Teton Energy Corporation (NASDAQ: TEC) is getting killed today on trading volume that goes above and beyond ‘exponential trading volume’ when you look at it. Yet it is pretty sad when a whopping $600,000.00 worth of volume at the current price constitutes a volume spike. Teton’s self description is that the firm engages in the development, production, and marketing of natural gas and oil properties, but apparently it was not good at any of it. Teton filed for Chapter 11 bankruptcy protection and will effectively sell itself. Shares are down 78% at $0.0666 right now. We have also seen over 9 million shares trade hands as of 11:00 AM EST.
While the company discusses that Rise Energy Partners II, LLC is acquiring the company, here is all you need to know as a common holder: Teton would like to inform investors that it believes it is likely that there will be no value for its common stockholders in the bankruptcy process. If you have ever been on a jet that had an engine blow out, this is one of those situations for Teton. The difference is that this is a crash and burn.
Jon C. Ogg
November 9, 2009
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