Teton Triples Russian Production through Acquisition
Teton Petroleum has signed a purchase and sale agreement to acquire the Anderman/Smith Overseas, Inc. (Anderman) interests in the LLC Chernogorskoye located in Western Siberia. The Anderman interests comprise 50% of the Joint Venture. The other partner in the Joint Venture is TNK Nizhnevartovsk, a wholly owned subsidiary of Sidanco, which, in turn, is jointly owned by British Petroleum and TNK Petroleum.
The LLC Chernogorskoye is a 50-50 Russian-American joint venture created to develop the Chernogorskoye oil field, a greenfield project located in the Tyumen Region of the Russian Federation. The joint venture currently produces an average of 8500 barrels of oil per day.
"This acquisition will more than triple our existing net daily production," said Howard Cooper, Teton chairman of the board. "In addition, the synergies created by proximity of the new field to our existing operations will enable us to realize significant cost savings in the region."
The Chernogorskoye oil field is located 5 miles northeast of the super giant Samotlor field, the largest oil field in Russia and the seventh largest oil field in the world. Teton's other operating oil interest, its Goloil - Eguryak license, is approximately 15 miles west of the Chernogorskoye field.
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- Teton Set to Acquire Stake in Russian Field (Apr 05)