Teton previously announced estimated proved reserves at December 31, 2006 increasing 77 percent to 7.1 billion cubic feet ("Bcf"), compared to 4.0 Bcf at December 31, 2005. The 2006 year end reserve report was prepared with SEC pricing of $4.11 per thousand cubic feet ("Mcf").
In addition to the SEC proved reserve report, the Company also estimated year end 2P reserves (proven plus probable) using normalized pricing of $6.00 per million British thermal units ("MMBtu"). Year end 2006 2P reserves using normalized pricing were estimated to be 69.2 Bcf. The estimate for 2P reserves includes 10.5 Bcf of proven reserves. Based on normalized pricing and 2006 production of 737 million cubic feet ("MMcf"), the Company's ratio of reserves to production is approximately 14.2 years for total proved reserves. The Company did not issue an estimate for 2P reserves at year end 2005.
Teton's production was 100 percent natural gas in 2006 and is derived only from its Piceance Basin project. The above results are based on a full independent reserve report prepared by Netherland, Sewell & Associates, Inc. ("NSAI").
Teton Energy Corporation is an independent oil and gas exploration and production company based in Denver, Colorado. The company focuses 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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