Teton Petroleum Announces Third Quarter Earnings on Goloil Sale

Teton Petroleum Announces Third Quarter Earnings on Goloil Sale



DENVER, Nov. 2  /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton")
(AMEX:TPE), an independent oil and gas exploration and production company,
today announced its financial results for the third quarter which ended
September 30, 2004.  The Company reported that the gain from discontinued
operations, net of tax, after the one time sale of its interest in Goloil, a
Russian oil producing joint stock company, was $13,805,000 for the three month
period.

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Commenting on the financial results, Patrick Quinn, Chief Financial Officer,
said, "Our financial results for the third quarter of 2004 reflect the sales
proceeds from the divestment of our 35.3% stake in Goloil.  In addition, we
reduced our general and administrative costs in the third quarter substantially
as a result of changes implemented to reflect the discontinued operations."

  Mr. Quinn highlighted the following achievements in the third quarter:

   *  Net income was $13,292,000, or $1.46 per share, versus a loss of
      $1,771,000, or $(0.26) per share, in the third quarter of 2003, a
      $1.72 increase.

   *  Net loss from continuing operations, primarily consisting of General
      and Administrative expenses, decreased to $488,000 from $984,000 in
      the third quarter of 2003, a 50% decrease.

   *  Cash on hand increased to $18,137,000 as a result of the sale of
      Goloil.

  For the first nine months of 2004:

   *  Teton's net income applicable to common shares was $8,211,000, or
      $0.91 per share, versus a loss of $3,999,000, or $(0.61) per share,
      for the first 9 months of 2003, a $1.52 increase.

   *  Net loss from continuing operations due to first and second quarter
      due diligence expenses increased to $4,287,000 from $2,740,000 for the
      first nine months of 2003, a 56% increase.



The Company is continuing to pursue potential acquisitions in the Russian
Federation, the Commonwealth of Independent States 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, [phone], 

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