EX-99.1
2
v017699_ex99-1.htm
Unassociated Document
Exhibit
99.1
Company
contact:
Gillian
Kane
(303)
542-1860
gkane@tetonpetroleum.com
www.tetonpetroleum.com
Teton
Petroleum Releases Additional Details on its
Eastern
Denver-Julesburg Basin Acquisition
DENVER -
(PR Newswire) - May 6, 2005 - 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, www.tetonpetroleum.com.
Forward-Looking
Statements
This news
release may contain certain forward-looking statements, including declarations
regarding Teton and its subsidiaries 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, 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 www.tetonpetroleum.com. Copies
are available without charge, upon request from the Company.
For more
information, please contact:
Gillian
Kane
gkane@tetonpetroleum.com
(303)
542-1878

EX - 99 . 1 2 v017699 _ ex99 - 1 . htm Un associated Document Exhibit 99 . 1 Company contact : Gillian Kane ( 303 ) 542 - 1860 gkane@tetonpetroleum.com www.tetonpetroleum.com Teton Petroleum Releases Additional Details on its Eastern Denver - Julesburg Basin Acquisition DENVER - ( PR Newswire ) - May 6 , 2005 - 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 , www.tetonpetroleum.com . Forward - Looking Statements This news release may contain certain forward - looking statements , including declarations regarding Teton and its subsidiaries 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 , 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 www.tetonpetroleum.com . Copies are available without charge , upon request from the Company . For more information , please contact : Gillian Kane gkane@tetonpetroleum.com ( 303 ) 542 - 1878