Teton Petroleum Releases Additional Details on Its Eastern Denver-Julesburg Basin Acquisition
May 06 2005 - 5:54PM
PR Newswire (US)
Teton Petroleum Releases Additional Details on Its Eastern
Denver-Julesburg Basin Acquisition DENVER, May 6
/PRNewswire-FirstCall/ -- Teton Petroleum Company (AMEX:TPE), a US
based independent energy company with operations in the Rocky
Mountain region, today released further details on its acreage
acquisition in the Eastern Denver-Julesburg Basin, originally
announced on April 14, 2005. Some details of the transaction had
previously been withheld under a confidential status filing with
the Securities and Exchange Commission for competitive reasons,
while additional acreage was acquired. Teton signed a Letter of
Intent on December 17, 2004 and a formal Purchase and Sale
Agreement on January 10, 2005 with Apollo Energy, LLC and ATEC
Energy Ventures, LLC. On April 14, 2005, Teton closed on leasehold
interests covering over 123,000 acres based on due diligence work
being performed on approximately 180,000 acres. The remaining
57,000 acres are expected to close by the end of second quarter,
pending title curative. The properties carry a net revenue interest
of approximately 82.3%. The purchase price for the 123,000 acres
was approximately $1,968,500 in cash, plus 281,223 unregistered
shares of common stock and 140,611 warrants, exercisable at $1.75
per share for a period of three years. The closing price of Teton
common stock on December 17, 2004, the day the warrants were
issued, was $1.69. Since the beginning of the year, Teton has
reinvested approximately $8 million of the proceeds received from
the sale of its Russian operations in July 2004. Teton has
sufficient cash on hand to fund its entire 2005 capital drilling
program in the Piceance Basin as well as its 2005 exploration
program for the Eastern DJ Basin project without raising additional
capital. About Teton Petroleum Company Teton Petroleum is an
exploration and production company with operations in the Rocky
Mountains region 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/.
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 of 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/
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