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Teton Energy
Corporation
(Name of
Registrant as Specified in Its Charter)
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FIRST NEW YORK SECURITIES
LLC
(Name
of Person(s) Filing Proxy Statement if Other Than the Registrant)
_____________________________________________________________________________
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PRESS
RELEASE
For
immediate release
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Contact:
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Thomas
Donino
(212)-848-0709
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FIRST
NEW YORK SENDS LETTER TO TETON ENERGY CORPORATION, INTENDS TO PURSUE
ALTERNATIVES TO ACHIEVE FAIR VALUE FOR SHAREHOLDERS
NEW YORK,
NEW YORK, January 6, 2009/Business Wire/ - First New York Securities LLC, the
holder of approximately 7.1% of the outstanding shares of common stock of Teton
Energy Corporation (NASDAQ SYMBOL: TEC), today sent the following letter to the
Board of Directors at Teton Energy Corporation:
January
6, 2009
To the
Board of Directors:
Given the
events of 2008 and the lack of action taken by the company’s management, First
New York Securities, LLC is considering several plans to realize value for all
shareholders of Teton Energy Corporation. Divestitures recently
announced by several public energy companies suggest that the shareholders of
Teton Energy could realize significant value in a transaction with private
investors.
Teton has
a solid and diversified asset base, significant production, growth prospects,
valuable oil and gas hedges and tangible cash flow for which the public markets
fail to give anything close to reasonable value. We believe that this
combination of attributes would be highly attractive to better capitalized
private investors at a valuation far superior to the current market
capitalization.
We intend
to solicit, consider and support all options that we believe represent fair
value and proceed in a manner that benefits all shareholders.
Thomas
Donino
Partner