* working capital of $0.12 per share with no LT debt
* multiple light oil well drilling locations in Viewfield, SK
* carried interests with no drilling costs
* natural gas at Pembina – 10-12 additional locations identified
My reaction would be similar to my reaction when Eagle Rock (now Wild Stream) announced their deal and the stock surged. Both deals had a massive financing and dilution package with the new management team - basically lining their pockets. Due to this dilution, I didn't feel that Eagle Rock could maintain its share price surge to $0.30 and sure enough along came a 30:1 rollback and the stock lost a huge portion of its gain. To be honest I haven't yet done any valuation metrics on the Triton deal because there is the same massive dilution and I would expect the same result. I've been wrong before though. Good Luck!
Tara
Posted: Thu Dec 17 8:53:01 2009
Doren,
Complicated deal announced yesterday, with various kinds of shares, warrants at prices all over the map. Hard to summarize and get a clear picture. Can you give your impressions please?
P.S. How manu immediate BOE did this deal add on the production stream?
These Waldron assets, what's the concentration, gas, light oil or heavy oil?
Any clues as to NAV/share before and after the acquisition? Because the dilution factor and risk of eventual consolidation are present in my view.
How many holes and pending BOEs are just on the verge of completion and being tied in? I ask cause I didn't see immediate merger benefit on the output front.
Tara
Posted: Wed Oct 21 13:41:21 2009
Per the press release, Mitchell now holds close to 8M shares of TEZ.v
Triton investor Mitchell buys 4.1 million shares
2009-10-20 16:10 ET - News Release
Mr. Sean McPherson reports
BRUCE MITCHELL FILES EARLY WARNING REPORT FOR PURCHASE OF SHARES OF TRITON ENERGY CORP.
Triton Energy Corp.'s securityholder, Bruce Mitchell, has filed an early warning report dated Oct. 20, 2009, advising of the purchase of 4.1 million shares representing approximately 10 per cent of the outstanding shares. The securityholder has filed this report as a result of an increase in its holdings in Triton from 3,797,000 (approximately 9.3 per cent) to 7,897,500 (approximately 19.4 per cent) of the issued and outstanding shares of Triton. The securityholder has purchased the shares of Triton for investment purposes and may from time to time acquire additional shares of Triton either on the open market or through private acquisitions or sell units of Triton either on the open market or through private dispositions.
Tara
Posted: Tue Oct 20 12:42:06 2009
Triton seems to be coming to life, from the insider trading pattern. Very large position taken a few days ago by Bruce Mitchell, former Ottawa-based manager of the CBC Pension Fund, who supposingly was one of the most active traders and the biggest commission generator in Canada in the 1980's and 1990's. The company is buying back and insiders are active as well. The company has talked about merger possibilities in their latest releases.
Triton Energy Corp. (TEZ) As of October 19th, 2009
Oct 16/09 Oct 15/09 Mitchell, Bruce Direct Ownership Common Shares 10 - Acquisition in the public market 4,100,000 $0.175 Oct 13/09 Oct 09/09 Triton Energy Corp. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -42,500
Oct 13/09 Sep 23/09 Triton Energy Corp. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 42,500 $0.170
Oct 07/09 Oct 02/09 Zuber, Michael Stephen Direct Ownership Common Shares 10 - Acquisition in the public market 5,000 $0.180
Sep 17/09 Sep 08/09 Zuber, Michael Stephen Direct Ownership Common Shares 10 - Acquisition in the public market 5,000 $0.155
Sep 08/09 Sep 01/09 Triton Energy Corp. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase -20,000
Sep 08/09 Aug 13/09 Triton Energy Corp. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 19,000 $0.180
Sep 08/09 Aug 11/09 Triton Energy Corp. Direct Ownership Common Shares 38 - Redemption, retraction, cancellation, repurchase 1,000 $0.180
Sep 08/09 Aug 28/09 Zuber, Michael Stephen Direct Ownership Common Shares 10 - Acquisition in the public market 1,000 $0.165
Tara
Posted: Tue May 5 9:29:30 2009
Looks like Highpine Oil (HPX.v) is also involved in drilling the Deep Leduc Reef Target formation in Tay River
See page 12 of the following presentation:
http://www.imlay.com/conferences/documents/HighpineOilGas.pdf
Tara
Posted: Thu Apr 23 8:48:42 2009
Triton Energy (TEZ.v) - 2008 Summary
(this is only my perspective of the highlights)
• Long term debt = 0 • 2008 EPS = +.02$/share
• 2008 CF netback = 20$/BOE (includes G&A and interests)
• CFPS = .20$/share ( 20$/BOE x 1100 Boepd x 365/ 40.7M shares) but let’s wait and see Q1 for a more realistic figure going forward
• NAV/share is over 1$ (excluding land and seismic) • RLI about 6 years
• Current Boepd = 1100
• Current market cap/BOE = 12 950$/BOE (40.7M shares x 0.35$/share x / 1100 Boepd )
• No lawsuits
• Insiders ownership = 10% + 14% UTA Asset Management
• Share buyback(3.2M shares) in force; they have repurchased over 2,5M shares as of yet
• 87% natural gas
• 2M$ in non-capital tax loss carry forward
• Deep, high impact well at Tay River expected to spud in may 2009 (game changing potential) • Working capital = -2.3M$ with 9M$ credit facility and over 6M$ funds flow in 2008
The company carries no long term debt with unused credit facility. This entity was profitable in 2008 and trades at deep discounts in terms of market/boe and NAV/share. The high impact well at Tay River (>5000m) is creating shareholder expectations, as the current price trend seems to indicate. Discovery of such a large pool could abruptly change several of the parameters listed above, and results are anxiously expected in may 2009.
Of course and once again, the above is simply my personal understanding and not to be construed as investment advice. I’m not a broker, promoter, director, manager or employee of the aforementioned company, just a shareholder. Some typos could of occurred, do your own due diligence.
Tara
Posted: Wed Apr 22 10:22:52 2009
Triton keeps on moving up, and on good volume.
I maintain my presumption/feeling that we are about to receive good news about the Tay River high impact well. Driller on site have cell phones and friends, its inevitable. And don't give me bull about non-disclosure agreements, just look at how much corruption and conflict of interests there is in government contract awards, you will never make me believe these guys on drilling site don't leak info to their buddies...
But that's my own personal opinion only, and may not reflect reality.
Tara
Posted: Thu Apr 16 17:11:50 2009
Triton jumped to 34 cents this morning. Could it be that someone has access to information on the high impact well being drilled at Tay River?
Recent Trades - Last 4
Time Ex Price Change Volume Buyer Seller Markers
12:09:26 V 0.31 +0.045 3,500 7 TD Sec 80 National Bank K
12:08:23 V 0.31 +0.045 11,000 33 Canaccord 80 National Bank K
09:42:23 V 0.34 +0.075 10,000 7 TD Sec 7 TD Sec K
09:41:37 V 0.34 +0.075 10,000 7 TD Sec 2 RBC KL
===================
TRITON PROVIDES OPERATIONS UPDATE AND ANNOUNCES COMMENCEMENT OF DRILLING OF POTENTIAL HIGH IMPACT WELL AT TAY RIVER
January 12, 2009 – Calgary, Alberta – Triton Energy Corp. (“Triton” or the “Corporation”) 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 $12 million 2009 capital expenditures program, which the Corporation currently plans to finance utilizing funds available from both operations and its existing credit facility.
Triton is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas. The Corporation’s common shares are listed on the TSX Venture Exchange under the trading symbol “TEZ”.
For further information please contact:
Michael S. Zuber Dean J. Schultz
President & CEO Vice President, Finance & CFO
Phone: 403-266-5541 ext. 222 Phone: 403-266-5541 ext. 229
Fax: 403-266-5579 Fax: 403-266-5579
mzuber@tritonenergy.ca dschultz@tritonenergy.ca
Tara
Posted: Thu Dec 11 10:18:19 2008
Triton wells on production exceed year-end guidance
2008-12-11 11:28 ET - News Release
Mr. Michael Zuber reports
TRITON'S PRODUCTION EXCEEDS YEAR-END GUIDANCE OF 1,100 BOE PER DAY
see the link for details:
http://www.stockhouse.com/tools/?page=%2FFinancialTools%2Fsn%5Fnewsreleases%2Easp%3Fsymbol%3DV%2ETEZ%26newsid%3D7153431
Tara
Posted: Mon Dec 8 10:30:19 2008
New PowerPoint presentation on their site:
http://www.tritonenergy.ca/presentation/corp.pdf
NAV has increased 25% to 1.28$/share, per page 7 of the presentation.
Tara
Posted: Thu Nov 27 13:23:59 2008
Q3 summary
• 9 months EPS = +.02$/share
• 9 months CFPS = +.15$/share
• predicts year end target of 1100 boepd
• buyback in effect
• game changer, deep well initiative in the works with a major
Tara
Posted: Mon Nov 10 10:19:41 2008
Just some quick calcs based on today's announcement
• nov 10: Triton sells 125 Boepd for 3.25M$
• year end estimated production after sale: 1100 Boepd
On a linear basis, if you take 125 Boepd to be worth 3.25M$, you get 28.6M$ for 1100 Boepd, which translates to 0.81$/share (based on 35.44M shares outstanding).
Yes...I know, each well has its own set of properties which influences valuation (light oil, heavy oil or Natural gas, land location, life reserve left, etc). But just as quick reference, one assume that 20 cents seems to represent somewhat of a bargain based on possible merger/asset sale potential.
Tara
Posted: Tue Oct 7 9:53:55 2008
Triton Energy provides update with 1200 Boepd as year end target, and announces a share buyback
TRITON ENERGY CORP. ANNOUNCES NORMAL COURSE ISSUER BID
FOR ITS COMMON SHARES
October 7, 2008 – Calgary, Alberta – Triton Energy Corp. (“Triton” or the “Corporation”) announced
today that the TSX Venture Exchange (“TSXV”) has accepted Triton’s Notice of Intention to make a Normal Course Issuer Bid (the “Bid”) to purchase for cancellation, from time to time, as Triton considers advisable, up to a maximum of 3,192,000 common shares of the Corporation (the “Common Shares”).
see the link for all the details: http://cnrp.marketwire.com/cnrp_files/20081007-1007tez.pdf
---------------------
TRITON PROVIDES OPERATIONS UPDATE AND YEAR-END PRODUCTION GUIDANCE
October 6, 2008 – Calgary, Alberta
see the link for all details: http://cnrp.marketwire.com/cnrp_files/20081006-1006tez.pdf
Tara
Posted: Fri Sep 19 10:11:57 2008
Insiders are buying in the carnage...here is the link
I agree..I think the worse is over in regards to the huge selling pressure that Triton has faced over the last few days. Good time to buy as eventually the value fundamentals that Triton has will take over.
dquinton
Posted: Fri Aug 29 9:32:51 2008
Selling seems to be easing this morning. I'm not saying it is over but the sell side currently looks thin and the bids are building.
jude
Posted: Fri Aug 29 5:19:31 2008
Does anyone know of any rationale for the huge sell off over the last couple of days? Thanks.
rodball
Posted: Wed Aug 27 12:19:59 2008
TEZ now down $0.05 to $0.33 on over 300,000 shares. There was one large block of 240,500 that traded at $0.33.
tonkaman
Posted: Tue Aug 26 9:11:30 2008
Like I have mentioned in past posts..Paradigm is hammering the sell orders. I honestly think Paradigm is going to teach us all a cold hard lesson. They have toally depressed the stock price.
tonkaman
Posted: Mon Aug 25 15:42:31 2008
Well Doren, and to the others who post on here....I had a bid in for 37.5 cents for almost the whole day....you guys need to start putting some bids in.
Bobwins
Posted: Mon Aug 25 14:52:52 2008
Doren, sorry I missed the opportunity to plug QIS when we were discussing valuation. Bobwins
dquinton
Posted: Mon Aug 25 14:00:48 2008
I also spoke with Michael today. He must have been returning all of his calls this morning. Bobwins has summed up most of our conversation. My biggest question was the production decline but as Bobwins noted, this is a historical trend. Production averaged 673 boepd in Q1/07 and then 418 boepd in Q2/07, and 643 boepd in Q3/07.
The drop in Q2/08 was due to normal decline rates and a few plant turnarounds. Couldn't get an exact quantification as to how much was due to plant turnarounds.
The production being tied-in was confirmed, the majority of which comes from 3 wells. Apparently they have additional production beyond this behind pipe but they only announce production that is actually being tied-in during the next few quarters. Approximately 80% of this production is natural gas.
Like Bobwins, I am expecting that production will be north of 1,000 boepd by the end of the year. 1,200 boepd would be my upper estimate based on expected production declines and tie-ins but I'll use 1,000 boepd to be more conservative. I have changed my average production rate for the year to be 840 to 850 boepd which should generate cash flow of about $7.0 to $7.5 million or $0.20 per share. This estimate is contingent on natural gas prices and when production increased from Q2 average to the current estimate of 825 to 850 boepd.
shadow
Posted: Mon Aug 25 13:29:41 2008
Thank you Bobwins,you answared my question regarding the source of the production that is going to be brought on.
Bobwins
Posted: Mon Aug 25 13:10:47 2008
Talked with Michael Zuber today. He was on vacation but was kind enough to call me from wherever he was.
Asked about the decline between Q1 avg production and Q2 avg production.
He said that was largely the result of the seasonal drop in Q2. He referred me back to last year and the same pattern. Breakup causes extremely wet ground conditions. Even if they can drill, they can't always hook up the pipelines because of the road restrictions and the muck that prevents movement of equipment. So there is typically a backlog of wells to hookup after June.
Historically, he said they increase in Q3, 4 and 1 and then decline in Q2. The decline rate is about 30 to 35% but on an individual well, the rate might drop 100% after initial production of 1 to 5 months. He combats the declines by actively drilling, which results in the overall company wide rate of decline.
Asked about the source of the 500boepd referred to in the PR as coming online. I asked if it was highly prospective wells they were going to drill or behind the pipe from previous seasons or what?
He emphasized these were already drilled and tested wells. They just need to be hooked up to the pipeline.
He emphasized these were not behind the pipe upper zone potential after lower zones are depleted. This is production that is coming online between now and early Q4.
We talked about the current low share price. He said he is doing all he can to keep morale high in the company because his employees are shareholders and can get discouraged by the share price. He is also said his job is to create value and that the market will eventually recognize the value. He noted that in current tough times, the bigger institutional investors move towards larger, more liquid stocks that they can easily exit. That leaves the smaller stocks at lower valuations.
Good discussion. We didn't solve the low valuation but he did verify that the 500boepd is coming. Of course, you have to temper that with the depletion that is continuing so the average production will likely not increase 500boepd. But they will surely be well over 1000boepd.
I will do some guesstimates of what Q3 and 4 will look like and post them later. Bobwins
Tara
Posted: Sun Aug 24 17:07:37 2008
Shadow,
I said or meant NO LONG TERM BANK DEBT, over and above the 12 month commitments. Subsequent to the financials, they sold properties for 1M$ which reduces the working cap deficit. If they are pumping 825-850 per day at 56.39$/boe, they are generating revenues of about 1.4M$/month, and when the additional 500 kicks in, it will be around 2.2M$/month. In the press release dated aug 19, page 2 last paragraph, they stipulate not needing further dilution till 2009. Thus, the working cap deficit is not a real concern for my estimated investment period. 5 years RLI is short, but I won't be there when it will matter. And at today's price, it seems like a good takeover candidate.
The 500 boepd, what I would like to know, what is it made of: heavy oil, medium oil, light oil or natural gas?
And by the way, the current prod of 825 to 850 boepd, what is the breakdown in terms of the aforementioned?
Regards.
P.S. Tonkaman, picking the absolute bottom is very hard. I think we all jumped for joy seeing the low of the year (technical resistance level). Personally, I make bets on what I can understand in a logical, calculable manner(the fundamentals). I'm ready to bet against some sellers, if I determine a overwhelming discrepancy in between the norm, or the average, and the current metrics the stock is trading at. Having said that, the latest financials showed an average of 689 boepd for the cashflow calculations of FY2008 0.20$, which represents roughly 2 times the current trading price. On the same line of thought, the company is currently pumping 825-850, and once they bring another 500 boepd on board, in my opinion, you obtain an extremely large discrepancy in between the forward looking cash flow numbers and the current market average. To me, I see a similar scenario with Central Industries net earnings per share.
shadow
Posted: Sat Aug 23 12:41:17 2008
Like other posters I agree that TEZ appears to be under valued. I do have two questions however and invite answars from any poster with an explanation. 1)Although Tara has stated that the company has no debt what would you call the $4,111,000 in negative working capital (more than two times the recently reported quarter!s cashflow)? 2) Where is the additional 500 boes that the company intends to bring on production going to come from? The company does not claim that it currently has this production capability beyond pipe. In fact the company only refurs to 1.5 wells drilled that are not yet producing , one at Newton and a 50% interst in a non operated well at Lanaway and I do not expect that these wells are cabable of producing 500 boes.
tonkaman
Posted: Fri Aug 22 10:02:01 2008
Well after seeing Tara, Doren, Broke, Bobwins are on baord with this stock it looks like they are about to experience some stock pain. Paradigm has been hammering the sells for months and it looks like it is about to get worse.
NEW 52 WEEK LOW...
Tara
Posted: Fri Aug 22 7:24:15 2008
Very convincing numbers guys, you got me tagging along(special thanks to Bobwins).
• Price/CFPS = 2x (excluding 500 boepd behing pipe)
• no long term bank debt (no commitments over 12 months)
• market cap/boe is around 17k, based on 825 boepd
• NAV of approx. 1.15$/share on their latest presentation package (see www.tritonenergy.ca, investors, presentation)
• trading at the low of the year
• all their flow through commitments are already met
• no lawsuits that I'm aware of
• recent insider trading at higher levels
Triton Energy Corp. (TEZ) As of August 21st, 2008
Aug 08/08 Jul 31/08 Zuber, Michael Stephen Direct Ownership Common Shares 10 - Acquisition in the public market 1,500 $0.500 Aug 08/08 Jul 31/08 Zuber, Michael Stephen Direct Ownership Common Shares 10 - Acquisition in the public market 1,500 $0.450 Aug 08/08 Jul 31/08 Zuber, Michael Stephen Direct Ownership Common Shares 10 - Acquisition in the public market 3,000 $0.475
Hey, when was it last that we all agreed on one particular pick...even including Broke !
Broke in Canada
Posted: Thu Aug 21 22:11:27 2008
After further review..I agree with Doren,Tonka,etc. this is very undervalued. My only concern is what Tonka mentioned...that seller at 40 cents..Anonymous...he is a beast..any bids at 40 cents get filled pretty fast.
Broke in Canada
Posted: Thu Aug 21 16:32:16 2008
Looks like a good buy in the 40-50 cent range.
I am going to buy some shares.
dquinton
Posted: Thu Aug 21 10:51:43 2008
Not yet but I am planning to give him a call later today regarding the conference. Feel free to give us a good word as well as any other companies that investors have a good rapport with management. We have several companies still considering but currently have 10 spots left for the Calgary show that we would like to fill.
tonkaman
Posted: Thu Aug 21 10:43:06 2008
Sorry..I got caught up in the emotion and excitement of hearing that you bought some Triton Energy shares. You have an amazing track record of picking stocks in some very well run companies.
I own 107,000 shares. The problem is we will not get past 40 cents as whenever a bid at 40 cents appears...the hungry sellers will fill that bid.
Have you appoached Mike about appearing in the small cap conference?
dquinton
Posted: Thu Aug 21 10:35:06 2008
Funny - as of today I own 34,500 shares and I'm still acquiring. I did purchase in the online portfolio first and disclosed that purchase before buying any additional shares. How about sharing your position as I always disclose my holdings in any report we publish? I don't particularly care if an individual holds 2,000 shares or 500,000 shares as all shareholders should be treated equally in my opinion. I'm not interested in promotion - I'm interested in fundamental valuation.
tonkaman
Posted: Thu Aug 21 9:24:55 2008
Welcome aboard Doren..glad you grabbed some Triton shares.
Did you buy a whole whopping 2000 shares? It is funny how you guys buy 2000 shares of a company and you think you are taking a big investment.
Judging by the share price today....I think you need to buy some more. we all need to start pumping this pig. You go hit the BNN televesion show while I will hit the bullboards.
dquinton
Posted: Wed Aug 20 15:01:14 2008
Bought some today Bobwins. You make a very compeling arguement on this one. Thank you for your research and ideas.
Bobwins
Posted: Tue Aug 19 13:27:09 2008
TEZ.v/ttygf.pk C$.40
production avgd 689boepd, now 825 to 850 and says 500boepd is behind pipe waiting for Q4 hookup.
.05 cashflow so selling for 2X forward annualized cashflow. Also had .05 cashflow in Q1. Bobwins
Press Release Source: Triton Energy Corp.
Triton Announces Second Quarter 2008 Results
Tuesday August 19, 4:01 pm ET
CALGARY, ALBERTA--(Marketwire - Aug. 19, 2008) - Triton Energy Corp. (TSX VENTURE:TEZ - News; "Triton" or the "Corporation") announces financial and operating results for the three and six months ended June 30, 2008. Triton has filed its unaudited financial statements for the three and six months ended June 30, 2008 and the accompanying Management's Discussion and Analysis with Canadian securities regulatory authorities. These filings are available for review at www.sedar.com and on the Corporation's website, www.tritonenergy.ca.
ADVERTISEMENT
Highlights of the Second Quarter of 2008
- Petroleum and natural gas sales increased 113% to $3.54 million compared to $1.66 million in the second quarter of 2007.
- Funds from operations increased 149% to $1.77 million ($0.05 per share) compared to $0.71 million ($0.03 per share) in the second quarter of 2007.
- Net income totaled $294,946 compared to a net loss of $153,914 in the second quarter of 2007.
- Production increased 65% to an average of 689 barrels of oil equivalent ("boe") per day during the quarter compared to an average of 418 boe per day during the second quarter of 2007.
- Capital expenditures totaled $3.72 million, of which $1.94 million was spent on land and seismic, $0.90 million on drilling and completions, and $0.85 million on facilities.
- Triton drilled two 100% working interest wells resulting in two successful natural gas wells.
- Both successful wells were tied-in during June with one well placed on production in late June while the other well was completed and production tested in-line (on production in late July).
- An additional 3,200 net acres of undeveloped land were acquired at Crown land sales, bringing the Corporation's total undeveloped land position to approximately 53,000 net acres at June 30, 2008.
[pre]
Financial Summary
----------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
2008 2007 2008 2007
----------------------------------------------------------------------------
Financial ($000's except (unaudited) (unaudited) (unaudited) (unaudited)
for per share amounts)
Petroleum and natural
gas sales 3,538 1,656 7,561 4,409
Funds from (used in)
operations(1) 1,765 706 3,525 1,951
Per share basic &
diluted(1) 0.05 0.03 0.10 0.07
Net earnings (loss) 295 (154) 304 (326)
Per share basic &
diluted(2) 0.01 (0.01) 0.01 (0.01)
Working capital (4,111) 2,091 (4,111) 2,091
Capital expenditures(3) 3,716 3,030 7,372 8,531
Total assets 34,573 26,672 34,573 26,672
Shareholders' equity 23,943 22,009 23,943 22,009
----------------------------------------------------------------------------
Notes
(1) Funds from (used in) 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.
(2) At June 30, 2008 there were 2,725,000 options to purchase common shares
and 1,200,000 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 asset retirement obligations.
Operating Summary
----------------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
2008 2007 2008 2007
----------------------------------------------------------------------------
Operating
Production
Crude oil (bbls per day) 24 8 32 11
Natural gas (mcf per day) 3,994 2,458 4,542 3,201
BOE per day (6:1) 689 418 789 544
Netback per boe (6:1)
Petroleum and natural gas
sales $ 56.39 $ 43.56 $ 52.68 $ 44.74
Royalties, net of ARTC $ (9.66) $ (9.32) $(10.77) $(10.95)
Operating expenses $ (9.35) $ (6.66) $ (9.63) $ (6.45)
Transportation expenses $ (1.85) $ (1.54) $ (1.80) $ (1.62)
----------------------------------------------------------------------------
Operating netback $ 35.53 $ 26.04 $ 30.48 $ 25.72
----------------------------------------------------------------------------
[/pre]
On July 2, 2008 Triton closed a sale of its 25% non-operated working interest in three (0.75 net) natural gas wells in the Girouxville area for $1 million, with an effective date of July 1, 2008. The sale included approximately 17 boe per day of net production. Current net production is estimated to be approximately 825 to 850 boe per day from 14 (13.6 net) wells, all of which are operated by Triton, with an additional estimated 500 boe per day of production that is expected to be on-stream in the fourth quarter.
Outlook
Triton's 2008 capital expenditures budget includes drilling up to seven (7.0 net) wells in the second half of 2008, four wells targeting natural gas and three wells targeting oil, all in formations between 1,000 and 1,500 meters in depth. Triton's summer drilling program and field operations have been proceeding with a focus at Newton and at Sullivan Lake.
At Newton, Triton has four (4.0 net) operated natural gas wells currently producing approximately 347 boe per day. A fifth successful well has recently been drilled and completed and is expected to be on production by the end of October. The Corporation has 13 (12.75 net) sections of land at Newton (8,160 net acres) and plans to drill one or possibly two additional 100% working interest wells here before year-end at seismically and geologically identified locations.
At Sullivan Lake, Triton has five (4.85 net) operated natural gas wells currently producing approximately 314 boe per day. The Corporation has 16 (15.75 net) sections of land at Sullivan Lake (10,080 net acres) and an additional 14 sections (8,960 acres) under option. Two 100% working interest wells are budgeted for drilling in the second half of 2008 at seismically and geologically identified locations.
Additionally, Triton will be participating in the completion and tie-in of one (0.5 net) non-operated oil well at Lanaway with completion operations scheduled to begin in late August.
The Corporation currently plans to finance the balance of its 2008 capital expenditures program utilizing funds from operations and available credit facilities.
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".
Bobwins
Posted: Thu Aug 14 6:21:05 2008
TEZ is low activity so it doesn't take a lot of sellers to send it down. As long as you've waited this long, why not see how the stock reacts to earnings.
I am guessing breakeven profits with .05 cashflow/share. Hopefully they got some of that behind the pipe production online early in Q2 and my estimate will be low.
Bobwins
tonkaman
Posted: Wed Aug 13 13:14:55 2008
This has been on big disaster for me..not sure why it get's pelted with a bunch of new sellers each day. It is heading below 40 cents with the way the bids and asks are looking.
Not looking good at all.
I think they need to put themselves for sale.
tonkaman
Posted: Wed Aug 6 22:13:42 2008
Thanks for the reply Bobwins. I have used many alias in the past due to forgetting passowrds, but you are on of the few people with a good knowledge base on junior oil and gas stocks. I make sure I read all of your posts.
Bobwins
Posted: Wed Aug 6 21:59:57 2008
I am holding my TEZ.v. It's not the cheapest gas stock I have but they should have good growth to add to the cashflow they reported last qtr and improve their ratios.
I think it's been oversold but so are a lot of juniors.
The market is pricing juniors at extremely low multiples of cashflow now. Whether that will change going forward is the big question.
Triton has been successful at increasing production. They have been less successful at increasing reserves but that isn't their primary goal, according to the CEO. He wants production and cashflow and seems to be getting it.
Bobwins
tonkaman
Posted: Wed Aug 6 15:43:52 2008
Any thoughts on these Bobwins?
suntor
Posted: Thu Jun 19 8:09:41 2008
Don't know why the stock price comes down so much today. I added some more at $0.48.
The following is from a June 5th news release. With the additional 200 boe/day, we can expect the total should be aroung 1,000 boe/day soon.
Triton Energy Corp.'s summer drilling program has commenced. The corporation plans to drill six to eight 100-per-cent-working-interest operated wells between now and the end of September.
Triton's summer drilling program includes three to four wells planned at Newton (100-per-cent working interest) targeting natural gas in the Ellerslie, Sparky and Belly River formations; one to two wells at Sullivan Lake (100-per-cent working interest) targeting oil in the Banff formation; and one to two wells at Sullivan Lake (100-per-cent working interest) targeting natural gas in the Viking and Belly River formations. Proprietary seismic programs have been conducted in these areas to help delineate current drilling locations.
The first well in Triton's summer drilling program, located at Newton, has been drilled and cased as a Belly River well. It is an offset to a well successfully drilled by Triton in the first quarter of this year. Pipelining operations are currently under way to tie in both of these 100-per-cent-working interest operated wells, which are expected to add approximately 200 barrels of oil equivalent per day of initial net production to Triton.
Q1 results. Very close to my estimates. .05 cashflow. They had 888boepd vs their estimate of 875 recently so had higher revs. Made a tiny profit of $9k on 4.02million gross revs.
Triton acquired 14 sections of land near their core area near Sullivan Lake.
Triton is gas heavy, with only 39bpd oil and 849boepd ngas.
TEZ.v has been growing rapidly. Avgd 130boepd in 2006, 629boepd in 2007 and already at 888 for 2008. They have up to 300boepd waiting for testing, completion and tie in.
I like Triton because of their growth, emphasis on ngas and reasonable price to cashflow ratio of 3.
They have 10 more wells to drill in 2008 to increase production beyond the 1100boepd they will have after Q1 wells are hooked up.
Bobwins
Bobwins
Posted: Wed Apr 23 16:54:32 2008
getting experienced qualified professional AND getting them to invest in the company. I think this is very positive. Price is fair and the hold period is more than fair. Bobwins
Triton Announces Management Team Additions and Private Placement
Wednesday April 23, 6:31 pm ET
CALGARY, ALBERTA--(Marketwire - April 23, 2008) - Triton Energy Corp. (TSX VENTURE:TEZ - News; "Triton" or the "Corporation") is pleased to announce two additions to its management team: Robert Pinckston, P.Geol. and Frank Raffin, P.Geoph.
ADVERTISEMENT
Mr. Pinckston recently joined Triton as Manager, Exploration. He has 19 years' experience in the oil and gas industry in Western Canada. He obtained a M.Sc. Degree from the University of Alberta in 1989 and a B.Sc. (Honours) Degree in 1984. Prior to joining Triton, Mr. Pinckston operated his own consulting company, SCE Resources Ltd., which he used for the purpose of generating prospects for industry. Previously, he was Vice President at Highpine Oil & Gas in 2006 and was Vice President, Exploration and co-founder of White Fire Energy in 2005, which was acquired by Highpine, where he led multi-disciplined teams of professionals. From 2001 to 2005 Mr. Pinckston was Exploration Manager and co-founder of Tempest Energy, which was sold to Daylight Energy Trust, and made the initial discovery at Ansell, Alberta for the successful Tempest spin off, Open Range Energy. Mr. Pinckston has also held positions at Husky Energy, Renaissance Energy and Tarragon Oil & Gas having drilled hundreds of wells throughout Alberta and is a member of APEGGA, AAPG and the CSPG.
Mr. Raffin recently joined Triton as Manager, Geophysics. He has over 25 years' experience in the oil and gas industry in Western Canada. He holds a B.Sc. (Honours) Degree in Geology from the University of Alberta (1986) and a B.A. (English Literature) from the University of Calgary (1980). Before joining Triton, Mr. Raffin was Manager, Geophysics at Rockyview Energy Inc. where he was responsible for all geophysical operations throughout the Peace River Arch as well as Western and Central Alberta. Prior to that he held positions of increasing responsibility with Gulf Canada, Equatorial Energy, Resolute Energy, and Dunvegan Energy Ltd. Mr. Raffin also has extensive seismic processing and well site experience and is a member of APEGGA, AAPG and the SEG.
Additionally, the Corporation announces that it has closed a non-brokered private placement (the "Private Placement") with Mr. Pinckston and Mr. Raffin totaling 650,000 units at $0.60 per unit, consisting of 650,000 common shares and 650,000 non-transferable common share purchase warrants (the "Warrants"). Each Warrant entitles the holder to purchase one (1) common share for a period of three (3) years at $0.60 per common share in the first year, $0.70 per common share in the second year and at $0.80 per common share in the third year. The common shares and any common shares issued pursuant to the exercise of the Warrants are subject to a voluntary hold period of twelve (12) months.
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".
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Michael S. Zuber
Triton Energy Corp.
President & CEO
(403) 266-5541 ext. 222
(403) 266-5579 (FAX)
Email: mzuber@tritonenergy.ca
Dean J. Schultz
Triton Energy Corp.
Vice President, Finance & CFO
(403) 266-5541 ext. 229
(403) 266-5579 (FAX)
Email: dschultz@tritonenergy.ca
Website: www.tritonenergy.ca
Bobwins
Posted: Thu Apr 17 18:44:54 2008
Year end report. Came in about as I expected. .02 cashflow for Q4. I estimate .05 cashflow for Q1 and should improve more as the several hundred boepd is hooked up after spring breakup. Price of .48 is cheap and will be cheaper after spring breakup. Bobwins
Triton Announces 2007 Operational and Financial Results
Thursday April 17, 7:00 pm ET
CALGARY, ALBERTA--(Marketwire - April 17, 2008) - Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ - News) announces financial results for the year and three months ended December 31, 2007. Triton has filed its audited financial statements for the years ended December 31, 2007 and 2006, and the accompanying Management's Discussion and Analysis with Canadian securities regulatory authorities. These filings are available for review at www.sedar.com and on the Corporation's website, www.tritonenergy.ca.
ADVERTISEMENT
2007 Highlights
- Capital expenditures totaled $17.5 million;
- Triton participated in the drilling of nineteen (15.3 net) wells resulting in ten (8.425 net) natural gas wells, two (2.0 net) oil wells and seven (4.875 net) dry holes;
- Production averaged 629 barrels of oil equivalent per day compared to 130 barrels of oil equivalent per day in 2006;
- Fourth quarter production averaged 780 barrels of oil equivalent per day compared with 516 barrels of oil equivalent in the fourth quarter of 2006;
- Petroleum and natural gas sales totaled $9.17 million compared with $1.95 million in 2006;
- Funds from operations totaled $3.42 million compared with $0.33 million in 2006, representing $0.12 per common share (basic and diluted) compared with $0.01 per common share (basic and diluted) in 2006 (see non-GAPP note in Financial Summary table below);
- Based on total reserve additions of 1,320 thousand barrels of oil equivalent, finding and development costs, including changes in future development costs, improved to $19.96 per barrel of oil equivalent on a proved reserves basis and $14.95 per barrel of oil equivalent on a proved plus probable reserves basis compared to $24.80 and $19.41, respectively, in 2006;
- The Corporation closed two bought deal private placement financings for gross proceeds of $10.0 million by issuing 9,383,524 common shares on a flow-through basis at an average price of $1.07 per flow-through common share;
- The Corporation exited 2007 with an average daily production rate of approximately 925 barrels of oil equivalent, a small working capital deficiency and no bank debt.
----------------------------------------------------------------------------
Year Ended Three months ended
December 31, December 31,
2007 2006 2007 2006
----------------------------------------------------------------------------
Financial ($000's except for per
share amounts) (unaudited) (unaudited)
Petroleum and natural gas sales 9,170 1,952 2,808 1,952
Funds from operations(1) 3,420 326 782 859
Per share basic(1) 0.12 0.01 0.02 0.04
Per share diluted(1) 0.12 0.01 0.02 0.03
Net earnings (loss) (1,356) (637) (467) (174)
Per share basic & diluted(2) (0.05) (0.03) (0.01) (0.01)
Working capital (798) 4,049 (798) 4,049
Capital expenditures(3) 17,507 11,508 4,216 4,164
Total assets 32,096 23,353 32,096 23,353
Shareholders' equity 25,846 18,670 25,846 18,670
----------------------------------------------------------------------------
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.
(2) At December 31, 2007 there were 3,175,000 options to purchase common
shares and 300,000 non-transferable common share 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 asset retirement obligations.
Operating Summary
----------------------------------------------------------------------------
Year Ended Three months ended
December 31, December 31,
2007 2006 2007 2006
----------------------------------------------------------------------------
Operating
Production
Crude oil & NGL's (bbls per day) 22 - 44 -
Natural gas (mcf per day) 3,638 780 4,416 3,094
BOE per day (6:1) 629 130 780 516
----------------------------------------------------------------------------
Total proved 2007 2006
----------------------------------------------------------------------------
Oil and NGL (mbbls) 295 37
Natural gas (mmcf) 5,446 2,457
----------------------------------------------------------------------------
Total (mboe) 1,202 446
% Natural gas 75% 92%
----------------------------------------------------------------------------
Total proved plus probable
----------------------------------------------------------------------------
Oil and NGL (mbbls) 466 71
Natural gas (mmcf) 7,248 3,074
----------------------------------------------------------------------------
Total (mboe) 1,674 583
% Natural gas 72% 88%
----------------------------------------------------------------------------
Notes
(1) The Corporation's reserves were independently evaluated by AJM Petroleum
Consultants ("AJM") as of December 31, 2007 in accordance with NI
51-101. Additional information on the Corporation's reserves can be
found in the Annual Information Form ("AIF") on SEDAR at www.sedar.com
or the Corporation's website at www.tritonenergy.ca.
Outlook
Triton has a 2008 capital budget of $16.1 million, which includes drilling up to fourteen (14 net) wells. Funding for this capital program is expected to be derived essentially from cash flow and available credit facilities. To date in 2008, the Corporation has drilled four 100% working interest operated wells resulting in two natural gas wells and two dry holes. Triton plans to commence tie-in operations in the second quarter, following spring break-up, and drill up to ten (10.0 net) additional wells in 2008.
At Sullivan Lake, the Corporation recently acquired an option on 14 sections of undeveloped land, increasing Triton's total land holdings in the area to 29 sections. With five (4.93 net) wells currently on production and 24 sections of undeveloped land, Sullivan Lake has become a core property for the Corporation. Triton has recently completed shooting 9.5 square miles of proprietary 3-D seismic over a portion of these lands and plans to drill a test well on the option lands in the second quarter, following spring break-up.
The Corporation expects first quarter 2008 production to average approximately 875 barrels of oil equivalent per day with an estimated 300+ barrels of oil equivalent of additional daily production awaiting evaluation and tie-in.
Additionally, there are numerous asset and corporate acquisition opportunities available at this time and the Corporation believes similar opportunities will continue to be available during 2008. Triton has evaluated several opportunities this year and will continue to do so, primarily targeting corporate acquisition opportunities that would augment organic growth and enable Triton to gain operational mass, thereby increasing shareholder value.
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, budgeted capital expenditures and the method of funding thereof, wells to be drilled, timing of drilling of wells, timing of completion and tie-in of wells and commencement of production from wells and expected production levels. 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.
Finding and development costs are calculated by dividing the sum of exploration and development costs incurred in the most recent financial year plus the change during the most recent financial year in estimated future development costs relating to the reserves in question, by the reserve additions being considered (being proved or proved and probable reserves) on a barrels of oil equivalent basis. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserve additions for that year.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Michael S. Zuber
Triton Energy Corp.
President & CEO
(403) 266-5541 ext. 222
(403) 266-5579 (FAX)
Email: mzuber@tritonenergy.ca
Dean J. Schultz
Triton Energy Corp.
Vice President, Finance & CFO
(403) 266-5541 ext. 229
(403) 266-5579 (FAX)
Email: dschultz@tritonenergy.ca
Website: www.tritonenergy.ca
Bobwins
Posted: Thu Apr 10 15:41:32 2008
Triton Energy Corp is my latest energy orphan stock. TEZ.v is a natural gas driller with rapidly increasing production. I don't have much because it trades so little but it's definitely cheap and growing pretty fast.
Here are the highlights from their 2007 Year End Reserve Report:
2007 HIGHLIGHTS
- Production totaled an estimated 229 thousand barrels of oil equivalent at an average daily production rate of approximately 629 barrels of oil equivalent;
- Triton exited 2007 with daily production of approximately 925 barrels of oil equivalent;
- Proved plus probable reserve additions totaled 1,320 thousand barrels of oil equivalent;
- Triton replaced estimated production by 576% with proved plus probable reserve additions;
- Proved plus probable reserves increased by 287% to 1,674 thousand barrels of oil equivalent;
- The Corporation increased its Reserves Life Index on a proved plus probable reserves basis to 5.0 years.
- Estimated finding and development costs, including changes in future development costs, improved to $19.96 per barrel of oil equivalent on a proved reserves basis and $14.95 per barrel of oil equivalent on a proved plus probable reserves basis compared to $24.80 and $19.41, respectively, in 2006;
- The net present value (before tax discounted at 10 percent) of total proved plus probable reserves increased by 224% to $27.9 million.
Here are some of their numbers:
Shares outstanding as of 11/28/07 were 34,531,748 plus 2,550,000 options that are out of the money, starting at .75. They recently announced a PP for 800,000 shares at .60 with an equal number of warrants at .80. So around 39million fully diluted.
Using increased credit line of 7.5million from 2.3 million to fund 2008 capex budget of 16.1 million along with the PP’s and cashflow. They got cashed up in their 10/07 PP with $4.6 million.
In Q3 07, they lost 563K or -.02eps on total revs of 1,953 and positive cashflow of 687K or .02.
For Q4, I estimate cashflow of .03 on 700boepd because I think their revs should go up to $41/boe, partially offset by the higher share count.
For Q1 08, I am using 1000boepd avg and $47/boe, which results in .058 cashflow/share
Forward annualized that is .23 vs the current share price of .55 or slightly over 2.
I talked with CEO Michael Zuber. I asked about the weak point that I saw, in addition to weak ngas prices last year, of his reserve life. It is about 5 years, even after a good year of drilling. He countered that long reserve life isn’t always a positive. He said many of the long life players don’t produce that much. He said, he feels it’s his job to increase production, revs and cashflow. He does that by drilling decent sized wells that will produce good numbers. He said, now that they have increased the production, they have the luxury of doing a bit of both, increasing production AND reserves.
He was very straightforward. Said the increased credit line was done because he hates issuing a bunch of cheap paper.
I like TEZ’s cheap prices, improving ngas outlook, increasing production and cashflow.
