Teton announces mystery acquisition - April 11, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryApril 2004

Vol. 9, No. 15

Week of April 11, 2004

Teton announces mystery acquisition

Petroleum News

Teton Petroleum Co. says it has signed an agreement to acquire an interest in a producing field in Russia. Teton, which operates solely in Russia, didn’t identify the field, the seller, or its partner in the venture. Teton did say it will have a majority interest and it will net about 3,400 barrels of oil daily from the deal. It also said it will own the field jointly with a “major western European partner.”

According to Teton’s April 5 announcement, the agreement was signed March 31 and Teton put up a deposit of $3 million. Closing date will be on or before July 1.

Denver-based Teton said it would provide additional information on the transaction over the next few weeks. Teton currently has interests in three fields in Russia under a single license. It has been producing oil in Russia since 1998.

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