Teton Petroleum Signs Binding Agreement to Acquire Majority Share in Producing Russian Oilfield

Teton Petroleum Signs Binding Agreement to Acquire Majority Share
in Producing Russian Oilfield 


DENVER, April 5  /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton") ,
an independent oil and gas exploration and production company with its principal
assets in Russia, today announced that it has signed a binding purchase and sale
agreement ("Agreement") to acquire a majority interest in a producing field in
Russia.

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

Upon the closing of the acquisition, the property will be jointly operated by
Teton and a major western European partner. Teton estimates that the current
production is approximately 3,400 barrels of oil per day net to Teton. The
closing of the acquisition is subject to many conditions. Prior to closing,
Teton intends to conduct additional due diligence of the properties and complete
its planned financing program. The acquisition also includes two additional
exploration licenses. The Agreementwas signed, effective March 31, 2004, and a
deposit in excess of $3 million USD has also been made by Teton to the seller.
The Agreement provides for a closing date of on or before July 1, 2004.

Teton will make additional information on this transaction available as it is
jointly released by its potential partner and the seller over the next several
weeks.

About Teton Petroleum Company:

Denver-based Teton Petroleum Company (AMEX:TPE) is the only publicly traded U.S.
oil and gas exploration and production company with all of its producing assets
in Russia. The company is currently developing three oil fields at its Goloil
license in Western Siberia. The company has been producing and exporting oil
from Russia since 1998.

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.

   For Further Information, Please Contact:
   Gillian Kane, Vice President, Investor Relations
   [phone]
   

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, [phone], 



Website:  http://www.tetonpetroleum.com/ 

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