Teton Petroleum Acquires Interest in Piceance Basin Drilling Program
17 February 2005 - 1:15AM
PR Newswire (US)
Teton Petroleum Acquires Interest in Piceance Basin Drilling
Program DENVER, Feb. 16 /PRNewswire-FirstCall/ -- Teton Petroleum
Company (AMEX:TPE) announced the purchase of 25% of the membership
interest in Piceance Gas Resources, LLC. Piceance Gas Resources,
LLC owns approximately 6,300 gross and net acres directly northwest
of the Grand Valley Field which has cumulative production of over
210 billion cubic feet (bcf) in the Piceance Basin in Western
Colorado. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO) Teton
purchased its 25% interest in Piceance Gas Resources, LLC from PGR
Partners, LLC (who are former McMurray Energy Company executives),
which is headquartered in Denver, Colorado. The purchase price of
the 25% interest is $5.25 million cash and 450,000 unregistered
shares of Teton common stock. Teton also issued PGR Partners, LLC
warrants to purchase 200,000 shares of Teton common stock at an
exercise price of $2.00 per share, exercisable for five years.
Piceance Gas Resources, LLC's 2005 capital program calls for the
drilling of at least 8 wells. Long-term development plans may
involve up to approximately 600 gross wells. Development programs
in this region of the Piceance Basin gas fairway have recently been
drilled on 10 acre density. The purchase of the membership interest
in Piceance Gas Resources is not related to the other acquisition
pending in North America, which was previously disclosed by Teton
in a Form 8-K filing on January 10, 2005. The company is continuing
to implement its strategy of evaluating new exploration and
production opportunities. This news release may contain certain
forward-looking statements, including declarations regarding Teton
and its subsidiaries' expectations, intentions, strategies and
beliefs regarding the future. 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.
Gillian D. Kane, Vice President, Investor Relations Teton Petroleum
Company Phone: (970) 846-1953
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO
http://photoarchive.ap.org/ DATASOURCE: Teton Petroleum Company
CONTACT: Gillian D. Kane, Vice President, Investor Relations of
Teton Petroleum Company, +1-970-846-1953, Web site:
http://www.tetonpetroleum.com/
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