Teton (AMEX:TPE)
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Teton Petroleum Announces Second Quarter Results and Completion
of Goloil Sale
DENVER, Aug. 16 /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton")
(AMEX:TPE), an independent oil and gas exploration and production company,
today announced its financial results for the second quarter which ended June
30, 2004. The Company reported that revenue was $3,589,638 for the three-month
period, a 20.5% increase from revenue of $2,978,554 for the corresponding
period in 2003. For the six months ended June 30, 2004, revenue was
$6,552,138, compared to $6,387,272 in the prior year, an increase of 2.6%.
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Commenting on the financial results, Pat Quinn, Chief Financial Officer said,
"Our financial results for the second quarter of 2004 reflect higher
realizations for domestic Russian crude on slightly higher crude sales volumes.
Our General and Administrative costs in the first half increased primarily due
to costs associated with the pursuit of several acquisition opportunities,
including the terminated transaction involving ZAO Pechoraneftegas (PNG) and
higher than usual legal costs associated with the sale of Goloil."
Mr. Quinn highlighted the following achievements in the second quarter:
* Revenue rose to $3,589,638 from $2,978,554 in the second quarter of
2003, a 20.5% increase.
* The net loss was $2,005,876, or ($0.22) per share, versus $1,447,240
or ($0.22) per share, in the second quarter of 2003, a $558,636
increase. On a per share basis, the loss remained unchanged.
* The average realized price per barrel rose to $20.16 from $18.13 in
the second quarter of 2003, a 11.2% increase.
* Sales of oil net to Teton increased to 178,022 barrels from 164,273
barrels in the second quarter of 2003, an 8.4% increase.
For the first half of 2004:
* Revenue rose to $6,552,138 from $6,387,272 for the first half of 2003,
a 2.6% increase. Total revenue for the entire FY2003 was $11,437,802.
* The net loss was $5,080,959, or ($0.57) per share, versus $2,228,325
or ($0.34) per share, in the first half of 2003, a 68% increase on a
per share basis.
* The average realized price per barrel decreased to $18.98 from $20.24
in the first half of 2003, a 6.2% decrease. Teton received export oil
prices in 2003, domestic prices in 2004.
* Sales of oil net to Teton increased to 345,183 barrels from 315,577
barrels in the first half of 2003, a 9.4% increase.
In April 2004, the Company entered into an agreement with RussNeft to sell
Teton's 35.3% interest in Goloil, a Russian Joint-stock Company. A majority of
the Company's outstanding stock voted in favor of the sale at the July 16
Annual Meeting of Shareholders. The transaction closed on August 3, 2004. The
Company is actively pursuing opportunities throughout Russia, Kazakstan, the
Caspian Region and North America.
About Teton Petroleum Company: Denver-based Teton Petroleum Company (AMEX:TPE)
is an independent oil producer that is focused on the acquisition and
development of small to medium-sized, manageable oil fields in the former
Soviet Union and North America with proven and probable reserves that provide
immediate cash flow, immediate production, and an opportunity for additional
upside potential.
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.
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DATASOURCE: Teton Petroleum Company
CONTACT: Gillian D. Kane, Vice President, Investor Relations of Teton
Petroleum Company, +1-970-870-1417,
Web site: http://www.tetonpetroleum.com/