Tyler Morning Telegraph from Tyler, Texas on July 17, 1991 · 7
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Tyler Morning Telegraph from Tyler, Texas · 7

Publication:
Location:
Tyler, Texas
Issue Date:
Wednesday, July 17, 1991
Page:
7
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' 1 Announcement Of Oil Find In Colombia Boosts Triton From Staff, Wire Reports - DALLAS - Triton Energy Corp. stock zoomed to new highs on the strength of last week' announcement of the company's role in a big oil find in Colombia. , i Triton for the second straight day closed at a record high Monday. The Dallas company's stock was up $1.50 at $25 on volume of 1.83 million shares. Triton's average daily volume is about 310,000. 'J The stock traded about $20 earlier this month and was as low as $4 late last year. Triton last Tuesday said a well in northeast Colombia tested at a pro-, ' duction rate of 6,680 barrels or oil and 22.1 cubic feet of natural gas per day. The company has a 20 percent stake in the field. - Triton's partners in the field say itv is a "worla class" prospect, one that could produce 1 billion barrels of oil or more. If so, Triton, which had $256 million of revenue in its 1990 fiscal year, could at least double its reserves. Some reports have said the field could hold 2 billion to 3 billion barrels of oil. i British Petroleum and Total C.F.P. of France, each have a 40 percent interest in the field. . BP, operator of the well that produced last week's test results, gave an upbeat assessment of it at a meeting with analysts Friday. The biggest winner from the find could be Colombia's state-run oil company, Ecopetrol, which has an option to take 50 percent interest in LOCAL FINANCING WINDOW AWNINGS SCREEN ROOMS STORM DOORS SCREENS SHUTTERS MONDAY - FRIDAY 8:00 AM - 5:00 PM u jut I 1 Vf, w 1 , t; the discovery and thus halve the stake of the other companies. On Monday, Morgan Stanley & Co. added Triton to its model portfolio of stocks. The company's energy analyst, Monroe Helm, has had a "buy recommendation for the stock since it was at $17 a share. He said the stock could rise to $30 a share on near-term expectations of additional oil the find will give Triton's reserves. Other analysts have targeted Triton's stock for $26 to $28. "The stock is going to move on the asset value of the find," Helm said. "This is a major discovery," The discovery seals a remarkable turnaround for the company. Triton stock traded around $4 a share late last year. Triton has since finished a restructuring to help its balance" sheet, including selling $166 million in assets. Suspect Hunted In Fatal Wreck Which Killed 2 PLANTERSVILLE (AP) - Authorities were searching for the driver of a vehicle that struck and killed two Magnolia women who were walking to a friend's house after their car broke down. The hit-and-run accident occurred sometime between midnight Saturday and 2 a.m. Sunday on Farm-to-Market Road 1774 about five miles south of Plantersville, which is about 20 miles northwest of Magnolia. . The victims were identified as Dawn Marie Lamont, 17, and Lacre-s tja Gail Jordan, 18, said Mike Cox, a -Spokesman for- the -Texas Department of Public Safety. DPS Trooper Gary Shaw said Tuesday the two women apparently were roommates in Magnolia, about 30 miles northwest of Houston. "Their pickup truck had broken down, ana they were walking to a friend's residence evidently to get some help. They were walking southbound on FM 1774 against traffic and they were struck by a northbound vehicle," Shaw said. "I think they were on the shoulder area." Shaw said authorities found a piece of a vehicle's grill at the accident site that is found on 1983 or 1984 Chevrolet pickup trucks, Suburbans and Blazers. m'.'itc. it Sec.1 Tj ler Morning Telegraph WEDNESDAY, JULY 1 7, 1 931 'J A i U 1 I ( I'M OH W vihVui 7iVH .. -siwmm ' J'JQQ LOVESEATSaslowas9200 Choose Traditional, Soulhwejr Modem, Early American. Contemporary, 500 Sofas, Sectionals, Sleepers, loveseats & Choirs All Name Brands 25 to 65 off . Bassett Benchcraft 'England Broyhill 'Stratford Prices Start at., 888 20 to Pick From - All Styles! GEE uyymiyiiMiiUiiUJjii Starting At $99 Other Values $188-$244 i $299-$349 QECLIfJI:Q5 Huge Selection Barcolounger - Best Stratolounger Gatnapper DAYBEDS WITH MATTRESS $119 FROM BUNK BEDS WITH MATTRESS $199 FROM BEDROOM SUITES ALL STYLES AND SIZES HUGE DISCOUNTS BUY TODAY WITH NO DOWN PAYMENT & NO PAYMENT 'TIL OCTOBER WITH APPROVED CREDIT TAKE M1 I mUTI low FURNITURI SOFAS . - Reg. $699 Notching . bveseot $349 'Compare at$l499v HIDE-O-BEDS Ail On Sate $ As Low As 2 VIDEO CAME CHAIS Die perfect gift la the video gome Ian In your home! Available in yow choice of cobs. 49 DINING SUITES GOOD SELECTION OF FORMAL AND CASUAL SETS IMMEDIATE POSSESSION OR WE DEUVER FINE FURNITURE I 822 W. FRONT AT PALACE I Si 593-2558 1 I H

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