Hicks, Muse, Tate & Furst Invests $128 Million in Triton Energy

Business Wire, Sept 30, 1998

DALLAS--(BUSINESS WIRE)--Sept. 30, 1998--Triton Energy Limited (NYSE: OIL) and Hicks, Muse, Tate & Furst Incorporated today announced that Hicks Muse has completed an investment of $127.6 million in Triton, representing completion of the first phase of the $350 million equity investment in Triton that Hicks Muse agreed to lead on August 31, 1998.

Under terms of the agreement, Hicks Muse today acquired convertible preferred shares representing approximately 17% of Triton's pro forma common shares outstanding. Following this initial investment, Triton intends to issue rights to its shareholders to purchase approximately $220 million in additional preferred shares, convertible into approximately 22% of Triton's pro forma common shares outstanding. Hicks Muse will purchase its pro rata share in addition to any shares not subscribed for in the rights offering.

Upon completion of the rights offering, the total convertible preferred shares would represent approximately 35% (20 million shares) of the company's pro forma common shares outstanding. The preferred shares have an 8 percent coupon and are convertible into four ordinary shares (equivalent to $17.50 per ordinary share).

As previously announced, Triton Energy's Board of Directors will be restructured to comprise ten members, four of whom will be named by Hicks Muse.

The combined proceeds of the initial Hicks Muse investment and subsequent rights offering, less expenses, will be used to repay borrowings under the Company's existing credit facilities and for general corporate purposes. The rights offering, which will follow shortly hereafter, is subject to customary closing conditions.

Since its formation in 1989, Hicks, Muse, Tate & Furst Incorporated has completed or currently has pending more than 230 transactions with a total capital value in excess of $30 billion. Headquartered in Dallas, the firm also has offices in New York, St. Louis, Mexico City and Buenos Aires.

Triton Energy Limited (NYSE: OIL) is a Dallas-based international oil and gas exploration and production company primarily focused on large-scale projects and exploration opportunities around the world. The Company has major projects under way in Latin America and Southeast Asia. It is actively exploring for oil and gas in these areas, as well as in southern Europe, Africa and the Middle East.

This news release is neither an offer to sell nor a solicitation of an offer to purchase any rights, common shares or preferred shares of Triton, and any offering of Triton securities described in this news release will be made only by means of a prospectus.

For more information about Triton: www.tritonenergy.com.