Edgar Filing: WHITEBOX ADVISORS LLC

Schedule 13G


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. )*

Teton Energy Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

881628101

(CUSIP Number)

December 31, 2008

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

SEC 1745 (2-02)

Page 1 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Advisors, LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 2,307,692
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 2,307,692


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,307,692(see Item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.1 %
12		TYPE OF REPORTING PERSON* IA

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 2 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Combined Advisors, LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 885,077
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 885,077


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 885,077 (see Item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.5 %
12		TYPE OF REPORTING PERSON* IA

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 3 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Combined Partners, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 885,077
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 885,077


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 885,077 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 4 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Combined Fund, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 885,077
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 885,077


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 885,077 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 5 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Combined Fund, Ltd.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 885,077
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 885,077


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 885,077 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 6 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Convertible Arbitrage, LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 443,077
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 443,077


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 443,077 (see Item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.8 %
12		TYPE OF REPORTING PERSON* IA

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 7 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Convertible Arbitrage Partners, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 443,077
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 443,077


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 443,077 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.8 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 8 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Convertible Arbitrage Fund, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 443,077
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 443,077


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 443,077 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.8 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 9 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Convertible Arbitrage Fund, Ltd.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 443,077
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 443,077


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 443,077 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.8 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 10 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Hedged High Yield Advisors, LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 633,384
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 633,384


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 633,384 (see Item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.5 %
12		TYPE OF REPORTING PERSON* IA

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 11 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Hedged High Yield Partners, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 633,384
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 633,384


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 633,384 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 12 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Hedged High Yield Fund, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 633,384
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 633,384


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 633,384 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 13 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Hedged High Yield Fund, Ltd.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 633,384
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 633,384


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 633,384 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 14 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Intermarket Advisors, LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 115,385
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 115,385


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,385 (see Item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5 %
12		TYPE OF REPORTING PERSON* IA

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 15 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Intermarket Partners, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 115,385
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 115,385


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,385 (see Item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5 %
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 16 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Intermarket Fund, L.P.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 115,385
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 115,385


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,385 (see Item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5 %
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 17 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Intermarket Fund, Ltd.
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 115,385
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 115,385


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,385 (see Item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5 %
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 18 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Special Opportunities Advisors, LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 115,385
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 115,385


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,385 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5 % (See item 4)
12		TYPE OF REPORTING PERSON* IA

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 19 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Special Opportunities Partners, L.P. – Series B
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 115,385
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 115,385


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,385 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 20 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Special Opportunities Fund, L.P. – Series B
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION Delaware


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 115,385
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 115,385


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,385 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 21 of 24


CUSIP No. 881628101		13G


1		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Whitebox Special Opportunities SPC Fund, Ltd. – Series B
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) x
3		SEC USE ONLY
4		CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:		5 SOLE VOTING POWER 0
		6 SHARED VOTING POWER 115,385
		7 SOLE DISPOSITIVE POWER 0
		8 SHARED DISPOSITIVE POWER 115,385


9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 115,385 (See item 4)
10		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.5 % (See item 4)
12		TYPE OF REPORTING PERSON* PN

*SEE INSTRUCTION BEFORE FILLING OUT!

SEC 1745 (2-02)

Page 22 of 24

Item 1.

(a)

Name of Issuer

Teton Energy Corporation

(b)

Address of Issuer’s Principal Executive Offices

1600 Broadway, Suite 2400

Denver, CO 80202

Item 2.

(a)

Name of Person Filing

This statement is filed by:

(i)

Whitebox Advisors, LLC, a Delaware limited liability company (“WA”);

(ii)

Whitebox Combined Advisors, LLC, a Delaware limited liability company (“WCA”);

(iii)

Whitebox Combined Partners, L.P., a British Virgin Islands limited partnership (“WCP”);

(iv)

Whitebox Combined Fund, L.P., a Delaware limited partnership (“WCFLP”);

(v)

Whitebox Combined Fund, Ltd., a British Virgin Islands international business company (“WCFLTD”);

(vi)

Whitebox Convertible Arbitrage Advisors, LLC, a Delaware limited liability company (“WCAA”);

(vii)

Whitebox Convertible Arbitrage Partners, L.P., a British Virgin Islands limited partnership (“WCAP”);

(viii)

Whitebox Convertible Arbitrage Fund, L.P., a Delaware limited partnership (“WCAFLP”);

(ix)

Whitebox Convertible Arbitrage Fund, Ltd., a British Virgin Islands international business company (“WCAFLTD”);

(x)

Whitebox Hedged High Yield Advisors, LLC, a Delaware limited liability company (“WHHYA”);

(xi)

Whitebox Hedged High Yield Partners, L.P., a British Virgin Islands limited partnership (“WHHYP”);

(xii)

Whitebox Hedged High Yield Fund, L.P., a Delaware limited partnership (“WHHYFLP”); and

(xiii)

Whitebox Hedged High Yield Fund, Ltd., a British Virgin Islands international business company (“WHHYFLTD”).

(xiv)

Whitebox Intermarket Advisors, LLC, a Delaware limited liability company (“WIA”)

(xv)

Whitebox Intermarket Partners, L.P., a British Virgin Islands limited partnership (“WIP”);

(xvi)

Whitebox Intermarket Fund, LP, a Delaware limited partnership (“WIFLP”);

(xvii)

Whitebox Intermarket Fund, Ltd, a British Virgin Islands international business company (“WILTD”);

(xviii)

Whitebox Special Opportunities Advisors, LLC, a Delaware limited liability company (“WSOA”);

(xix)

Whitebox Special Opportunities Partners, L.P. – Series B, a British Virgin Islands limited partnership (“WSOBP”);

(xx)

Whitebox Special Opportunities Fund, LP – Series B, a Delaware limited partnership (“WSOBFLP”);

(xxi)

Whitebox Special Opportunities SPC Fund, Ltd – Series B, a British Virgin Islands international business company (“WSOBFLTD”);

(b)

Address of Principal Business Office or, if none, Residence

The address of the business office of WA, WCA, WCAA, WHHYA, WIA, WSOA, WCFLP, WCAFLP, WHHYFLP, WIFLP, and WSOBFLP is:

3033 Excelsior Boulevard

Suite 300

Minneapolis, MN 55416

The address of the business office of WCP, WCAP, WHHYP, WIP, WSOBP, WCFLTD, WCAFLTD, WHHYFLTD, WIFLTD, and WSOBFLTD is:

Trident Chambers, P.O. Box 146

Waterfront Drive, Wickhams Cay

Road Town, Tortola, British Virgin Islands

(c)

Citizenship

WA, WCA, WCAA WHHYA, WIA, WSOA, WCFLP, WCAFLP, WHHYFLP, WIFLP, and WSOBFLP are organized under the laws of the State of Delaware; WCP, WCAP, WHHYP, WIP, WSOBP, WCFLTD, WCAFLTD, WHHYFLTD, WIFLTD, and WSOBFLTD are organized under the laws of the British Virgin Islands.

(d)

Title of Class of Securities

Common Stock

(e)

CUSIP Number

881628101

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act.

(b)

Bank as defined in section 3(a)(6) of the Act.

(c)

Insurance company as defined in section 3(a)(19) of the Act.

(d)

Investment company registered under section 8 of the Investment Company Act of 1940.

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E).

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F).

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G).

(h)

A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940.

(j)

Group, in accordance with § 240.13d-1(b)(1)(ii)(J).

SEC 1745 (2-02)

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Item 4.	Ownership

	(a)	Amount Beneficially Owned

		WA, acting as an investment adviser to its client, is deemed to be the beneficial owner of 2,307,692 shares of Common Stock of the Company’s Amended.

		WCA, is deemed to beneficially own 885,077 Shares of Common Stock of the company.

		WCP is deemed to beneficially own 885,077 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WCFLP is deemed to beneficially own 885,077 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WCFLTD is deemed to beneficially own 885,077 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WCAA, is deemed to beneficially own 443,077 Shares of Common Stock of the company.

		WCAP is deemed to beneficially own 443,077 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WCAFLP is deemed to beneficially own 443,077 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WCAFLTD is deemed to beneficially own 443,077 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WHHYA, is deemed to beneficially own 633,385 Shares of Common Stock of the company.

		WHHYP is deemed to beneficially own 633,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WHHYFLP is deemed to beneficially own 633,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WHHYFLTD is deemed to beneficially own 633,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WIA, is deemed to beneficially own 115,385 Shares of Common Stock of the company.

		WIP is deemed to beneficially own 115,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WIFLP is deemed to beneficially own 115,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WIFLTD is deemed to beneficially own 115,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WSOA, is deemed to beneficially own 115,385 shares of Common Stock of the company.

		WSOBP is deemed to beneficially own 115,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WSOBFLP is deemed to beneficially own 115,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		WSOBFLTD is deemed to beneficially own 115,385 shares of Convertible Bonds as a result of its indirect ownership of Common Stock of the company

		As a result of the relationship described in this statement, each of WA, WCA, WCAA, WHHYA, WIA, WSOA, WCFLP, WCAFLP, WHHYFLP, WIFLP, WSOBFLP, WCFLTD, WCAFLTD, WHHYFLTD, WIFLTD, and WSOBFLTD may be deemed to possess indirect beneficial ownership of the shares of Common Stock issuable upon the conversion of convertible bonds held by one or more of WCP, WCAP, WDCAP, WHHYP, and WSOBP. WA, WCA, WCAA, WHHYA, WIA, WSOA, WCFLP, WCAFLP, WHHYFLP, WIFLP, WSOBFLP, WCFLTD, WCAFLTD, WHHYFLTD, WIFLTD, and WSOBFLTD each disclaim indirect beneficial ownership of the shares of Common Stock except to the extent of their pecuniary interest in such shares.*

		Based on the relationships described herein, these entities may be deemed to constitute a “group” within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934. The filing of this statement shall not be construed as an admission that WA, WCA, WCAA, WHHYA, WIA, WSOA, WCP, WCAP, WHHYP, WIP, WSOBP, WCFLP, WCAFLP, WHHYFLP, WIFLP, WSOBFLP, WCFLTD, WCAFLTD, WHHYFLTD, WIFLTD, and WSOBFLTD are a group, or have agreed to act as a group.*

	(b)	Percent of Class

		WA beneficially owns 9.1 % of the Company’s Common Stock.*

		WCA is deemed to beneficially own 3.5 % of the company’s Common Stock

		WCP is deemed to beneficially own 3.5 % of the company’s Common Stock

		WCFLP is deemed to beneficially own 3.5 % of the company’s Common Stock

		WCFLTD is deemed to beneficially own 3.5 % of the company’s Common Stock

		WCAA is deemed to beneficially own 1.8 % of the company’s Common Stock

		WCAP is deemed to beneficially own 1.8 % of the company’s Common Stock

		WCAFLP is deemed to beneficially own 1.8 % of the company’s Common Stock

		WCAFLTD is deemed to beneficially own 1.8 % of the company’s Common Stock

		WHHYA is deemed to beneficially own 2.5 % of the company’s Common Stock

		WHHYP is deemed to beneficially own 2.5 % of the company’s Common Stock

		WHHYFLP is deemed to beneficially own 2.5 % of the company’s Common Stock

		WHHYFLTD is deemed to beneficially own 2.5 % of the company’s Common Stock

		WIA is deemed to beneficially own 0.5 % of the company’s Common Stock

		WIP is deemed to beneficially own 0.5 % of the company’s Common Stock

		WIFLP is deemed to beneficially own 0.5 % of the company’s Common Stock

		WIFLTD is deemed to beneficially own 0.5 % of the company’s Common

		WSOA is deemed to beneficially own 0.5 % of the company’s Common Stock

		WSOBP is deemed to beneficially own 0.5 % of the company’s Common Stock

		WSOBFLP is deemed to beneficially own 0.5 % of the company’s Common Stock

		WSOBFLTD is deemed to beneficially own 0.5 % of the company’s Common Stock

		The percentage of Common Stock reportedly owned by each entity herein is based on 25,257,692 shares of outstanding Common Stock of the Company, which is the total number of shares issued and outstanding on November 3, 2008.

	(c)	Number of shares as to which such person has:

		(i)	Sole power to vote or to direct the vote

			0

		(ii)	Shared power to vote or to direct the vote

			WA has shared voting power with respect to 2,307,692 shares of the Company’s Common Stock.

			WCA, WCP, WCFLP, and WCFLTD have shared voting power with respect to 885,077 Shares of the Company’s Common Stock.

			WCAA, WCAP, WCAFLP, and WCAFLTD have shared voting power with respect to 443,077 Shares of the Company’s Common Stock.

			WHHYA, WHHYP, WHHYFLP, and WHHYFLTD have shared voting power with respect to 633,385 Shares of the Company’s Common Stock.

			WIA, WIP, WIFLP, and WIFLTD have shared voting power with respect to 115,385 Shares of the Company’s Common Stock.

			WSOA, WSOBP, WSOBFLP, and WSOBFLTD have shared voting power with respect to 115,385 Shares of the Company’s Common Stock.

		(iii)	Sole power to dispose or to direct the disposition of

			0

		(iv)	Shared power to dispose or to direct the disposition of

			WA has shared voting power with respect to 2,307,692 shares of the Company’s Common Stock.

			WCA, WCP, WCFLP, and WCFLTD have shared voting power with respect to 885,077 Shares of the Company’s Common Stock.

			WCAA, WCAP, WCAFLP, and WCAFLTD have shared voting power with respect to 443,077 Shares of the Company’s Common Stock.

			WHHYA, WHHYP, WHHYFLP, and WHHYFLTD have shared voting power with respect to 633,385 Shares of the Company’s Common Stock.

			WIA, WIP, WIFLP, and WIFLTD have shared voting power with respect to 115,385 Shares of the Company’s Common Stock.

			WSOA, WSOBP, WSOBFLP, and WSOBFLTD have shared voting power with respect to 115,385 Shares of the Company’s Common Stock.

Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d3(d)(1).

Item 5.	Ownership of Five Percent or Less of a Class

	If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following x*.

Instruction. Dissolution of a group requires a response to this item.

Item 6.	Ownership of More than Five Percent on Behalf of Another Person.

	Not Applicable.

Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.

	Not Applicable

Item 8.	Identification and Classification of Members of the Group

	See Item 2

Item 9.	Notice of Dissolution of Group

	Not Applicable

Item 10.	Certification

	By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

February 17, 2009

Date

/s/ Jonathan D. Wood

Signature

Jonathan D. Wood as Chief Financial Officer of Whitebox Advisors, LLC, Whitebox Convertible Arbitrage Advisors, LLC, Whitebox Convertible Arbitrage Partners, L.P., Whitebox Convertible Arbitrage Fund, L.P., Whitebox Convertible Arbitrage Fund, Ltd., Whitebox Diversified Convertible Arbitrage Advisors, LLC, Whitebox Diversified Convertible Arbitrage Partners, L.P., Whitebox Diversified Convertible Arbitrage Fund, L.P., and Whitebox Diversified Convertible Arbitrage Fund, Ltd.

Name/Title

The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative’s authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties for whom copies are to be sent.

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)

SEC 1745 (2-02)

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