TPE Teton Petroleum New

Teton Petroleum Releases 2004 First Quarter Results DENVER, May 18 /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton") , an independent oil and gas exploration and production company operating in Russia, today announced its financial results for the quarter ended March 31, 2004. (Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO ) Teton announced the following results in the first quarter: * Oil production increased to 167,162 barrels from 151,304 barrels in the first quarter of 2003. * Revenue was $2,962,500, a decline of $446,218 from first quarter 2003. * The net loss before imputed preferred stock dividends was $2,522,113 or ($.29) per share compared to the $781,085 or ($.12) per share net loss in the first quarter of 2003. Comprehensive loss in the more recent period was ($.35) per share due primarily to imputed preferred stock dividends. In April 2004, the Company entered into an agreement with RussNeft to sell Teton's 35.3 % interest of Goloil, the Russian closed joint stock company, for $8.9 million, subject to customary closing conditions and Teton shareholder approval. In connection with the sale, Teton will also receive repayment of all of the outstanding loan advances made by the Company to Goloil totaling approximately $6.04 million. The gross proceeds from the sale and the loan repayments will be approximately $15 million. In the second quarter, Teton expects to show a net gain on the sale of approximately $12 million. These net proceeds together with available cash on hand will be available to apply towards producing property acquisitions. Pat Quinn, CFO, commented, "The increase in net loss was due in part to closing costs in disposing of Goloil, due diligence efforts in conjunction with the Company's producing property acquisition program, and the strengthening of the Company's management team." Teton Petroleum will conduct a first quarter conference call and update. Further details of the call and participation opportunities will be summarized in an upcoming press release. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon information available to Teton's management as at the date hereof and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, declarations regarding Teton's and its subsidiary's expectations, intentions, strategies and beliefs concerning the future and Teton's plans to dispose of Goloil and acquire additional oil producing properties in the future. 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, +1-970-870-1417,

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