Teton Energy Announces Syndication of Existing Bank Credit Facilityadmin
Teton Energy Corporation announced today that it successfully syndicated its three-year $150 million bank credit facility to a group of four domestic banks. The facility was originally underwritten by JPMorgan Chase Bank, N.A., which will continue to act as the administrative agent on the facility. Joining JPMorgan in the bank group are Royal Bank of Canada, acting as syndication agent, and U.S. Bank National Association and Guaranty Bank and Trust Company, as participants. The syndicated facility will initially have a $32.5 million borrowing base to be used for working capital, capital expenditures and other general corporate purposes.
“We are very pleased to partner with such a strong group of banks,” said Lonnie Brock, Chief Financial Officer. “These lenders have the financial strength to help the Company execute our focused strategy to grow the Company through the acquisition, exploration and development of highly repeatable low cost resource plays in the Rocky Mountain and Mid-Continent regions of the U.S.”
Teton Energy Corporation is an independent oil and gas exploration and production company focused on the acquisition, exploration and development of North American properties. The Company’s current operations are concentrated in the prolific Rocky Mountain and Mid-continent regions of the U.S. Teton has leasehold interests in the Central Kansas Uplift, the eastern Denver-Julesburg Basin in Colorado, Kansas and Nebraska, the Piceance Basin in western Colorado, the Williston Basin in North Dakota and the Big Horn Basin in Wyoming. Teton is headquartered in Denver, Colorado and is publicly traded on the American Stock Exchange under the ticker symbol “TEC”. For more information about Teton, please visit the Company’s website at http://www.teton-energy.com.
Company contact: Ron Wirth Director of Investor Relations & Administration (303) 565-4600 email@example.com
Source: Teton Energy Corporation