TPE Teton Petroleum New

Teton Petroleum Announces Results From 2004 Company Earns $0.80 a Share, Redeploys Capital to North America DENVER, March 31 /PRNewswire-FirstCall/ -- Teton Petroleum Company (AMEX:TPE) an independent oil and gas exploration and production company, today reported its financial and operational results for the full year ended December 31, 2004. (Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO) For the first six months of 2004, Teton's efforts were focused on negotiating and finalizing the sale of its 35.3% stake in Goloil, a Russian joint stock oil production company. Effective July 1, 2004, for accounting purposes, Teton sold its interest in Goloil and recorded a net gain of $13.1 million. Since the sale of Goloil, the Company has made a strategic move away from Russia and concentrated on potential acquisitions in North America. The Company highlighted the following financial achievements for 2004: * Net income was $7,190,301, or $0.80 per share; versus a loss of $5,634,844, or $.82 per share in 2003. * Revenue from discontinued operations for the first six months of 2004 was $6,552,138, a 2.6% increase from $6,387,272 for the first half of 2003. * Teton reported a gain of $13.1 million from the sale of Goloil. * The Company had $17.4 million in cash at year end 2004 and remains debt-free. During December 2004 the Company entered into a binding letter of intent to acquire certain exploratory acreage in North America. In January 2005, the Company executed a purchase and sale agreement for this project, which is expected to close on or before April 15, 2005. On February 15, 2005, the Company entered into a second transaction and purchased a 25% membership interest in Piceance Gas Resources LLC (PGR), a company whose primary asset is a 6,300 acre leasehold in the Piceance Basin of Western Colorado. Teton's 2005 capital program calls for the drilling of at least 8 wells on the PGR leasehold. Operators adjacent to the PGR acreage block have increased drilling density to 10 acres with estimated ultimate recoverable reserves of approximately 1.2 BCF per well. 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. 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, +1-303-521-3908,

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