Exploration Agreement Signed with Unit Petroleum Company for Big Horn Basin Project
DENVER, June 20 /PRNewswire-FirstCall/ -- Teton Energy Corporation ("Teton" or the "Company") (AMEX:TEC) announced today that it has signed an exploration agreement with Unit Petroleum Company ("Unit"), a wholly-owned subsidiary of Unit Corporation (NYSE:UNT) to jointly explore and develop acreage controlled by Teton in the Big Horn Basin.
Teton and Unit have signed an exploration agreement whereby Unit will pay for certain specified well costs to drill two test wells on Teton's approximate 23,000 gross acre leasehold in the Big Horn Basin of Wyoming in order to earn a 50 percent non-operated working interest in Teton's acreage. Thereafter, all costs of the two wells shall be borne equally by Unit and Teton. Permits for the two planned wells are in process. The Company anticipates a spud date for the first test well sometime in the fourth quarter of 2008. Teton will remain the operator of the project, which is targeting the Greybull sandstone and Mowry Shale formations.
Dominic Bazile, Executive Vice President and Chief Operating Officer, commented, "We are very excited to have a partner of Unit's caliber join us in the exploration and development of our Big Horn Basin project. Our operational expertise coupled with their oil services experience and access to equipment should be a winning combination as we move this project forward. We believe their participation validates the potential we see in this new area of operations for the Company." 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 and Mid-continent regions of the U.S. Teton has leasehold interests in the Central Kansas Uplift, 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 contains 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 Teton's management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that participation agreements and 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/ http://www.newscom.com/cgi-bin/prnh/20051007/LAF054LOGO http://photoarchive.ap.org/ 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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