Teton Energy Provides Financial Update and Majority of Offshore Oil and Gas Production Still Shut In One Week After Hurricane Ike, an Industrial Info News Alert

City of Industry, CA --(www.USEquityNews.com)-- 09/23/2008 - Oil and Gas Exploration industry alert provided by U.S. Equity News. Teton Energy Corporation (NASDAQ: TEC) announced recently that investors that hold the Company's 10.75% Secured Convertible Debentures due June 17, 2013 (the "Debentures") elected to exercise their 90-day put option to reduce their investment in the Company's Debentures from $40 million to $30 million, or a reduction of approximately 25 percent of the face amount of the Debentures. The $10 million was paid from an interest bearing account which the Company established to hold this amount in reserve pending the end of the 90-day put option period. Increase in Borrowing Base: As a result of a mid-year review by the Company's bank group, the borrowing base on the Company's senior bank facility has been increased by $2.0 million.


TRANSMERIDIAN EXPLORATION INCORPORATED (AMEX: TMY) and United Energy Group Limited "United Energy" or "UEG" announced recently that they have agreed to modify certain aspects of the transactions contemplated by the Investment Agreement entered into by Transmeridian and UEG on June 11, 2008, as amended by letter agreement dated July 22, 2008 together, the "Prior Agreements". As a result of these modifications, on September 22, 2008, Transmeridian and UEG entered into an Amended and Restated Investment Agreement the "Investment Agreement", which amends and restates the Prior Agreements in their entirety.

Researched by Industrial Info Resources Sugar Land, Texas -- The Minerals Management Service Washington, D.C., the bureau within the U.S. Department of the Interior that manages the country's oil and natural gas resources on the outer continental shelf, reported that as of last week, approximately 89.2% of the oil production and 75.4% of natural gas production in the Gulf of Mexico was shut in. Ensco International Incorporated (NYSE: ESV) (Dallas, Texas), Pride International Incorporated (Houston, Texas) and Rowan Companies Incorporated (Houston) were some of the companies to report missing rigs. For details, view the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com

Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," announced recently that it has obtained the first round of funding for its online biofuels exchange, USBiofuelsExhange.com (the "US-BX"). This first funding was obtained from a group of investors, including petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies. This funding assures the launch of the US-BX. "This type of industry support certainly bolsters our belief that the time for the US-BX is now," said Tom Gray, DMOI's newest director. "We are excited with the building momentum and look forward to announcing more developments in this important project."

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