Teton Petroleum Divests Interest in Goloil License

Teton Petroleum Divests Interest in Goloil License 


DENVER, April 12  /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton") ,
an independent oil and gas exploration and production company with its principal
operations in Russia, today announced that it is divesting its interest in the
Goloil license in western Siberia.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO )

Teton will sell its 35% stake in the Goloil license to a private Russian
independent. In addition, the sale price will include all outstanding loans and
accrued interest owed to Teton. Proceeds from the sale will be used for Teton's
Russian oil field acquisition announced on April 5, 2004. This new Russian
property will produce approximately3,400 barrels a day net to Teton. The
closing of the Goloil transaction is subject to approval by Teton's
shareholders.

Teton will announce additional information on this transaction as it becomes
available.

About Teton Petroleum Company:

Denver-based Teton is the only publicly traded U.S. oil and gas exploration and
production company with all of its producing assets in Russia. Since 1997, Teton
has been developing three oil fields in Western Siberia through its partly-owned
Russian affiliate, Goloil.

This Press 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 D. Kane, Vice President, Investor Relations of Teton

Petroleum Company, [phone], 



Web site:  http://www.tetonpetroleum.com/ 

Copyright