Printer Friendly

TRITON ANNOUNCES SALE OF TRITON CANADA SHARES FOR $60 MILLION

 DALLAS, June 18 /PRNewswire/ -- Triton Energy Corporation (NYSE: OIL) today announced an agreement with a Canadian underwriting syndicate led by RBC Dominion Securities Inc. and Burns Fry Limited to sell all of Triton's 76 percent holding in Triton Canada Resources Ltd. (TSE: TTN). Under terms of the agreement the underwriting syndicate will purchase Triton's 30.5 million shares of Triton Canada and 9.5 million Treasury shares from Triton Canada, on a bought deal basis, at a price of C $2.65 per share.
 Triton expects to realize net cash proceeds, after commissions and expenses of about US $60 million and realize a profit on the sale of approximately US $34 million after tax, or $1.00 per share.
 Triton president and chief executive officer, Thomas G. Finck, stated, "The sale of Triton's equity holding in Triton Canada will strengthen the company's overall financial position and improve the focus of our financial resources on strategic core operations such as Colombia, Thailand/Malaysia and Argentina."
 Closing of the transaction is subject to completion of a definitive agreement which is expected to occur in July.
 Triton Energy, headquartered in Dallas, is an international independent oil and gas exploration and production company with oil and gas interests in 11 countries.
 -0- 6/18/93
 /CONTACT: W. Greg Dunlevy of Triton Energy Corporation, 214-691-5200, or Ron Lloyd of RBC Dominion Securities, 416-864-4767, or Robert D. Matheson of Triton Canada Resources, Ltd., 403-261-5500/
 (OIL TTN)


CO: Triton Energy Corporation; Triton Canada Resources Ltd. ST: Texas IN: OIL SU:

MP -- NY023 -- 3536 06/18/93 11:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 18, 1993
Words:262
Previous Article:NALCO FUEL TECH RECOGNIZED FOR CONTRIBUTION TO AIR POLLUTION CONTROL
Next Article:SAN JUAN BASIN ROYALTY TRUST DECLARES CASH DISTRIBUTION
Topics:


Related Articles
TRITON COMPLETES DEFINITIVE AGREEMENT
TRITON ANNOUNCES AGREEMENTS TO SELL PORTIONS OF ITS FUEL BUSINESSES
TRITON RECEIVES $59 MILLION ON CLOSURE OF CANADIAN SALE
TRITON ENERGY MAKES OFFER FOR MINORITY INTERESTS IN TRITON EUROPE
NOBLE DRILLING CORPORATION ANNOUNCES SIGNING OF LETTER OF INTENT
TRITON ENERGY'S OFFER FOR TRITON EUROPE BECOMES EFFECTIVE
TRITON SELLS PETROLEUM OPERATIONS IN FRANCE
Amerada Hess To Acquire Triton Energy For $45 Per Share In Cash.
Triton Energy Reports Second-Quarter 2001 Results; Earnings Improve 106%, Revenues Increase 77%.
Amerada Hess Completes Triton Acquisition.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters