Teton Energy Corp Watch

from S-3/A 48 pages Amended and Restated Subordinated Guaranty and Pledge Agreement Dated as of , 2008 Made by Teton Energy Corporation and Each of the Other Obligors in Favor of the Bank of New York Mellon Trust Company, N.A. as Successor in Interest to Whitebox Advisors, LLC as Subordinated Noteholder Representative

from S-3/A 6 pages To Each Purchaser Identified on the Signature Pages Hereto Re: Teton Energy Corporation — Securities Purchase Agreement Dated as of June 9, 2008 (The “Purchase Agreement”) Gentlemen

from S-3/A 156 pages Secured Subordinated Convertible Debenture Indenture Among Teton Energy Corporation as Company Teton North America LLC Teton Piceance LLC Teton Dj LLC Teton Williston LLC Teton Big Horn LLC Teton Djco LLC as Guarantors and the Bank of New York Mellon Trust Company, N.A. as Trustee Indenture Dated as of September ___, 2008 $40,000,000 10.75% Secured Subordinated Convertible Debentures Due June 18, 2013

from S-3/A 48 pages Amended and Restated Subordinated Guaranty and Pledge Agreement Dated as of , 2008 Made by Teton Energy Corporation and Each of the Other Obligors in Favor of the Bank of New York Mellon Trust Company, N.A. as Successor in Interest to Whitebox Advisors, LLC as Subordinated Noteholder Representative

from S-3/A 6 pages To Each Purchaser Identified on the Signature Pages Hereto Re: Teton Energy Corporation — Securities Purchase Agreement Dated as of June 9, 2008 (The “Purchase Agreement”) Gentlemen

from S-3/A 156 pages Secured Subordinated Convertible Debenture Indenture Among Teton Energy Corporation as Company Teton North America LLC Teton Piceance LLC Teton Dj LLC Teton Williston LLC Teton Big Horn LLC Teton Djco LLC as Guarantors and the Bank of New York Mellon Trust Company, N.A. as Trustee Indenture Dated as of September ___, 2008 $40,000,000 10.75% Secured Subordinated Convertible Debentures Due June 18, 2013

from S-3 2 pages 016570 003590 127c Restricted 4 057-423 Common Stock 100,000,000 Authorized Shares $0.001 Par Value Common Stock This Certificate Is Transferable in Canton, Ma and Jersey City, Nj Certificate Number Zq 000000 Shares * * 600620* * * * * * * * * 600620* * * * * * * * * 600620* * * * * * * * * 600620* * * * * * * * * 600620* * Teton Energy Corporation Incorporated Under the Laws of the State of Delaware This Certifies That Is the Owner of Cusip 881628 10 1 See Reverse for Certain Definitions Fully Paid and Non-Assessable Shares of $0.001 Par Value the Common Stock of Teton Energy Corporation, Transferable Only on the Books of the Company in Person or by Duly Authorized Attorney Upon Surrender of This Certificate Properly Endorsed. This Certificate Is Not Valid Unless Countersigned by the Transfer Agent and Registrar. in Witness Whereof, the Said Company Has Caused This Certificate to Be Executed by the Facsimile Signatures of Its Duly Authorized Officers and to Be Sealed With the Facsimile Seal of the Company. Dated Countersigned and Registered: Computershare Trust Company, N.A. Transfer Agent and Registrar, President Secretary by Authorized Signature Po Box 43004, Providence, Ri 02940-3004 Mr a Sample Designation (If Any) Add 1 Add 2 Add 3 Add 4 Cusip Xxxxxx XX X Holder Id Xxxxxxxxxx Insurance Value 1,000,000.00 Number of Shares 123456 Dtc 12345678 123456789012345 Certificate Numbers 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 Total Transaction Num/No. 123456 Denom. 123456 Total 1234567 Total Transaction 7

from 8-K 35 pages Form of Debenture

from 10-Q 6 pages Teton Energy Corporation Common Stock Purchase Warrant Original Issue Date: July 25, 2007 Void After: 11:59 P.M., July 25, 2012 This Warrant Is Issued To

from 10-Q 6 pages Teton Energy Corporation Common Stock Purchase Warrant Original Issue Date: May , 2007 Void After: 11:59 P.M., May , 2012 This Warrant Is Issued To

from 10-Q 40 pages Senior Subordinated Convertible Note

from 8-K 61 pages Rights Agreement