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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 operational results for three months ended March 31, 2010. These reports are available for review at www.sedar.com and on the Corporation's website at www.tritonenergy.ca. Q1 2010 Highlights -- First quarter 2010 production averaged 1,326 boepd compared to 909 boepd in the first quarter of 2009 representing a 46% increase. -- Funds from operations was $1.45 million ($0.01 per share basic and diluted) in the first quarter of 2010 compared to $0.71 million ($0.02 per share basic and diluted) in the first quarter of 2009 representing an increase of 104%. -- Ellerslie exploration discovery, extension of Ellerslie channel and undeveloped land acquisition. -- Acquisition in core area of reserves, including approximately 1,100 boepd of production and undeveloped acreage at the end of February 2010 for gross consideration of $45 million. -- Raised net $32.5 million through equity financings during the first quarter of 2010. ---------------------------------------------------------------------------- Three months ended March 31, 2010 2009 ---------------------------------------------------------------------------- Financial ($000's except for per share amounts) (unaudited) (unaudited) Petroleum and natural gas sales 4,297 2,557 Funds from operations 1,456 713 Per share basic & diluted 0.01 0.02 Net loss 955 702 Per share basic & diluted (0.01) (0.02) Working capital deficiency (excluding bank debt) 664 239 Current Bank Debt (credit facilities $28 million) 15,388 - Capital expenditures 4,817 4,226 Acquisitions 44,753 - ---------------------------------------------------------------------------- Operating Production Crude oil (bbls per day) 107 49 NGLs (bbls per day) 99 14 Natural gas (mcf per day) 6,722 5,076 BOE per day (6:1) 1,326 909 Average realized price Crude oil $ 77.45 $ 30.84 NGLs $ 55.22 $ 36.62 Natural gas $ 5.06 $ 5.20 Netback per boe (6:1) Petroleum and natural gas sales $ 36.01 $ 31.24 Royalties $ (5.28) $ (6.69) Operating expenses $ (9.95) $ (9.79) Transportation expenses $ (1.78) $ (1.79) ---------------------------------------------------------------------------- Operating netback $ 19.00 $ 12.97 ---------------------------------------------------------------------------- Operational Summary In the first quarter of 2010, Triton made significant steps in its exploration and development program with a liquids rich natural gas discovery in its Ricinus core area. Triton deepened a suspended well at Strachan 6-30 -37-8W5 ("6-30 well") by 55 meters and discovered a six meter Ellerslie channel sand at 3,120 meters. This significant discovery not only extended the Ferrier Ellerslie F pool located 6 miles to the north east, it also confirmed Triton's exploration concepts. To capitalize on this success, Triton also acquired 15 sections of land directly on trend with this discovery and now holds 20 net sections on the trend with a large inventory of drilling locations identified. Outlook During the second quarter of 2010, Triton has been very successful with a second Ellerslie liquids rich natural gas discovery. In April 2010, Triton deepened a 100% owned Strachan 14-29-37-8W5 well ("14-29 well") and encountered a twenty-three meter thick Ellerslie sand that directly correlates to Triton's 3D seismic. Gas in place per section is estimated at 2 BCF per net meter with 11 meters of net pay and 35 bbls of liquids per MMcf of gas sales. Additionally, on May 10, 2010, Triton spud a 3,500 meter exploration well at Ricinus 15-10-36-9W5 ("15-10 well"), which is located 10 miles to the south of the successful 14-29 well. This well is also targeting the Ellerslie formation and is to be drilled to approximately 3,500 meters. Currently, Triton has over 25 additional drilling locations on the identified Ellerslie trend. In addition, Triton is commencing a ten section 3D seismic program on its Strachan lands over the next few months. Triton is also planning a Glauconite horizontal test well at its Crystal core area for the second quarter. The well, located at 3-33-45-3W5 ("3-33 well"), will be drilled to a depth of approximately 3,400 meters. Additionally, in the Corporation's Belly River light oil pool, Triton is developing horizontal and infill drilling plans to increase the current low recoverability factor of 5%. The pool contains an estimated 170 million barrels of light oil in place and increased recoverability would be significant in both reserves and production additions. Triton has approximately 50% working interest in this Belly River light oil pool. Triton has averaged approximately 2,425 boe per day for the last two weeks, since May 12, 2010. Second quarter production will be affected by the May 25, 2010 Keyera Strachan gas plant turnaround, which will defer 700 boe/d of production for three weeks. Triton's credit facilities have now been increased to $28 million and details regarding the facilities can be found in the Corporation's March 31, 2010 unaudited interim financial statements. Additionally, Triton is in the process of making an application to list its Common Shares on the Toronto Stock Exchange ("TSX") and is expected to graduate to the TSX during the third quarter of 2010. Triton is also proposing a 10 to 1 share consolidation and a name change to "Waldron Energy Corporation" (symbol: WDN) at its Annual General and Special Meeting. The consolidation and name change will be implemented shortly after shareholder approval at the June 8, 2010 Annual General and Special Meeting. Annual General and Special Meeting Triton's Annual General and Special Meeting will be held June 8, 2010 at 3:30pm (Calgary time) in room Glen 204, at the Telus Convention Center in Calgary, Alberta. Currently, Triton has 286,204,777 common shares, 71,825,600 common share purchase warrants and 20,850,000 options outstanding. Post consolidation, it is anticipated that Triton will have 28,620,478 common shares, 7,182,560 common share purchase warrants and 2,085,000 options outstanding. 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 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 production rates; 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 geological zones are prospective; results and confirmation of exploration concepts; timing of operations and seismic; number of drilling locations; and estimated gas in place. 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.
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