Teton Petroleum Co., Steamboat Springs, Colo., said Monday it has completed an $8.5 million financing package to complete a 25-mile pipeline from its Eguryak field in western Siberia and to drill five more wells.
Teton owns 35% of Eguryak field, which it says contains 104 million bbl of proven and probable oil. Based on engineering estimates by Colorado-based Gustavson & Associates Inc., Teton said its share of the field is valued at $117.6 million.
Teton began operating Eguryak oil field in 1997. It is 20 miles north of the BP-Tyumen Oil Co.-operated Samotlor oil field. Eguryak field produces from two zones in the Cretaceous and one in the Jurassic.
Teton said it would put eight wells on flow when the pipeline is completed in April. Expected peak production is 14,000 b/d when the field is developed. The pipeline will enable Teton to export oil to western Europe.
