Teton Energy Corporation is a company focusing on the acquisition, exploration, and development of oil and natural gas in North America. Headquartered in Denver, Colorado, the company’s goals are to expand its natural gas and oil reserves, production, and revenues. They seek to do this via the acquisition and development of high-repeatability oil and gas acreage. They also desire to acquire operated properties, to control capital spending, and to pursue strategic acquisitions that expand or complement their existing operations.
Teton Energy Corporation trades on the American Stock Exchange (AMEX). They have significant operations in the Rocky Mountain area of the United States. The company has leasehold interests in the Eastern Denver-Julesburg Basin in Nebraska, the Piceance Basin in Western Colorado, the Williston Basin in North Dakota and the Big Horn Basin in Wyoming.
The Eastern Denver Julesburg Basin is currently non-operated and comprises 266,000 gross acres. The company has a 25 percent working interest in this property. This location has access to two major pipelines. Key players in this area, along with Teton, are Anadarko Petroleum, Bill Barrett, Berry Petroleum, and Fidelity E&P. Their Piceance Basin operation consists of 6,314 gross/1,575 net acres. It has 54 wells currently producing. It also has 559 remaining gross potential drilling locations.
Teton Energy Corporation’s Williston Basin operations have 90,000 gross acres, of which 14,500 are net to Teton. This site has the potential for 145 gross wells. The primary target in this area is the Bakken Formation with other potentials in Red River, Madison, Duperow, Nisku, and Interlake. The company’s operations in Bighorn Basin, Wyoming are in the West Greybull Prospect. It consists of the Mowry Shale Gas and Greybull Oil and Gas over 15,000 acres.
On June 20, Teton announced an exploration agreement with Unit Petroleum Company, a wholly owned subsidiary of Unit Corporation (NYSE: UNT). This agreement is to jointly explore and develop acreage controlled by Teton in the Big Horn Basin. Unit Petroleum Company will pay for certain specified well costs to drill two test wells on Teton’s approximate 23,000 gross-acre leasehold in this region. This will earn Unit a 50-percent, non-operated working interest in this acreage. The two companies will share the costs associated with the wells. Teton will remain the operator of the project, which has the Greybull sandstone and Mowry Shale formations as targets.
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