Teton Petroleum Signs Binding Agreement to Acquire Majority Share in Producing Russian Oilfield
April 05 2004 - 9:24AM
PR Newswire (US)
Teton Petroleum Signs Binding Agreement to Acquire Majority Share
in Producing Russian Oilfield DENVER, April 5
/PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton") , an
independent oil and gas exploration and production company with its
principal assets in Russia, today announced that it has signed a
binding purchase and sale agreement ("Agreement") to acquire a
majority interest in a producing field in Russia. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO ) Upon the
closing of the acquisition, the property will be jointly operated
by Teton and a major western European partner. Teton estimates that
the current production is approximately 3,400 barrels of oil per
day net to Teton. The closing of the acquisition is subject to many
conditions. Prior to closing, Teton intends to conduct additional
due diligence of the properties and complete its planned financing
program. The acquisition also includes two additional exploration
licenses. The Agreementwas signed, effective March 31, 2004, and a
deposit in excess of $3 million USD has also been made by Teton to
the seller. The Agreement provides for a closing date of on or
before July 1, 2004. Teton will make additional information on this
transaction available as it is jointly released by its potential
partner and the seller over the next several weeks. About Teton
Petroleum Company: Denver-based Teton Petroleum Company (AMEX:TPE)
is the only publicly traded U.S. oil and gas exploration and
production company with all of its producing assets in Russia. The
company is currently developing three oil fields at its Goloil
license in Western Siberia. The company has been producing and
exporting oil from Russia since 1998. 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. 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. For Further Information, Please Contact:
Gillian Kane, Vice President, Investor Relations (970) 870-1417
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO
http://photoarchive.ap.org/ DATASOURCE: Teton Petroleum Company
CONTACT: Gillian Kane, Vice President, Investor Relations of Teton
Petroleum Company, +1-970-870-1417, Website:
http://www.tetonpetroleum.com/
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