Triton Energy Corp. Announces Filing of 2009 Year-End Results and Reserves
29 Avril 2010 - 10:24PM
Marketwired Canada
Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") announces
financial and operational results for the year and three months ended December
31, 2009, as well as the results of its independent reserve report as at
December 31, 2009. These reports will be available for review at www.sedar.com
and on the Corporation's website, www.tritonenergy.ca.
2009 Highlights
-- Triton was recapitalized on December 31, 2009 by way of a private
placement totaling $10.25 million, the appointment of a new management
team and board of directors, and an acquisition of undeveloped lands and
drill ready prospects in Ricinus;
-- Average daily production increased by approximately 7% to 867 barrels of
oil equivalent per day ("boepd") in 2009 compared to 814 boepd in 2008;
-- Funds from operations decreased, primarily due to lower gas pricing, by
approximately 92% to $0.50 million ($0.01 per share basic and diluted)
in 2009 compared to $6.96 million ($0.20 per share basic and diluted) in
2008 (see non-GAAP note in Financial Summary table below);
-- The Corporation exited 2009 with no bank debt.
Financial Summary
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Year ended Three months ended
December 31, December 31,
2009 2008 2009 2008
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Financial ($000's except for per
share amounts) (unaudited) (unaudited)
Petroleum and natural gas sales 8,300 14,853 2,251 3,592
Funds from operations(1) 502 6,959 (635) 1,543
Per share basic & diluted(1) 0.01 0.20 (0.02) 0.04
Net earnings (loss) (5,258) 541 (2,050) (47)
Per share basic & diluted(2) (0.13) 0.02 (0.05) 0.00
Working capital (239) (2,308) (239) (2,308)
Capital expenditures(3) 6,703 15,228 185 3,415
Total assets 38,773 36,560 38,773 36,560
Shareholders' equity 32,282 26,600 32,282 26,600
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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 and asset retirement expenditures.
(2) At December 31, 2009 there were 3,675,000 options to purchase common
shares and 72,725,600 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 acquisitions, dispositions, asset retirement obligations and
non-cash capital expenditures
Operating Summary
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Three months
Year Ended ended
December 31, December 31,
2009 2008 2009 2008
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Operating
Production
Crude oil & NGL's (bbls per day) 47 33 34 47
Natural gas (mcf per day) 4,919 4,688 4,621 5,021
BOE per day (6:1) 867 814 805 884
Netback per boe (6:1)
Petroleum and natural gas sales $ 26.24 $ 49.85 $ 30.41 $ 44.16
Royalties $ (4.28) $ (10.17) $ (3.76) $ (9.08)
Operating expenses $ (9.12) $ (8.62) $ (8.92) $ (7.58)
Transportation expenses $ (1.79) $ (1.81) $ (1.88) $ (1.82)
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Operating netback $ 11.05 $ 29.25 $ 15.85 $ 25.68
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2010 Outlook
Triton's strategy in 2010 will be to concentrate on the internal generation of
high quality prospects in the deep basin of west central Alberta, while also
pursuing strategic acquisitions in our core area. With a focus on liquids rich
natural gas, complemented by light oil, Triton has the ability to capitalize on
the strong liquids present in its gas which result in positive drill economics
despite the current low gas price environment.
The Corporation has set a 2010 capital budget of $20.5 million, which includes
the drilling of 9 net wells, 3 of which are targeting the high impact Ellerslie
deep gas play in Ricinus.
The Corporation is also in the process of making an application to list its
shares on the Toronto Stock Exchange, and intends to propose a name change to
"Waldron Energy Corporation" and a 10 to 1 share consolidation, both of which
will be voted on at the next annual general meeting of shareholders.
To date in 2010, Triton has made important steps towards repositioning the
Corporation including a $45.0 million asset acquisition in west central Alberta,
$34.9 million in equity offerings ($1.76 million rights offering, $0.66 million
exercise of options, $25.0 million bought deal common share financing, $7.5
million flow-through financing) and an increase in the Corporation's credit
facility to $25.0 million. Triton's current production is approximately 2,000 to
2,200 boepd.
Operationally, Triton has deepened one well at Ricinus that resulted in a new
pool discovery of a channel sand system mapped as an extension of the existing
Ferrier Ellerslie F Pool located 6 miles to the north east. To capitalize on
this exploration success, Triton acquired an additional 15 sections of land
directly on this trend. Presently, Triton is in the process of deepening a
second well at Ricinus at 14-29-37-8W5M. This well is targeting the same
Ellerslie pool and results from this well are expected in early May. Triton has
20 - 25 high impact drilling locations identified on this trend. Triton has also
spud a third Ellerslie well as a new pool wildcat in the Ricinus core area and
is located at 15-10-36-9W5M.
Currently, Triton has 286,204,777 common shares outstanding and 71,825,600
common share purchase warrants outstanding.
Triton's annual general meeting will be held June 8, 2010 at 3:30pm (Calgary
time) at the Telus Convention Center in Calgary, Alberta.
Stock Option Grant
Triton will grant an aggregate of 20,800,000 stock options ("Options") of the
Corporation to directors, officers and employees at a minimum exercise price of
$0.24 per common share or the April 30, 2010 closing price less applicable
discount). The $0.24 exercise price reflects an approximate 20% premium over the
current market price. The Options will be granted in accordance with the
Corporation's shareholder approved stock option plan, which reserves for
issuance on exercise of stock options a maximum of 10% of the number of common
shares of the Corporation outstanding, from time to time. Following the grant of
the Options there will be a total of 20,850,000 stock options, 71,825,600 common
share purchase warrants and 286,204,777 common shares outstanding.
After the proposed share consolidation, there will be a total of 2,085,000 stock
options, 7,182,560 common share purchase warrants and 28,620,478 common shares
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, future and average 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 other geological zones are prospective; results and
confirmation of exploration concepts; timing of operations; number of drilling
locations; and timing of the grant of stock options. 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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