Teton (AMEX:TPE)
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Teton and Partners Begin Drilling First Piceance Basin Gas Well
Second Well to be Drilled From Same Surface Location
DENVER, May 11 /PRNewswire-FirstCall/ -- Teton Petroleum Company (AMEX:TPE)
announced today that Piceance Gas Resources, LLC (PGR LLC), the partnership in
which Teton owns a 25% interest, has begun drilling its first well in the
Piceance Basin of Western Colorado. Chevron #36-42D, located in Township 5
South, Range 96 West, Section 36 in Garfield County, Colorado, is permitted to
drill to a total depth of 9,500 feet to test the Mesaverde Sandstone Formation.
The well is an offset to the currently producing Williams Red Point well
#44-36 located in the Southeast quarter of Section 36 which was completed in
the Mesaverde in 1997. Orion Energy Partners, a privately held Denver company
and 50% owner of PGR LLC, is the contract operator of the well.
Following the completion of the first well, a second well, Chevron #36-32D,
will be drilled from the same drilling pad to a different bottom hole location.
These two wells represent the initiation of the 2005 PGR LLC capital program,
which targets a minimum of 8 wells over the 6,300 acre PGR LLC leasehold (see
Teton announcement February 16, 2005).
The estimated drilling and completion cost of each well is $1.6 million gross;
of which Teton's 25% working interest is approximately $400,000. The Company
expects to fund its interest in the 2005 PGR LLC drilling program with existing
working capital and does not anticipate the need to raise additional capital in
2005 to fund either the Piceance drilling program or the recently announced
Eastern Denver-Julesburg Basin project.
About Teton Petroleum Company
Teton Petroleum is an exploration and production company with operations in the
Rocky Mountains of the U.S., and is headquartered in Denver, Colorado. The
Company's common stock trades as TPE on the American Stock Exchange. More
information about the Company is available on the Company's website,
http://www.tetonpetroleum.com/, and through additional press releases as the
projects develop.
Forward-Looking Statements
This news release may contain certain forward-looking statements, including
declarations regarding Teton and its subsidiary's expectations, intentions,
strategies and beliefs regarding the future within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements contained herein are based upon information available to
Teton's management as at the date hereof and actual results may vary based upon
future events, both within and without the control of the Teton's management,
including risks and uncertainties that could cause actual results to differ
materially including, among other things, the impact that additional
acquisitions may have on the company and its capital structure, exploration
results, market conditions, oil and gas price volatility, uncertainties
inherent in oil and gas production operations and estimating reserves,
unexpected future capital expenditures, competition, governmental regulations
and other factors discussed in the Company's Annual Report on Form 10-K for the
year ended December 31, 2004 filed with the Securities and Exchange Commission.
More information about potential factors that could affect the Company's
operating and financial results is included in Teton's annual report on Form
10-K for the year ended December 31, 2004. Teton's disclosure reports are on
file at the Securities and Exchange Commission and can be viewed on Teton's
website at http://www.tetonpetroleum.com/. Copies are available without charge,
upon request from the Company.
DATASOURCE: Teton Petroleum Company
CONTACT: Gillian Kane of Teton Petroleum Company, +1-303-542-1860,
Web site: http://www.tetonpetroleum.com/