"We had another strong year of production and revenue growth in 2003", said Karl Arleth, President and CEO. "Our 2003 performance sets the stage for additional growth through drilling and acquisitions in 2004."
When comparing year over year, Teton continued to grow in a number of categories. Highlights for the year ended December 31, 2003 compared to December 31, 2002 include:
Seven new development wells were drilled on the Goloil property in 2003 and one existing well was placed back on production. All were successful.
At year-end, 16 wells were producing from the 3 fields on the Goloil License. An additional 4 wells will begin producing pending expansion of the gathering system by April, 2004. A 5th well is awaiting completion.
Plans for the Goloil license in 2004 call for the partners to drill 4 horizontal wells in the Golevaya Field and to conduct 4 fracture stimulations on 4 existing Jurassic wells in the Eguryak Field. Development plans for South Eguryak Field will be completed once the results of the 3D seismic program are evaluated.
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