Gas Exploration Results from deepening the 6-30 -37-8W5 well have confirmed Triton's exploration concepts in its Strachan/Ricinus core area and the Corporation is immediately commencing a second deepening operation at the adjacent 100% owned 14-29-37-8W5M well. The 14-29 well is expected to encounter a thicker sand sequence based on 3D seismic interpretation. Additionally, Triton has licensed a 100% working interest 3,500 meter test well located ten miles south at Triton Ricinus 15-10-36-9W5M on the Ellerslie trend and the well is planned to spud in the second quarter of 2010. The Corporation has 20 net sections of land directly on-trend with the Ellerslie channel and, as a start, Triton currently has identified approximately 25 drilling locations on the trend. Glauconite Horizontals The Corporation has surveyed and plans to license two horizontal Glauconite wells from the same pad located at Crystal 3-33-44-3W5M. These two wells are expected to be drilled sequentially after the Ricinus 15-10-36-9W5M well has been drilled. Triton has 10 sections directly on the Hoadley Glauconite trend which is currently being drilled successfully by a Canadian independent producer adjacent to the Triton acreage. Belly River Oil, Workovers and Recompletion Opportunities At Ferrybank the Corporation is immediately focusing on workovers and has returned seven of twenty-five standing pumpjacks back to production resulting in 140 bbl/d of new oil production. After spring breakup, a second set of seven Ferrybank oil wells has been selected to be returned to production. Additionally, commencing in late June 2010 the Corporation is planning to start drilling the first of three Belly River oil wells (one vertical & two horizontals) on this oil play. Triton currently has 50 sections of undeveloped acreage prospective for Belly River oil which are being evaluated on this oil play. Viking Triton currently has 56 sections of undeveloped acreage prospective for Viking oil which are being mapped for oil resource play potential. Recent offsetting Crown land sale prices in the Crystal area have been very high. Select standing vertical wells will be worked over to test the limits and applicability of multistage fracture Viking oil development potential. Triton's December 31, 2009 and March 31, 2010 reserve reports ("Reserve Reports") are currently being prepared by GLJ Petroleum Consultants. The Reserve Reports and the December 31, 2009 annual audited financial statements are expected to be released by the end of April 2010. INVESTOR INFORMATION 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". Additional information regarding Triton is available under the Corporation's profile at www.sedar.com. This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Forward Looking and Cautionary Statements This news release contains forward-looking statements relating to the Corporation's plans and other aspects of the Corporation's anticipated future operations, strategies, financial and operating results and business opportunities. These forward-looking statements may include opinions, assumptions, estimates, management's assessment of value, reserves, future plans and operations. Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," "plan,," "intend," and similar expressions suggesting future outcomes, and statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. Specifically, this press release contains forward-looking statements relating to the number and location of drilling locations; current, future and average production rates; estimates of cash flow; application for listing to the Toronto Stock Exchange; share consolidation; proposed name change; shareholder meeting dates and other matters; whether or not shareholder approval is received; whether or not other geological zones are prospective; results and confirmation of exploration concepts; timing of operations; number of drilling locations; and timing of the release of the Corporation's reserve reports and financial statements. In addition, statements regarding reserves are deemed to be forward-looking statements, as they involve estimates and assumptions as to the expectation that the reserves can be economically exploited in the future. The forward-looking statements are based on various assumptions including expectations regarding the success of current or future drill wells; the outlook for petroleum and natural gas prices; estimated amounts and timing of capital expenditures; estimates of future production; assumptions concerning the timing of regulatory approvals; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; future exchange and interest rates; the Corporation's ability to obtain equipment in a timely manner to carry out development activities; and the ability of the Corporation to access capital. While the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; volatility of commodities prices; currency fluctuations; imprecision of reserves estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; general economic conditions; delays resulting from or inability to obtain required regulatory approvals and to satisfy various closing conditions; and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive. 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. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Triton does not undertake any obligation to publicly update or revise any forward-looking statements. Note Regarding BOEs The term barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf:1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
1 Year Triton Energy Corp. Chart |
1 Month Triton Energy Corp. Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions