The terms of the purchase were not disclosed. Approximately 33,600 net acres (80 percent) lie within the Noble Energy, Inc. and Teton Energy Area of Mutual Interest ("AMI") and will be offered to Noble Energy under the terms of the AMI. Approximately 8,400 net acres (20 percent) are outside the AMI and are currently held with a 100 percent working interest net to Teton. The agreement is expected to close by December 15, 2006 and is subject to standard due diligence.
"This acquisition represents another opportunity to add prospective acreage to our eastern D.J. Basin pilot program which is currently under evaluation," stated Rich Bosher, Vice President of Business Development.
Teton Energy Corporation is an independent oil and gas exploration and production company based in Denver, Colorado. Teton is focused on the acquisition, exploration and development of North American properties and has current operations in the Rocky Mountain region of the U.S.
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