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Puckett Land Company Terminates Agreement to Purchase Piceance Basin Assets from Teton Energy Corporation

Posted on: Monday, 1 June 2009, 08:00 CDT

DENVER, June 1 /PRNewswire/ -- Puckett Land Company ("PLC") today confirmed that by notice to Teton on May 23, 2009, it terminated the previously announced Purchase and Sale Agreement (the "Agreement") with Teton Energy Corporation and its wholly owned subsidiary Teton Piceance, LLC ("Teton") (Nasdaq: TEC) for the purchase of Teton's 12.5% non-operated working interest position in the Piceance Basin in western Colorado for $10.3 million before closing adjustments. The closing was anticipated to occur on or before May 22, 2009. PLC's termination rights arose in connection with certain unresolved obligations of Teton under the Agreement. Pursuant to the terms of the Agreement, PLC's deposit will be returned to PLC.

Matt Wurtzbacher, PLC's President said: "PLC elected termination per the terms specified in the Agreement, although this was not the outcome we desired. We will continue to pursue our strategy of developing our existing Piceance Basin assets and acquiring high-quality, complementary assets using our new $120 million credit facility."

About Puckett Land Company

Privately owned Puckett Land Company is engaged in the acquisition, exploration, development and production of natural gas and liquids in North America, with its principal reserves and producing properties located in Garfield and Rio Blanco Counties, Colorado. Puckett and its subsidiaries are also engaged in the acquisition, development and management of ranching, agricultural, recreational, residential and commercial real estate.

Forward-Looking Statements

This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchanges Act of 1934. All statements, other than statements of historical facts, that address activities that Puckett assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements provided in this report are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Puckett cautions that its future natural gas and liquids production, revenues and expenses and other forward-looking statements are subject to all of the risks and uncertainties normally incident to the exploration for and development, production and sale of oil and gas.

These risks include, but are not limited to, price volatility, inflation or lack of availability of goods and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, and other risks. Any of these factors could cause Puckett's actual results and plans to differ materially from those in the forward-looking statements.

SOURCE Puckett Land Company

Source: PR Newswire

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