2008 Highlights:
— Triton Energy’s capital expenditures totaled CAD15.2 million
— The company has taken part in the drilling of nine wells resulting in four natural gas wells, two oil wells and three dry holes
— The company has pooled and equalized in one (0.5 net) multi-zone oil and natural gas well
— Total proved plus probable reserves increased by about 43% to 2,387 thousand barrels of oil equivalent for the year-end 2008 compared with the 1,674 thousand barrels of oil equivalent in the previous year
— The net present value (before tax discounted at 10%) of future net revenue attributable to total proved plus probable reserves increased by about 56% to CAD43.6 million. About 87% of the corporation’s total proved plus probable reserves for the year-end 2008 are natural gas while the remaining 13% are comprised of light and medium gravity crude oil and natural gas liquids
— Total proved plus probable reserves additions represent a 340% replacement of the corporation’s 2008 production of about 298 thousand barrels of oil equivalent
— Average daily production increased by about 30% to 814 barrels of oil equivalent per day compared to 629 barrels of oil equivalent per day in the previous year
— Funds from operations increased by about 104% to CAD6.96 million (CAD0.20 per share basic and diluted) compared to CAD3.42 million (CAD0.12 per share basic and diluted) in the previous year
— Based on total reserve additions of 1,011 thousand barrels of oil equivalent, finding and development costs, including changes in future development costs, improved to CAD20.38 per barrel of oil equivalent on a proved reserves basis and CAD14.65 per barrel of oil equivalent on a proved plus probable reserves basis compared to CAD20.86 and CAD15.62, respectively, in the previous year
— Triton Energy exited 2008 with a working capital deficiency of CAD2.3 million, a CAD8.5 million revolving credit facility and no bank debt.
