Teton Energy Corporation has received approval for permits from the Colorado Oil and Gas Commission for the Company's first operated wells in the Teton Frenchman Creek prospect area in southeast Phillips County, Colorado. Ten of eleven initial planned wells have been permitted. These wells were permitted to approximately 2,400-foot depths, to test the Niobrara Beecher Island chalk formation. The Beecher Island chalk produces gas from several fields in the vicinity of the Frenchman Creek prospect. Teton acquired 3 square miles of 3D seismic in the area in November, 2007, and the locations were picked from the 3D seismic results. Teton has built a contiguous acreage position of 28,204 gross acres within the area with Targe Energy Exploration and Production LLC, a 50 percent partner. Teton intends to commence drilling in the second quarter of 2008.
"We are very excited to receive our first permits in a Teton-operated project to commence drilling in the Frenchman Creek area. We are currently working with the landowner to schedule drilling the first two obligation wells that our partner Targe Energy will carry Teton on to earn a 50 percent working interest in the project. If successful, we will proceed with the drilling of additional wells in the area," commented Dominic Bazile, Executive Vice President and Chief Operating Officer.
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