Teton Energy Corporation today announced that six wells in the Grant pilot area have commenced testing and were connected to gas sales in early June.
The Company will continue to flow test these wells for stabilized rates over the next 30 to 45 days. The Chundy pilot continues to produce 350 thousand cubic feet per day from seven wells.
Capital expenditures for 2007 remain unchanged as Teton estimates that it could spend approximately $6.9 million net to the Company for the drilling of 90 gross wells and 50 square miles of 3-D seismic of which 12 miles are already in progress. The Company estimates 1,355 risked potential locations on 40-acre-spacing.
Company Description. Teton Energy Corporation (Amex: TEC - News), is an independent oil and gas exploration and production company based in Denver, Colorado. Teton is focused on the acquisition, exploration and development of North American properties and has current operations in the Rocky Mountain region of the U.S. The Company's common stock is listed on the American Stock Exchange under the ticker symbol "TEC". For more information about the Company, please visit the Company's website at www.teton-energy.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 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, 2006 filed with the Securities and Exchange Commission. More information about potential factors that could affect the Company's operating and financial results are included in Teton's annual report on Form 10-K for the year ended December 31, 2006. Teton's disclosure reports are on file at the Securities and Exchange Commission and can be viewed on Teton's website at www.teton-energy.com. Copies are available without charge, upon request from the Company.
www.teton-energy.com
Source: Teton Energy Corporation
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