Puckett Land Co Nixes Purchase Agreement for Piceance Basin Assets
Puckett Land Company confirmed that by notice to Teton on May 23, 2009, it terminated the previously announced Purchase and Sale Agreement with Teton Energy Corporation and its wholly owned subsidiary Teton Piceance, LLC for the purchase of Teton's 12.5% non-operated working interest position in the Piceance Basin in western Colorado for $10.3 million before closing adjustments. The closing was anticipated to occur on or before May 22, 2009. PLC's termination rights arose in connection with certain unresolved obligations of Teton under the Agreement. Pursuant to the terms of the Agreement, PLC's deposit will be returned to PLC.
Matt Wurtzbacher, PLC's President said, "PLC elected termination per the terms specified in the Agreement, although this was not the outcome we desired. We will continue to pursue our strategy of developing our existing Piceance Basin assets and acquiring high-quality, complementary assets using our new $120 million credit facility."
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