2010-01-07-2009-11-09-2010-01-29

Acquired company with assets in KS, CO, NB, ND, WY, gaining 10.9 Bcfe proved, 3.5 MMcfe/d.

Privately held, Denver-based Caerus Oil & Gas LLC has acquired all interests in Denver-based Teton Energy Corp. (Nasdaq: TEC) via bankruptcy auction for approximately $20 million, winning over stalking-horse bidder Rise Energy Partners II LLC.

Teton filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware and for its subsidiaries in the Denver district.

Teton operations are concentrated in the Rockies and Midcontinent regions with interests in the Central Kansas Uplift, the Williston Basin in North Dakota, the Big Horn Basin in Wyoming and the eastern Denver-Julesburg Basin in Colorado, Kansas and Nebraska. The Central Kansas Uplift area constitutes more than 90% of Teton's total proved reserves of 10.9 billion cubic feet equivalent (93% oil; 78% proved developed producing).

Proved, probable and possible reserves are 23 billion equivalent (74% oil; 47% proved). Net production as of June was approximately 3.5 million cubic feet equivalent per day (84% oil). Teton holds 290,000 net acres total.

In June, Teton retained RBC Richardson Barr to explore strategic alternatives and Barrier Advisors Inc. as its restructuring advisor. Teton shareholders were not expected to receive any value for their shares.