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The closing was anticipated to occur on or before May 22, 2009. Puckett Land Company's termination rights arose in connection with certain unresolved obligations of Teton under the agreement.
Pursuant to the terms of the agreement, Puckett Land Company's deposit will be returned back to it.
Matt Wurtzbacher, president of Puckett Land Company, said: "Puckett Land Company 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."
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