DENVER, April 1, 2008 /PRNewswire-FirstCall/ -- Teton Energy Corporation ("Teton" or the "Company") (AMEX:TEC) announced today it has received approval for permits from the Colorado Oil and Gas Commission for the Company's first operated wells in the Teton Frenchman Creek prospect area in southeast Phillips County, Colorado. Ten of eleven initial planned wells have been permitted. These wells were permitted to approximately 2,400' depths, to test the Niobrara Beecher Island chalk formation. The Beecher Island chalk produces gas from several fields in the vicinity of the Frenchman Creek prospect. Teton acquired 3 square miles of 3D seismic in the area in November, 2007, and the locations were picked from the 3D seismic results. Teton has built a contiguous acreage position of 28,204 gross acres within the area with Targe Energy Exploration and Production LLC, a 50 percent partner. Teton intends to commence drilling in the second quarter of 2008.
"We are very excited to receive our first permits in a Teton-operated project to commence drilling in the Frenchman Creek area. We are currently working with the landowner to schedule drilling the first two obligation wells that our partner Targe Energy will carry Teton on to earn a 50 percent working interest in the project. If successful, we will proceed with the drilling of additional wells in the area," commented Dominic Bazile, Executive Vice President and Chief Operating Officer.
Company Description. Teton Energy Corporation is an independent oil and gas exploration and production company focused on the acquisition, exploration and development of North American properties. The Company's current operations are concentrated in the prolific Rocky Mountain region of the U.S. Teton has leasehold interests in the eastern Denver-Julesburg Basin in Colorado, Kansas and Nebraska, the Piceance Basin in western Colorado, the Williston Basin in North Dakota and the Big Horn Basin in Wyoming. Teton is headquartered in Denver, Colorado and is publicly traded on the American Stock Exchange under the ticker symbol "TEC". For more information about Teton, please visit the Company's website at http://www.teton-energy.com/.
Forward-Looking Statements. This news release may contain certain forward-looking statements, including declarations regarding Teton's and its subsidiaries' expectations, intentions, strategies and beliefs regarding the future within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements contained herein are based upon information available to Teton's management as at the date hereof and actual results may vary based upon future events, both within and without the control of the Teton's management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that additional acquisitions may have on Teton and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, governmental regulations, and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission. Teton's disclosure reports are on file at the Securities and Exchange Commission and can be viewed on Teton's website at http://www.teton-energy.com/. Copies are available without charge upon request from the Company.
Company contact:
Ron Wirth
Director of Investor Relations & Administration
(303) 565-4600
http://www.teton-energy.com/ DATASOURCE: Teton Energy Corporation CONTACT: Ron Wirth, Director of Investor Relations & Administration of Teton Energy Corporation, +1-303-565-4600, Web site: http://www.teton-energy.com/
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