Teton Energy, a US-based oil and gas company, has acquired an additional leasehold interest in the Denver-Julesburg basin, in proximity to its current projects in Nebraska and eastern Colorado.
Teton entered into an agreement with undisclosed parties to acquire their interest in 168,197 gross acres or 160,689 net acres. The purchase price is approximately $1.3 million gross and $0.5 million net.
This will increase Teton’s acreage position in the Teton-Noble area to 307,247 gross acres from 266,000 gross acres. It also adds 10,726 gross acres to the 9,000 gross acres comprising the Frenchman Creek Project that is operated by the company.
In addition, the acquisition will establish a new operating area of approximately 116,224 gross acres in Yuma County, Colorado; southern Dundy County, Nebraska, and northwestern Cheyenne County, Kansas. The acreage is in proximity to existing Niobrara gas production and deeper Lansing-Kansas City oil production.
Rich Bosher, vice president of business development, said: This large acreage purchase provides a bolt-on acreage acquisition to our existing positions with Noble and Targe, and allows Teton to increase its position in a low-risk, low-cost drilling environment.