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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) is pleased to announce that it drilled one (1.0 net) operated well during the fourth quarter of 2008 that has been successfully completed and tested. This well was part of a fourth quarter 2008 program that was primarily focused on the tie-in of three (2.5 net) wells that were successfully drilled and/or completed during the third quarter of 2008 (please see Triton's News Release dated December 11, 2008 for details). The new well is located at Sullivan Lake and represents the second consecutive medium gravity oil well successfully drilled by Triton on this prospect. This well is currently in the process of being tied-in and the Corporation expects to have it on production in early February. Triton owns six (6.0 net) additional sections of undeveloped crown lands and has thirteen (13.0 net) additional sections of undeveloped freehold lands under option in this prospect area at Sullivan Lake. The Corporation plans to drill two (2.0 net) additional operated wells here during the first quarter of 2009, the first of which is expected to commence drilling by the end of January. Both locations have been selected based on proprietary 3-D seismic and geological interpretation. The Corporation is also pleased to announce that drilling operations have commenced at a potential high impact well in the Tay River area in the foothills of Alberta (the "Test Well"). Drilling operations are expected to take approximately five months for the Test Well to reach total licensed depth of 5,462 meters. Triton is earning a 12.5% working interest in the Test Well, Section 27-35-11W5M and ten (10) additional contiguous sections of land. A major oil and gas producer is the operator of the Test Well. These wells are all part of Triton's $12 million 2009 capital expenditures program, which the Corporation currently plans to finance utilizing funds available from both operations and its existing credit facility. 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, number and location of wells to be drilled, timing of drilling of wells, commencement of production from wells and budgeted capital expenditures and funding thereof. 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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