Profile & Mission

Corporate Profile
First Keystone Community Bank, a subsidiary of First Keystone Corporation (Stock
Symbol: FKYS.ob), has been owned and operated by local men and women since
1864. First Keystone Community Bank has grown from one 18'x 25' building in
Berwick to 18 full-service offices throughout Columbia, Luzerne, Monroe and
Montour Counties. The bank also operates 20 ATMs, one supermarket location, and
banking at home via the internet, telephone and mobile banking.
First Keystone Community Bank offers a variety of consumer products including
checking, savings, money market, certificates of deposit, personal loans, mortgages,
and home equity loans. In addition, the Bank offers Trust & Financial Planning
through its affiliation with Infinex Investment, Inc. For the business community,
commercial banking and lending products are offered.
Maintaining our respect for tradition and service, while at the same time providing our
customers with the most current and innovative banking tools available, is our
philosophy and is simply stated in our Bank's motto: "Yesterday's Traditions.
Tomorrow's Vision."
Mission
First Keystone Community Bank is an independent, locally-managed, financial
services institution.
Our purpose is to be the provider of a broad selection of quality banking and related
financial services, including trust services, to individuals and households in the Bank's
service area. We will also provide financial services to business and commercial
enterprises within the same area.
We are a bank that takes the lead in offering high quality service in response to the
needs of the consumers within our market area. We focus on strong customer
relationships and compete on the basis of value, convenience, and delivery of high
quality services. The delivery of these services will be done by skilled, sales-oriented,
customer service personnel, supported by a broad-based, experienced organization
employing "state-of-the-art" technological resources. First Keystone Community
Bank intends to be a good corporate citizen committing its resources (financial and
human) for the betterment of the communities it serves.
First Keystone Community Bank recognizes and values the contribution of our
employees. To them, we pledge to provide opportunity for a high level of job
satisfaction and an equitable exchange for their services.
History of Triton Energy Corporation
Triton Energy Corporation is one of the largest U.S. independent oil and natural gas
exploration and production companies. It is distinguished from its U.S. peers by its
emphasis on overseas operations. Triton's roller coaster ride to success was
punctuated by infighting, brushes with bankruptcy, allegations of fraud, and high-risk
ventures.
Triton was founded in Dallas by L. R. Wiley in 1962, just as the oil industry was
entering a decade of defeat. Although many "wildcat" oil and gas exploration firms in
the southwest of the United States had reaped huge profits from the booming energy
industry during the 1950s and early 1960s, most of the 1960s and early 1970s were
fraught with obstacles to success. As mismanaged federal energy policies and flat oil
prices stumped producers, the number of oil and gas exploration industry participants
plummeted from 30,000 in 1960 to a beleaguered group of 13,000 by the early 1970s.

Company Overview
As of August 20, 2001, Triton Energy Limited was acquired by Hess Corporation.
Triton Energy Limited, through its subsidiaries and other affiliates explores oil and
gas reserves located in Colombia, Equatorial Guinea and Malaysia-Thailand southern
Europe, Africa and the Middle East. The company generally sells its crude oil, natural
gas, condensate and other oil and gas products to other oil and gas companies,
government agencies and other industries. In January, Triton entered into an
agreement to acquire a 25% interest in Block L offshore Equatorial Guinea in the Gulf
of Guinea. The company's partner in the block is Chevron, the operator, with a 75%
working interest. The agreement is subject to approval by the government of
Equatorial Guinea. In February, Triton's announced that its F-1 exploration well
offshore Equatorial Guinea has been plugged and abandoned as a dry hole with oil
shows.

Despite industry woes, Triton managed to survive, and even profit, during the 1960s
and early 1970s by finding and exploiting large reserves. Like many other companies
of that era, Triton augmented its U.S. activities with overseas exploration and drilling,
resulting in several important oil and gas discoveries. In 1971, for example, a well
drilled in the Gulf of Thailand encountered natural gas zones that promised as much
as 29 million cubic feet of natural gas per day--a major find. Typical of many overseas
energy ventures, however, political roadblocks kept Triton from capitalizing on the
find until the 1990s.
Just as it had done in the 1960s, when it built its company amidst the ruins of many of
its competitors, Triton displayed its maverick bent again in the mid-1970s. During the
early 1970s, the Organization of Petroleum Exporting Countries (OPEC) began
limiting its oil production in a bid to boost profits. As oil prices vaulted to $30 per
barrel, many U.S. exploration and production companies began to focus on
developing domestic reserves in lieu of more risky overseas ventures. Triton bucked
this trend by continuing to engage in high-risk, though potentially lucrative, foreign
endeavors.
During the 1970s and 1980s Triton stuck its neck out in almost every corner of the
globe.聽 Scavengingfor untapped reserves of oil and natural gas, Triton opened
subsidiaries and invested in ventures in Australia, Indonesia, Thailand, Malaysia,
Europe, Argentina, New Zealand, Canada, and other places. As the company bypassed
less perilous domestic opportunities that it viewed as offering relatively low returns, it
became known as a savvy industry maverick with a knack for scouting out and
exploiting international profit opportunities.
Although the company suffered several defeats, its few big winners provided enough
income to allow it to continue searching for new reserves and to gain favor on Wall
Street. Indeed, by the early 1990s the company boasted at least eight major
discoveries totaling more than 2.5 billion barrels of oil and ten trillion cubic feet of
gas. The find in the Gulf of Thailand, for example, offered potentially large returns if
Triton could overcome the political stalemate between Thailand and Malaysia
concerning the reserves. Similar successes that brought more immediate returns were
achieved in the United Kingdom, Canada, and Australia.
One of Triton's most prolific triumphs during the 1970s and 1980s was its foray into
France. In 1980, Triton became the first independent U.S. oil company to obtain an
onshore exploration permit in that country. It teamed up with France's Total
Exploration S.A. in a venture that yielded important discoveries in the Paris Basin of
north central France. Those French oil reserves, 50 percent of which were owned by
Triton, swelled to more than 15 million barrels in 1985, representing a significant
portion of Triton's total reserves going into the mid-1980s. "This accomplishment,
which started from just an idea, is the result of good planning, geology, geophysics,
engineering, politics, and also a little good luck," exclaimed Mike McInerny, vice
president of corporate planning, in a July 1985 issue of theDallas Business Journal.
Triton's success in France reflected its ability to detect and cultivate opportunities that
had been overlooked by its competitors. Indeed, both large and small U.S. oil firms
had ignored the Paris Basin because of deceptive geological characteristics, which
made it appear that the region was not worth drilling. In contrast, Triton, suspecting
that the neglected area could hide large reserves, was willing to risk failure. After
actually discovering a healthy supply of oil, moreover, Triton benefited from
extremely low production costs, which were less than 20 percent of those in the
United States. "They are the only company that is doing what they're doing in their
particular way," noticed oil analyst Lincoln Werden in theJournalarticle.
By the mid-1980s, Triton was producing oil or owned reserves in France, Australia,
New Zealand, Colombia, Thailand, Great Britain, West Africa, the United States,
Canada, and the North Sea. Furthermore, it was planning to drill new wells in Nepal,
Gabon, and several new regions in the countries in which it was already active.
Largely as a result of its breakthrough discovery in France, Triton's assets had
ballooned to about $200 million by 1985. Likewise, revenues jumped 100 percent
during fiscal 1985 (ending in June) to roughly $50 million. Profits jumped similarly.
Furthermore, Triton management expected sales in 1986 to surge to nearly $90
million. In addition, the company planned to drill an additional 200 wells worldwide
during that year.
Although its future seemed bright as it entered the latter half of the 1980s, Triton
began to experience financial setbacks. The entire oil industry, in fact, began to spiral
into a down cycle in 1986 as the oil market became glutted and oil and gas prices
plunged. Triton's sales continued to grow, but slimming profit margins were
diminishing the concern's ability to fund expansion or to even remain profitable.
Although the company realized an increase in revenues to $68 million in 1987, it
posted a crushing loss of $7.8 million. In 1988, moreover, Triton realized a similar
loss after boosting sales more than 100 percent.
To alleviate the negative influence of oil and gas prices on its bottom line, Triton
stepped up its efforts to diversify into related businesses. For example, it accrued a
major ownership share of Input/Output, Inc., a Houston-based manufacturer of
seismic equipment, and bolstered investments in its domestic pipeline system. In
1988, Triton purchased two airport service operations, one in Texas and one in
Oklahoma, in a bid to establish itself as a leading supplier of aviation fuels and
services. The company, through its Triton Aviation subsidiary, planned to sell its crude
oil to refineries in exchange for aviation fuel, thereby eliminating the cost of operating
its own refinery. The two 1988 acquisitions, along with smaller purchases, quickly
propelled Triton to the status of major player in the aviation services industry. "They'll
have to prove themselves," cautioned Greg Wheeler, vice president of competing
Avfuel, in a May 1988 issue ofDallas Business Journal.

Triton's efforts at diversification only seemed to exacerbate its problems. As profits

continued to lag into the late 1980s and early 1990s, management struggled to find a
way out of the ever-deepening hole into which it had fallen; unable to profit from its
devalued oil and gas reserves or its sinking subsidiaries, the company was having
trouble stabilizing its earnings and generating sufficient cash for an aggressive
exploration and development program. Furthermore, Triton stammered under the
pressure of an entirely unrelated set of problems that followed the company through
the late 1980s and early 1990s like a lost puppy.
Triton was forced to battle an array of allegations in the early 1990s that it had 聽
falsifiedaccounting records during the 1980s. A Triton official confirmed the problem
when he acknowledged that the company had made payoffs to officials in Indonesia
that had led to "creative" accounting methods. Company employees admitted to
routinely overstating expenses, altering 聽 bookkeepingentries, and bribing auditors.
Triton's accounting firm resigned amidst controversy.
The blow-up over Triton's Indonesian affairs followed on the heels of a more costly
problem. Jimmy Janacek, who worked at Triton from 1981 to 1989 and served as
controller, filed suit against Triton for wrongful termination. Janacek claimed that
Triton had fired him for refusing to violate state and federal securities laws in
fulfilling the company's reporting requirements. The jury agreed with Janacek and
elected to award him $124 million--a potentially deathly blow for his former
employer. Stunned Triton officials, who had turned down a $5 million settlement just
days before the award, paid $9.4 million while Triton's insurers paid an unspecified
reduced settlement.
As Triton floundered into the 1990s, it experienced increasing pressure from
shareholders to start producing some results. One major investor, in a move that
smacked of a 聽 takeoverthreat, actually sent a letter to Triton executives in 1990
encouraging them to liquidate their major assets. Although Triton had already begun
to restructure, it stepped up its reorganization efforts in an attempt to 聽
appeaseinvestors and improve its performance. It cut 25 employees from its Dallas
headquarters, announced plans to dump the majority of its non-oil subsidiaries, and
decided to shuck major portions of its underperforming overseas oil and gas
operations.
Battered by slumping oil prices, a U.S. recession, legal battles, the effects of
inconsistent management practices, and failed attempts at diversification, Triton
slouched wearily into 1991. Management believed that the company was undervalued
on the stock market and that its long-term outlook was generally positive, especially
given the fact that oil and gas prices would likely recover in the near future.
Nevertheless, detractors shunned the organization as a sloppy, overweight, unfocused
corporation whose high-risk strategy had finally caved in.
Critics' suspicions were supported by Triton's inability to move some of its holdings--
when it tried to sell its European subsidiary for $200 million, the highest bid came in
at $100 million and Triton chose not to sell. Furthermore, Triton losses had increased
to $12.5 million in 1989 and to a whopping $54 million in 1990. Triton's bleak
condition was reflected in articles about the company's woes. ABarron'sarticle, for
example, referred to Triton as "a wisp of an oil-exploration firm" that was "burdened
by self-dealing and impropriety."
After a five-year period of torment and suffering, Triton blasted its critics and turned
its entire organization around with a single, momentous breakthrough. In July of
1991, elated Triton executives confirmed rumors that the company was on the verge
of a major oil strike in central Columbia. In the most meteoric rise of a U.S. energy
stock since the 1970s, the price of a Triton share rocketed from a 52-week low of $4
to nearly $50 by the end of August. Analysts estimated that the new discovery could
yield three billion barrels or more of oil, making it the most important find in the
Americas since 聽 PrudhoeBay in the Arctic Circle.
Triton had been actively searching for oil in Columbia since the summer of 1981.
Convinced that there was oil to be found, Executive Vice President John Tatum
initiated years of fruitless efforts and hefty capital investments. Finally, in 1987,
Triton and its partner,聽 British Petroleum(BPX), found an area that they believed
might produce oil. In an extremely risky venture, Triton and BPX began drilling in
one of the most geographically and socially challenging regions of the world. To
reach the jungle-covered oil, they had to drill holes two miles deep at a cost of $27
million per hole; each hole required six to ten months to drill.
Worse yet, the region in which they were drilling was brimming with danger. Three
separate groups of 聽 Marxistguerrillas, organized criminals seeking to protect their
interests in nearby 聽 emeraldmines, and other violent elements combined to produce
a murder rate averaging 80 per day--ten times the U.S. per-capita average. Bullet
proof vests could not protect the drillers from the equally distressing threat of
kidnapping, a relatively common practice in Columbia.
Triton's assumption of risk reaped major rewards in the early 1990s. Although the
company's losses continued to mount, its stock price soared as enthusiastic investors
sought a piece of the action. Triton's losses were attributable primarily to its
investments in the Columbian drilling operation, which would not begin to produce
positive cash flow until at least 1995. Triton's losses swelled to $94 million in 1992
and to about $90 million in 1993.
Triton's revenues also plummeted. Indeed, when the magic bullet that Triton managers
had hoped for finally arrived, they began a rapid reorganization plan that emphasized
development of the Columbian drilling operations. After all, in just one year the
percentage of Triton's proved reserves (the amount of oil still underground to which it
had rights) represented by its Columbian division rocketed from zero to 68, making
the importance of its holdings in all other regions of the globe comparatively
negligible. To carry the company into a new era of profitability, Triton moved William
Lee, who had served as president since 1966, to the position of chairman of the board.
Lee was succeeded as president by Thomas G. Finck, an engineer and industry
veteran.
As a result of its new focus, Triton decided to shed all of its non-oil subsidiaries,
liquidate its U.S. and Canadian oil and gas reserves, and "reassess" its development
prospects in France. Its reduction of working operations contributed to a decline in
sales from $209 million in 1991 to $125 million in 1992 and $110 million in 1993. At
the same time, however, the company's total proved reserves increased from 83
million net equivalent barrels (a measure that incorporates both oil and natural gas
reserves) to 130 million, boding well for Triton's future.
As though the sun was finally breaking through the clouds that had darkened Triton's
balance sheet during the late 1980s and early 1990s, recovering gas and oil prices
accelerated in 1994 and were expected to rise through at least 1995. Estimates that the
Columbian operations would be producing 150,000 barrels per day by the end of 1995
and 900,000 barrels per day by the end of the decade suggested potentially enormous
profits for Triton. Furthermore, Triton's ongoing exploration in other regions, such as
Argentina, could yield more surprise additions to the company's reserves.
In keeping with its long-time strategy of engaging in high-risk, long-term
international exploration and development ventures, Triton entered the mid-1990s
determined to sustain its search for new reserves. "As our future lies in creating value
through exploration, management must look beyond the current development projects
to the future," stated Finck in the company's 1993 annual report. "Large-scale, high-
potential international exploration projects take many years to develop. Triton must
identify and pursue attractive opportunities."
Principal Subsidiaries:Crusader Limited (Australia) (49.9%); Triton Argentina, Inc.
(Argentina); Triton Colombia, Inc. (Columbia); Triton Indonesia (Indonesia); Triton
Oil and Gas Corp.; Triton Oil Company of Thailand (Thailand).

Additional Details
 Public Company
 Incorporated:1962
 Employees:490
 Sales:$.11 billion
 Stock Exchanges:New York, Toronto
 SICs:8510 Petroleum; 1300 International Trade and Foreign Investment

Read more:聽 http://www.referenceforbusiness.com/history2/6/Triton-Energy-

Corporation.html#ixzz55mR6uUd3
TRITON ENERGY LTD.
Bill Lee retired in the mid-1990s from Triton Energy after leading the Dallas-based oil and gas
exploration firm through three turbulent decades, During Lee’s tenure, Triton discovered large
oil and gas deposits in several remote sites scattered around the globe. Although adept at
finding oil, Triton’s small size hampered the company’s efforts to exploit its oil and gas
properties. Major oil firms, large metropolitan banks, and other well-heeled investors oftenrefused to
participate in the development of promising oil and gas properties discovered by
Triton. Why? Because They were unnerved by Bill Lee’s reputation as a run
-and-gun ,devil-may-
care “ wildcatter.”

To compensate for Triton’s limited access to deep

-pocketed financiers, Lee resorted to less
conventional strategies to achieve his firm’s financial objectives. In the early 1980s,Triton struck
oil in northwestern France at a site overlooked by many major oil firms. To expedite its drillingefforts
and to gain an advantage over competitors that began snapping up leases on nearbyproperties, Triton
formed an alliance with the state-owned petroleum firm, CompagnieFrancaise des Petroles.This
partnership proved very beneficial for Triton since it gave the firm ready access to thegover
nmental agency that regulated France’s petroleum industry. A business journalistcommented on
Triton’s political skill as a key factor in its successful French venture. “Triton’s
success is a due not just to sound geology but also to good politics. It has established a
closerelationship with the all-powerful French energy administration, which issues all new
drillingpermits.
Triton’s policy of working closely with government agencies and bureaucrats landed the
company in trouble with U.S. authorities during the 1990s. Charges that Triton bribed foreignofficials
to obtain favorable treatment from governmental agencies led to investigations of the
company’s overseas operations by the U.S. Justice Department and the Securities and Exchange
Commission (SEC
Triton Energy Limited (NYSE: OIL) (formerly known as Triton Energy
Corporation prior to March 25, 1996)[1] was one of the largest independent oil
and natural gas exploration and production companies in the United States. Triton was
founded in Dallas, Texas by E.R. Wiley in 1962, and had total proved reserves of
almost 300 million barrels of oil equivalent when Amerada Hess
Corporation purchased it in 2001 for $3.2 billion. At the time, Triton had operations in
North and South America, West Africa, Southeast Asia, Europe, Australia and New
Zealand.[2]

History[edit]
Triton Energy began business in 1962 in much the same way as other wildcatter oil
companies of its day. However, unlike many other U.S. based oil companies, Triton
spent much of the 1960s and early 1970s scouring the globe for large reserves of oil
and natural gas. Ignoring potentially low-return domestic opportunities for higher risk,
but much more lucrative overseas exploration, Triton offset its expensive exploration
costs with large finds in Thailand, France, and Australia.[1]
By the mid 1980s the entire oil industry was suffering setbacks due to a glutted oil
market and plunging gas prices, and Triton was no exception. Despite increasing
revenues and doubling sales, Triton posted losses of $7.8 million in 1988 and, in an
effort to mitigate its oil losses, diversified into other energy-related industries,
including seismic equipment manufacturing, domestic pipeline systems and airport
services operations.[3]
Finally, in 1991 a major oil discovery in Colombia turned the company's stock
around.[4] Despite the new oil reserve the company continued to post losses each year
because the Colombian drilling operations would not produce a positive cash flow
until 1995. Triton reorganized the corporation and in 1992 moved William Lee, who
had been president since 1966, to the position of chairman of the board and replaced
him with Thomas G. Finck, a petroleum engineer and industry veteran.[5] Within a
year, Finck became chief executive officer and, in 1995, became chairman.[3]
In 1997, Triton notably became the subject of a Securities and Exchange
Commission complaint, which alleged that Triton had violated the Foreign Corrupt
Practices Act. According to the New York Times, "The unusual complaint was brought
by the Securities and Exchange Commission, which contends that Triton officials not
only made payments that violated the Foreign Corrupt Practices Act, but also falsified
their records to make the bribes appear to be routine business payments." Triton
settled the case for $300,000 USD.[6]
At the same time that Triton's oil and gas reserves were increasing, the company
began divesting its non-oil subsidiaries and reducing its working operations.[7] The
company continued to focus its attention on exploration and development, and entered
the new millennium, posting annual net profits.[8]
In July 2001, Amerada Hess Corporation and Triton announced an agreement under
which Hess would purchase all outstanding ordinary shares of Triton for $45.00 per
share; 50% over Triton's closing stock price the day before. According to press
releases, the purchase would greatly increase Hess's production growth and
exploration potential and would make Hess one of the world's largest independent
energy exploration and production companies.[2]