Teton Energy Acquires Additional Interests in Denver-Julesberg Basin
Teton Energy has acquired an additional leasehold interest in the Denver-Julesburg Basin, in proximity to its current projects in Nebraska and eastern Colorado. Teton entered into an agreement with undisclosed parties to acquire their interest in 168,197 gross acres, or 160,689 net acres. The purchase price is approximately $1.3 million gross and $0.5 million net to Teton once all partners exercise their options within the two AMIs by year-end. A portion of the acreage that falls within each existing AMI has been offered to Teton's partners: Noble Energy, Inc., and Targe Energy Exploration and Production, L.L.C.
This acquisition creates three opportunities for Teton: (1) Increases the acreage position in the Teton-Noble AMI to 307,247 gross acres, from 266,000 gross acres; (2) Adds 10,726 gross acres to the 9,000 gross acres currently comprising the Frenchman Creek Project, operated by Teton; and (3) Establishes a new, operating area of approximately 116,224 gross acres in Yuma County, Colorado, southern Dundy County, Nebraska and northwestern Cheyenne County, Kansas. The acreage is in proximity to existing Niobrara gas production and deeper Lansing-Kansas City oil production.
"This large acreage purchase provides a bolt-on acreage acquisition to our existing positions with Noble and Targe, and allows Teton to increase its position in a low risk, low cost drilling environment," said Rich Bosher, Vice President of Business Development.
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