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Teton Energy Corp. (fka TECJQ) RSS Feed

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BANKRUPTCY for Teton Energy

COMPANY WEB SITE

http://www.teton-energy.com/

                               

                                Dominic Bazile, President,  Executive Vice President, Chief Operating Officer
Dominic Bazile joined Teton in February 2007 as Chief Operating Officer and Executive Vice President and recently became a Director. Mr. Bazile came to Teton after four years at Bill Barrett Corporation as Senior Vice President of Operations and Engineering.  While at Bill Barrett Corp., Mr. Bazile grew a technical and operational staff from one to 100 in four years and implemented annual budgets in excess of $300 million to grow production and reserves.  Mr. Bazile also played a key role in taking Bill Barrett Corp. public on the New York Stock Exchange, whose initial market capitalization was over $1 billion. Prior to Bill Barrett Corp., Mr. Bazile was a Drilling Manager at Barrett Resources Corporation where he oversaw all drilling, completions and workovers for the company. Mr. Bazile was an Area Engineer at Plains Petroleum before the company was acquired by Barrett Resources in 1996 where he was responsible for Permian Basin Assets.  Mr. Bazile began his career as a petroleum engineer with Gulf Oil Corporation in the gulf coast region.  He holds a Bachelor of Science in Petroleum Engineering from Louisiana State University.

 

James J. Woodcock, Chairman, Director & Chief Executive Officer
James J. Woodcock was appointed interim Chief Executive Officer on May 5, 2009. Mr. Woodcock has been a Director since 2002 and our Non-Executive Chairman since February 2005. Mr. Woodcock served as Chairman of the Company’s Compensation Committee between 2003 and May 2007. Since 1981, Mr. Woodcock has been the owner and CEO of Hy-Bon Engineering Company, based in Midland, Texas. From 1997 to 2002, Mr. Woodcock was the chairman of Transrepublic Resources, a private oil and gas exploration firm. From 1996 until 2003, Mr. Woodcock was a board member and Chairman of the Board of Renovar Energy, a private waste-to-energy firm located in Midland, Texas.

 

Lonnie Brock, Executive Vice President, Chief Financial Officer

Richard Bosher, Vice President of Business Development

Steve Godfrey, Vice President of Operations

*****Major recent insider buying***** http://finance.yahoo.com/q/it?s=TEC

 

CORPORATE PROFILE

Teton Energy Corporation focuses on the acquisition, exploration and development of oil and natural gas in North America. The company’s current operations are concentrated in the prolific Rocky Mountain and Midcontinent regions of the U.S. Teton has leasehold interests in the eastern Denver-Julesburg Basin in Nebraska, the Piceance Basin in western Colorado, the Williston Basin in North Dakota, the Big Horn Basin in Wyoming and its newest property in the Central Kansas Uplift. Teton is headquartered in Denver, Colorado and is publicly traded on the American Stock Exchange under the ticker symbol TEC.

Teton’s objective is to expand its natural gas and oil reserves, production and revenues through a strategy that includes growth through the acquisition and development of high repeatability resource play acreage, acquisition of operated properties to control the level and timing of capital spending and the pursuit of strategic acquisitions that expand or complement existing operations and provide consolidation opportunities.

On April 2, 2008 Teton Energy announced the completion of its purchase of oil and gas properties in the Central Kansas Uplift. The purchase price was $53.4 million before closing adjustments and was effective March 1, 2008. The purchase price includes:
• an estimated 12.9 Bcfe of proved reserves, an increase of 91 percent over Teton's year-end proved reserves of 14.1 Bcfe
• 710 Boe (4.26 MMcfe) per day of net production, an increase of 99 percent from year end production of 4.3 MMcfe per day
• 50 producing wells, 22 wells with production behind pipe, five proved undeveloped locations and 29 identified probable locations on 92-percent Teton owned and operated 8,719 acres
• 52 square miles of 3-D seismic with additional seismic to be acquired in 2008
• 39,385 gross (23,631 net) undeveloped acres where Teton will operate, at 60 percent working interest to Teton and 40 percent working interest to the sellers. The Company believes the undeveloped acreage could yield additional upside resource potential to Teton estimated to be equivalent to the proved reserves.

In addition, Teton and the seller formed a 5,000 square mile area of mutual interest (AMI) on a 60/40 working interest split with Teton as the majority working interest and operator.

Teton holds a 12.5 percent interest in 6,314 leasehold acres in the Grand Valley area of the Piceance Basin, in which the Company has 559 remaining gross unrisked locations. As of January 2008, 54 gross wells were producing and 15 were drilling or waiting on completion. Net production was 3.5 MMcfe per day at year end 2007. We plan to participate in the drilling of an additional 52 gross wells in 2008.

In the eastern D-J Basin in Colorado, Kansas and Nebraska, Teton has one non-operated and three operated projects targeting Niobrara gas and Lansing Kansas City oil. In 2007, Teton drilled and acquired 152 wells and acquired 703,560 gross acres of new leasehold, bringing the Company’s total D-J interests to an approximate 73 percent working interest in over 970,000 gross acres. We plan to participate in the drilling of 180 gross wells in the D-J Basin in 2008.

Teton has a 25 percent working interest in 88,472 gross acres in the Williston Basin in North Dakota. The target formation in this emerging basin centered play is the Mississippian Bakken for oil and the Red River formation for natural gas at a depth of approximately 10,500 feet. In 2008, Teton plans to drill two gross wells in the Bakken formation and two gross wells in the Red River formation, utilizing horizontal drilling.

In May of 2007 Teton acquired a 100 percent working interest acreage position in the Big Horn Basin in Wyoming. Teton has acquired over 20,000 gross acres. We will be the operator and are looking for an industry partner to participate in up to four gross wells in 2008. We are targeting the Greybull sands for oil and natural gas and the Mowry Shale for natural gas.

Ron Wirth
Director of Investor Relations and Administration
Teton Energy Corporation
600 17th Street, Suite 1600 North
Denver, CO 80202
phone: 1.303.565.4600
fax: 1.303.565.4606

 

 

Teton Energy Updates Operational Activity

  • Thursday January 8, 2009, 6:00 am EST

Federal permit received for first Big Horn Basin well

Completion to begin on Red River well in Williston Basin

DENVER, Jan. 8 /PRNewswire-FirstCall/ -- Teton Energy Corporation ("Teton" or the "Company") (Nasdaq: TEC - News) today announced that it has received a permit from the Bureau of Land Management to drill its first well on its acreage in the Big Horn Basin in northwest Wyoming. The 13,000-foot well will test the Greybull Sandstone formation. Teton's 50 percent partner will pay 90 percent of the cost of the well to casing point and the remaining cost of the well will be split 50-50 by the partners. Due to wildlife stipulations, the well will be drilled in the second half of the year. The Company expects to benefit from lower well costs, which are expected to decline over the next several months.

Additionally, on November 14, 2008 the Company and its partners spud the Viall #30-1 well in their Goliath project in the Williston Basin to test the Red River, Stonewall and Winnipeg formations. The well was successfully drilled and cased to its planned total depth of 14,430 feet. Teton has a 17.17 percent working interest in the well. Potential productive pay was identified on the log analysis in four separate zones and completion is expected during the first quarter of 2009. The well was drilled on the first of ten 3-D seismic Red River prospects identified on acreage in which Teton has working interests that vary from 5 to 25 percent. The well is approximately 2.5 miles northwest of the successful Solberg 32-2 Red River well, in which Teton has a 5.65 percent working interest.

After being utilized to drill an unrelated location, the rig used on the Viall well is expected to be moved to the first of four locations anticipated to be drilled in the Bakken Shale play under a participation agreement with Red Technology Alliance LLC ("RTA") on Teton's 88,472 gross acreage block. The Ron Viall 1-25H single-lateral horizontal Bakken well is expected to spud in the first quarter of 2009. If RTA decides to drill all four wells (at 100 percent cost to RTA), RTA will earn a 40-percent working interest in the project and Teton's working interest will change from 25 percent to 15 percent.

Dominic Bazile, Executive Vice President and Chief Operating Officer, stated, "We are very pleased to receive the permit for our first well in the Big Horn Basin. Although we have to wait for wildlife restrictions to end, we hope to benefit from anticipated lower drilling and completion costs. In the Williston Basin, we expect completion operations to begin very shortly on the Viall #1-30 well and are excited about the potential in the Red River and several other formations on our acreage position. Additionally we hope to have drilling commence in the first quarter on the first of four wells to test the Bakken Shale, all of which would be drilled by RTA without an outlay of capital by Teton."

 

 
Teton Energy Corporation Announces First Quarter 2009 Financial and Operating Results

DENVER, May 7,2009 /PRNewswire-FirstCall/ -- Teton Energy Corporation ('Teton' or 'the Company') (Nasdaq: TEC) today announced that for the quarter ended March 31, 2009, operating revenues from oil and gas sales increased 37 percent from the first quarter of 2008 to $1.8 million and operating cash flow from oil and gas activities (defined as oil and gas sales less lease operating expense, workover expense, transportation expense and production taxes) decreased 47 percent to $529,000. EBITDAX (a non-GAAP measure - refer to last table of press release for a reconciliation to net income), increased to $1,875,000 from ($916,000) for first quarter of 2008.

 

Shares Outstanding:                                 Teton  Energy                                                                       May 1 2009 22.95M

 

Contact; Teton Investor relations     rwirth@teton-energy.com



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