Teton Energy reported that during January and February of 2008, the Company participated in the drilling of seven new gross wells in the Piceance Basin. The Company now has 54 gross producing wells, 14 gross wells waiting on completion, five gross wells drilling and two gross wells completing.
In the Teton/Noble AMI in the D-J Basin, to date in 2008, 20 new gross wells came online, 9 gross wells are waiting on completion and six gross wells are awaiting pipeline connection. In the Williston Basin, a 3D seismic survey was processed during January to identify potential in the Red River Formation and Teton's partner has applied for spacing units and has begun the permitting process for two Red River locations. The Company has plans to participate in a total of 240 wells in 2008 and expects production to increase to at least 2 Bcf net of volumes from any acquisition.
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