Teton Petroleum selling stake in Siberian's Goloil license

The Denver-based Teton Petroleum, which has exploration and production assets in Russia, agreed to sell its 35% stake in the Goloil license in western Siberia to a private Russian independent.

April 12, 2004

By OGJ editors

HOUSTON, Apr. 12 -- The Denver-based Teton Petroleum, which has exploration and production assets in Russia, agreed to sell its 35% stake in the Goloil license in western Siberia to a private Russian independent.

Teton declined to identify the buyer or terms of the deal. Goloil is a Russian joint stock company that owns the Eguryak license.

"The sale price will include all outstanding loans and accrued interest owed to Teton. Proceeds from the sale will be used for Teton's Russian oil field acquisition announced on Apr. 5," a news release said.

The pending Russian property acquisition will produce 3,400 b/d net to Teton, the company said. A spokeswoman declined to provide any additional details, including the field involved, the seller, or the value of the deal. The company has said only that "a major western European partner," is involved.