Printer Friendly

TRITON SELLS DOMESTIC PROPERTIES FOR APPROXIMATELY $18.7 MILLION

 DALLAS, Aug. 30 /PRNewswire/ -- Triton Energy Corporation (NYSE: OIL) today announced the sale of a substantial portion of the company's U.S. working interest properties to Torch Energy Advisors Incorporated (for the benefit of its institutional investors). Although the closing of the transaction occurred in August, the effective date was Jan. 1, 1993. As a result, the approximate $18.7 million base purchase price was reduced at closing by approximately $2.6 million to reflect estimated post-Jan. 1, 1993, revenues and expenses, with final adjustment to occur within 90 days.
 The company is in the process of selling substantially all of the U.S. working interests that were not included in this sale.
 "Sale of these properties marks the latest step in our efforts to concentrate exploration and production activities in our core international projects, primarily Colombia, Malaysia/Thailand and Argentina," said Thomas G. Finck, president and chief executive officer.
 Triton Energy, based in Dallas, is an international independent oil and gas exploration and production company with oil and gas interests in 12 countries.
 -0- 8/30/93
 /CONTACT: W. Greg Dunlevy or Linda Covington of Triton Energy Corporation, 214-691-5200/


CO: Triton Energy Corporation; Torch Energy Advisors Incorporated ST: Texas IN: OIL SU: RLE

TW -- NY037 -- 7029 08/30/93 10:47 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:Aug 30, 1993
Words:213
Previous Article:TRITON ENERGY REPORTS FISCAL YEAR 1993 RESULTS, CLASSIFIES SOME NON-OIL AND GAS ASSETS AS DISCONTINUED OPERATIONS
Next Article:TOTLIS AND SCHERER ACCEPT NEW POSTS AT CHICAGO TITLE AND TRUST
Topics:

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