TPE Teton Petroleum New

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, +1-970-870-1417, Web site: http://www.tetonpetroleum.com/

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