Teton Issues Williston Basin Update

Teton Energy Corporation on Wednesday provided an update on the first well in the Williston Basin on its Goliath leasehold of approximately 90,000 gross acres.

On September 25, 2006, Teton announced that the Champion 1-25H, located in Section 24 and 25 of T157N - R97W in Williams County, North Dakota had initiated drilling. The Mississippian Bakken Formation is the primary target zone of this horizontal, tri-lateral well and is located at a depth of approximately 10,500 feet. The well has reached target depth and casing has been set through the transition from vertical to horizontal. The Company is currently drilling out of the casing into the first of three laterals in the Middle Bakken. The first lateral is approximately 3,000 feet in length with the second and third laterals approximately 5,000 each in length. Lateral drill out should take approximately 30 more days, followed by fracture stimulation and a production testing period. Teton will have 25 percent working interest and 20 percent net revenue interest in this Williston Basin well.

Teton Energy Corporation is an independent oil and gas exploration and production company based in Denver, Colorado. Teton is focused on the acquisition, exploration and development of North American properties and has current operations in the Rocky Mountain region of the U.S.