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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