Teton Moves Ahead with DJ Basin Development
Teton Energy Corp. said Thursday that, based on its Chundy pilot area well performance, the company is ready to proceed with economic development on its 266,572 gross acres in the Denver-Julesburg Basin.
The Chundy pilot has been testing for over 40 days and is currently flowing 400 thousand cubic feet per day of gas sales into the Kinder Morgan Pony Express pipeline from seven wells. Based on well performance, the pilot area appears to be economic and to further evaluate; an additional six wells will be drilled to allow the compression system to operate more efficiently.
Testing in the Grant pilot area will commence by the end of May 2007. As stated in previous press releases, plans for 2007 include the drilling of 90 gross wells and 50-square-miles of 3-D seismic of which 12 miles are already in progress. The company estimates 1,355 risked potential locations on 40-acre-spacing.
"After an analysis of production profiles and other well data from the Chundy pilot area, we have determined that the initial pilot is economic. We are now prepared to proceed with a full scale development of the play," stated Dominic Bazile, Teton's Chief Operating Officer and Executive Vice President. "We are pleased with the progress made thus far and are excited about the low-risk development opportunities the play presents for Teton and its shareholders."
Denver-based Teton Energy Corp. is an independent oil and gas exploration and production company that focuses on the acquisition, exploration and development of North American properties. Its current operations are in the Rocky Mountain region of the U.S.
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