Puckett Land Company Terminates Agreement to Purchase Piceance Basin Assets from...

Puckett Land Company Terminates Agreement to Purchase Piceance Basin Assets
from Teton Energy Corporation

DENVER, June 1 /PRNewswire/ -- Puckett Land Company ("PLC") today confirmed
that by notice to Teton on May 23, 2009, it terminated the previously
announced Purchase and Sale Agreement (the "Agreement") with Teton Energy
Corporation and its wholly owned subsidiary Teton Piceance, LLC ("Teton")
(Nasdaq: TEC) for the purchase of Teton's 12.5% non-operated working interest
position in the Piceance Basin in western Colorado for $10.3 million before
closing adjustments. The closing was anticipated to occur on or before May
22, 2009. PLC's termination rights arose in connection with certain
unresolved obligations of Teton under the Agreement. Pursuant to the terms of
the Agreement, PLC's deposit will be returned to PLC.

Matt Wurtzbacher, PLC's President said: "PLC elected termination per the terms
specified in the Agreement, although this was not the outcome we desired. We
will continue to pursue our strategy of developing our existing Piceance Basin
assets and acquiring high-quality, complementary assets using our new $120
million credit facility."

About Puckett Land Company
Privately owned Puckett Land Company is engaged in the acquisition,
exploration, development and production of natural gas and liquids in North
America, with its principal reserves and producing properties located in
Garfield and Rio Blanco Counties, Colorado. Puckett and its subsidiaries are
also engaged in the acquisition, development and management of ranching,
agricultural, recreational, residential and commercial real estate.

Forward-Looking Statements
This report includes forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchanges
Act of 1934. All statements, other than statements of historical facts, that
address activities that Puckett assumes, plans, expects, believes, projects,
estimates or anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. The forward-looking
statements provided in this report are based on management's current belief,
based on currently available information, as to the outcome and timing of
future events. Puckett cautions that its future natural gas and liquids
production, revenues and expenses and other forward-looking statements are
subject to all of the risks and uncertainties normally incident to the
exploration for and development, production and sale of oil and gas.

These risks include, but are not limited to, price volatility, inflation or
lack of availability of goods and services, environmental risks, drilling and
other operating risks, regulatory changes, the uncertainty inherent in
estimating future oil and gas production or reserves, and other risks. Any of
these factors could cause Puckett's actual results and plans to differ
materially from those in the forward-looking statements.

SOURCE Puckett Land Company

Matthew A. Wurtzbacher, President of Puckett Land Company, +1-303-763-1000, or
Fax, +1-303-763-1040