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February 26, 2008
Teton To Double Reserves With $53.4MM Purchase In KS Uplift
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Teton Energy Corp., Denver, (Amex: TEC) plans to acquire properties in the Central Kansas Uplift of Kansas from a group of approximately 14 working interest owners for approximately $53.4 million in cash and stock.


The purchase price will be funded with $40.1 million in cash and $13.3 million in Teton shares. Terms also include 625,000 warrants at a $6 strike price with a two-year term.


The assets include a 92% working interest (75% net revenue interest) in approximately 1,571 gross (1,518 net) acres. Proved reserves are 11.3 billion cubic feet equivalent or 1.89 million barrels of oil equivalent (92% oil; 92% proved developed producing). Daily production is 4.25 million cubic feet of gas or 710 barrels of oil equivalent (92% oil).

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