Teton (AMEX:TPE)
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Teton Petroleum Announces Results From 2004
Company Earns $0.80 a Share, Redeploys Capital to North America
DENVER, March 31 /PRNewswire-FirstCall/ -- Teton Petroleum Company (AMEX:TPE)
an independent oil and gas exploration and production company, today reported
its financial and operational results for the full year ended December 31,
2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO)
For the first six months of 2004, Teton's efforts were focused on negotiating
and finalizing the sale of its 35.3% stake in Goloil, a Russian joint stock oil
production company. Effective July 1, 2004, for accounting purposes, Teton
sold its interest in Goloil and recorded a net gain of $13.1 million. Since
the sale of Goloil, the Company has made a strategic move away from Russia and
concentrated on potential acquisitions in North America.
The Company highlighted the following financial achievements for 2004:
* Net income was $7,190,301, or $0.80 per share; versus a loss of
$5,634,844, or $.82 per share in 2003.
* Revenue from discontinued operations for the first six months of 2004
was $6,552,138, a 2.6% increase from $6,387,272 for the first half of
2003.
* Teton reported a gain of $13.1 million from the sale of Goloil.
* The Company had $17.4 million in cash at year end 2004 and remains
debt-free.
During December 2004 the Company entered into a binding letter of intent to
acquire certain exploratory acreage in North America. In January 2005, the
Company executed a purchase and sale agreement for this project, which is
expected to close on or before April 15, 2005.
On February 15, 2005, the Company entered into a second transaction and
purchased a 25% membership interest in Piceance Gas Resources LLC (PGR), a
company whose primary asset is a 6,300 acre leasehold in the Piceance Basin of
Western Colorado. Teton's 2005 capital program calls for the drilling of at
least 8 wells on the PGR leasehold. Operators adjacent to the PGR acreage
block have increased drilling density to 10 acres with estimated ultimate
recoverable reserves of approximately 1.2 BCF per well.
This news release may contain certain forward-looking statements, including
declarations regarding Teton and its subsidiary's expectations, intentions,
strategies and beliefs regarding the future. All statements contained herein
are based upon information available to Teton's management as at the date
hereof and actual results may vary based upon future events, both within and
without the control of the Teton's management.
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO
http://photoarchive.ap.org/
DATASOURCE: Teton Petroleum Company
CONTACT: Gillian Kane, Vice President, Investor Relations of Teton
Petroleum Company, +1-303-521-3908,