Teton (AMEX:TPE)
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Teton Petroleum Company Expands on Strategy Going Forward
DENVER, July 23 /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton")
(AMEX:TPE), an independent oil and gas exploration and production company,
reaffirmed its core strategy and discussed certain refinements to its revised
business plan during its Annual Meeting, after shareholder approval of the sale
of Goloil.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO)
Once the sale of Goloil has closed, Teton will have a strong balance sheet with
approximately $18 million in cash and no corporate debt. Upon completion of
the sale, Teton expects to record a gain of approximately $12 million.
The Company still plans to adhere to the economic foundation which served as
the basis for the initial Goloil acquisition: to identify opportunities where
the intrinsic price of the asset is below market prices and hence provides an
opportunity for upside potential through development of proven reserves. Teton
intends to continue to focus on acquiring assets in Russia and throughout the
former Soviet Union. At the same time, the Company announced plans to search
for opportunities outside of the former Soviet Union in order to balance
geologic, commercial, financial, and political risks. Teton believes there are
certain classes of assets in North America that can be purchased at a
reasonable price.
Commented Igor Effimoff, COO: "Our basic strategy has not really changed. We
are focused on identifying and acquiring properties that are discounted to
relative values in the market, have existing production, and have proven
reserves which we can drill with relatively low risk in order to provide upside
for our shareholders. Added Effimoff: "Our goal is to replace Goloil with a
balanced portfolio of properties, including some modest percentage of assets
outside the FSU."
Commented Howard Cooper, Teton's Chairman: "The Board supports management's
decision to modestly expand their scope outside of Russia. We believe it is in
the best interests of our shareholders to have some diversification which is a
well established trend among international independents today."
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 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 for Teton
Petroleum Company, +1-970-870-1417,
Web site: http://www.tetonpetroleum.com/