In re Teton Energy Corp.
Declaration of Jonathan Bloomfield (CFO) in Support of Chapter 11 Bankruptcy Petitions
SUMMARY: On Sunday, Teton Energy Corporation and seven affiliates filed for chapter 11 protection in Delaware. Teton's common stock trades under the symbol 'TEC'. Teton was formed in 1996 and initially focused its operations on oil and gas exploration and production in Western Siberia, Russia. However, in 2004, Teton sold its Russian operations to its partner. Since that time, its operations have been focused in the United States.
According to a declaration of Teton's CFO filed with the bankrupcy court, the companies' primary assets are hydrocarbon leasehold interests and they are currently party to over 3,500 leases, of which 175 are active. In total, the companies hold leasehold interests in 318,000 net acres in the Central Kansas Uplift, eastern Denver-Julesburg Basin (Colorado), and Big Horn Basin (Wyoming). During August of this year, Teton's average production was 449 boe/d, with 87% of Teton's production being crude oil.
The companies blamed their bankruptcy filing on a "severe liquidity crisis." The purpose of the bankruptcy cases is to effectuate a comprehensive restructuring pursuant to which Rise Energy Partners, LP will acquire 100% of the equity in a reorganized Teton by acting as a sponsor under a Plan of Reorganization. To that end, Teton and Rise Energy Partners II, LLC have entered into a Plan Sponsorship Agreement and Teton filed a proposed Plan of Reorganization with the bankruptcy court. The proposed transaction with Rise is subject to a competitive bidding and auction process, subject to court approval of proposed procedures.
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DOCUMENT INFO
Doc Type:
Pleadings
Filed: 11/8/2009
Legal Document Name:
In re Teton Energy Corp.
Declaration of Jonathan Bloomfield (CFO) in Support of Chapter 11 Bankruptcy Petitions
Case Number: 09-13946
Jurisdiction: Federal, 3rd Circuit, Delaware
Legal System: United States
Energy & Utilities
Bankruptcy
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