Teton Energy Corporation has permitted and staked 11 locations for Niobrara test wells in its Frenchman Creek prospect area in Phillips County, Colorado. Drilling is expected to commence when state approval has been received, which is anticipated to be late in the first quarter of 2008. If the first two wells are commercially successful, Teton and Targe Energy Exploration and Production, LLC, a 50% partner in the Frenchman Creek project, expect to drill the remaining wells on 40 acre spacing during 2008.
Targe is carrying Teton on the two pilot wells and Targe's proportionate share of 3-D seismic to earn their 50 percent interest in the acreage block. Teton will operate the project and will utilize coiled tubing drilling and completion technology. Coiled tubing is being successfully used by other operators in the area, and it offers improved drilling time and other advantages gained by economies of scale. The initial test wells will target the Niobrara Beecher Island Chalk Interval, which is gas-bearing in fields in close proximity to Teton's new well locations, at a depth of about 2,500 feet. Teton believes that the Frenchman Creek prospect contains multiple Niobrara structures which could yield up to 20 billion cubic feet gross of natural gas resource potential. Including the Frenchman Creek prospect, Teton has an interest in over 950,000 gross acres (approximately 840,000 net acres) in the Denver-Julesburg Basin.
With its partners American Oil & Gas, Inc. and Evertson Operating Company, Teton has also acquired and evaluated a new 3-D seismic survey in the northeastern portion of its Goliath acreage in Williams County, North Dakota. Several leads have been identified, including an Ordovician Red River prospect. The prospect and leads are located directly north of the recent Whiting Petroleum Corporation Red River discovery in the Solberg 32-5 well, which was reported as testing at over 400 BOPD and 2 MMCFD. Teton has an interest in approximately 87,000 gross acres (approximately 16,000 net acres) in the Williston Basin, including the Goliath prospect.
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