During the fourth quarter of 2007, Triton Energy Corp. participated in the drilling of five wells including three operated wells and two non-operated wells in central Alberta. Production casing was set in all five wells.
The three operated wells were all successfully completed and tested. Two of these wells, one located in the Sullivan Lake area and one located in the Newton area, were tied-in and placed on production in late December 2007. The other operated well, located in the Bruce area of central Alberta, is currently shut-in. Triton now has two operated wells shut-in at Bruce and, at current natural gas prices, intends to delay tie-in of these wells pending the drilling of a third successful well in this area.
One non-operated well located in the Girouxville area has been successfully completed and tested and is expected to be tied-in and placed on production by the end of January, and completion and testing operations are underway at one non-operated well located in the Giroux Lake area.
Triton's current production is approximately 970 boe/d from 13 operated wells and two non-operated wells with an estimated 100 boe/d of additional production capability behind pipe, not including the one well currently being completed and tested at Giroux Lake.
"This is a new high production level for Triton", commented Michael Zuber, president and CEO of Triton. "We are pleased with the results to date from our fourth quarter 2007 drilling program and are well positioned for continued growth with over 65,000 net acres of undeveloped land, a 20-plus well drilling inventory and no debt heading into 2008."
The corporation has commenced its first quarter 2008 drilling program, which includes three operated wells in central Alberta, one in the Sullivan Lake area, one in the Inland area and one in the Alexander area, and expects to announce its 2008 capital expenditures budget in the next few weeks.
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