Triton Announces Third Quarter 2008 Results

Triton Energy Corp. (TSX VENTURE:TEZ) ("Triton" or the "Corporation") announces
financial and operating results for the three and nine months ended September
30, 2008. Triton has filed its unaudited financial statements for the three and
nine months ended September 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.


Highlights of the Third Quarter of 2008

- Petroleum and natural gas sales increased 89% to $3.70 million compared to
$1.95 million in the third quarter of 2007.


- Funds from operations increased 175% to $1.89 million or $0.05 per share
compared to $0.69 million or $0.02 per share in the third quarter of 2007.


- Net income totaled $283,114 compared to a net loss of $563,086 in the third
quarter of 2007.


- Production increased 24% to an average of 795 barrels of oil equivalent
("boe") per day during the quarter compared to an average of 643 boe per day
during the third quarter of 2007.


- Capital expenditures totaled $4.44 million, of which $3.47 million was
expended on drilling and completions, $0.82 million on land and seismic and
$0.15 million on facilities.


- 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.


- Triton drilled three (3.0 net) operated wells resulting in two (2.0 net)
successful natural gas wells and earned a 50% working interest in one successful
non-operated dual zone natural gas and crude oil well.




Financial Summary
----------------------------------------------------------------------------
                                   Three months ended     Nine months ended
                                         September 30,         September 30,
                                      2008       2007       2008       2007
----------------------------------------------------------------------------
Financial ($000's except 
 for per share amounts)         (unaudited)(unaudited)(unaudited)(unaudited)
 Petroleum and natural gas sales     3,700      1,953     11,261      6,361
 Funds from (used in) operations(1)  1,891        687      5,416      2,638
  Per share basic & diluted(1)        0.05       0.02       0.15       0.10
 Net earnings (loss)                   283       (563)       587       (889)
  Per share basic & diluted(2)        0.01      (0.02)      0.02      (0.03)
 Working capital                    (5,660)    (1,981)    (5,660)    (1,981)
 Capital expenditures(3)             4,441      4,759     11,813     13,290
 Total assets                       36,808     27,691     36,808     27,691
 Shareholders' equity               24,257     21,496     24,257     21,496
----------------------------------------------------------------------------

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 September 30, 2008 there were 3,150,000 options to purchase common 
    shares and 900,000 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 and dispositions.


Operating Summary
----------------------------------------------------------------------------
                                    Three months ended    Nine months ended
                                          September 30,        September 30,
                                       2008       2007      2008       2007
----------------------------------------------------------------------------
Operating
 Production
  Crude oil (bbls per day)               20         23        28         15
  Natural gas (mcf per day)           4,645      3,721     4,577      3,376
  BOE per day (6:1)                     795        643       791        578
 Netback per boe (6:1)
  Petroleum and natural gas sales  $  50.61  $   33.01  $  51.98  $   40.34
  Royalties, net of ARTC           $ (10.20) $   (7.31) $ (10.58) $   (9.59)
  Operating expenses               $  (7.79) $   (8.32) $  (9.01) $   (7.16)
  Transportation expenses          $  (1.81) $   (1.39) $  (1.80) $   (1.54)
----------------------------------------------------------------------------
  Operating netback                $  30.81  $   15.99  $  30.59  $   22.05
----------------------------------------------------------------------------



Outlook

Tie-in operations are proceeding at an operated 100% working interest dual zone
gas well at Newton and at an operated 100% working interest light oil well at
Sullivan Lake with both wells expected to commence production on or about
December 1, 2008. At Lanaway, tie-in operations have been completed on a
non-operated 50% working interest dual zone light oil and natural gas well with
start-up production having commenced on November 8, 2008.


With these three (2.5 net) wells successfully on production and accounting for
the recently announced (November 20, 2008) sale of production and related lands
at Inland, Triton anticipates a 2008 year-end exit production rate of
approximately 1,100 barrels of oil equivalent per day.


Triton currently plans to drill one (1.0 net) additional operated well before
year-end in the Sullivan Lake area and up to three (3.0 net) operated wells in
the Sullivan Lake and Newton areas in the first quarter of 2009.


In the first quarter of 2009 the Corporation will also be participating in a
potential high impact well (the "Test Well") in the Tay River area in the
foothills of Alberta. As announced on November 17, 2008 the Test Well is
licensed to a total depth of 5,462 meters and is targeting a Leduc reef
formation that has been identified on 3-D seismic data. Geological and seismic
interpretation suggests that the Test Well is targeting a structure similar in
size to the structure that hosts the Tay River Leduc gas pool located
approximately 12 kilometers north-northeast of the Test Well.


The Test Well is expected to spud in January and take approximately 145 days to
drill to total depth. Triton has budgeted $4 million for its share of the costs
to drill, case and complete, cap or abandon the Test Well. Upon fulfillment of
its earning obligations Triton will have a 12.5% working interest in the Test
Well, Section 27-35-11W5M and ten (10) additional contiguous sections of land.
The cost of the Test Well is being allocated to the Corporation's 2008 capital
expenditures budget and will not affect other capital expenditures plans for the
remainder of 2008. A major oil and gas producer is the operator of the Test
Well.


Triton remains committed to adding shareholder value despite the collapse in the
share prices of publicly traded companies worldwide over the past few months.
Under the provisions of a Normal Course Issuer Bid ("NCIB") announced on October
7, 2008 and as amended and announced on November 11, 2008 the Corporation has
been able to repurchase and cancel 708,500 of its shares at depressed stock
prices. The Corporation intends to continue to buy back shares at these market
levels. Triton remains confident that the Alberta economy will overcome the
current challenges and improve to more normal conditions. Energy prices are
expected to rebound as supplies decline due to depressed exploration levels and
demand normalizes in the marketplace. The Corporation is focused on adding
shareholder value while carefully monitoring its business environment on a
go-forward basis.


Triton currently plans to finance the balance of its 2008 capital expenditures
program and the NCIB utilizing funds from operations and available credit
facilities. A capital expenditures budget for 2009 will be announced prior to
year-end.


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 may include forward-looking statements including opinions,
assumptions, estimates and management's assessment of future plans and
operations, budgeted capital expenditures and funding thereof, wells to be
drilled, timing of drilling of wells and expected depths, budgeted cost of
wells, commencement of production from wells and year-end production rate. 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.


While geological and seismic interpretation suggests that the Test Well is
targeting a structure similar in size to the structure that hosts the Tay River
Leduc gas pool located approximately twelve kilometers to the north-northeast,
there is no assurance that the Test Well will be successful or have similar
results to wells in the Tay River Leduc gas pool.


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.
Triton Energy Corp. (TSXV:TEZ)
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