Teton Energy Corporation announced that its subsidiary, Teton DJCO, LLC, has entered into a seismic earning agreement with T. H. McElvain Oil & Gas Limited Partnership, in Yuma County, Colorado. McElvain has begun acquisition of 25 square miles of 3D seismic data, at 100 percent cost to McElvain, to earn a 60 percent interest in Teton's acreage. Teton is contributing approximately 28,000 net acres and McElvain is adding approximately 3,300 net acres to the project. Teton will also earn a 40 percent interest in McElvain's acreage.
The area lies on the eastern portion of Teton's Washco acreage, in the heart of the prolific Niobrara Beecher Island natural gas trend. Nearby fields include the DeNova Field, which has produced greater than 30 billion cubic feet ("Bcf") of natural gas to date, the Republican Field, which has produced greater than 48 Bcf of natural gas and the Mildred Field, which has produced greater than 14 Bcf of natural gas.
"This is a step in further evaluating our acquisition of undeveloped acreage we acquired with our Washco project in the fall of 2007. McElvain has been successful on their own projects in the area, and we look forward to working with them on this project," said Dominic Bazile, Executive Vice President and Chief Operating Officer.
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