TPE Teton Petroleum New

Teton Petroleum Announces Annual Meeting Results DENVER, July 16 /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton") (AMEX:TPE), an independent oil and gas exploration and production company, today announced the results of the Annual Meeting of Shareholders. (Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO ) A plurality of the outstanding voting stock of the Company voted in favor of the reelection of each of the 5 directors; H. Howard Cooper, Karl F. Arleth, James J. Woodcock, Thomas Conroy, and John T. Connor, Jr. A majority of votes cast at the Annual Meeting of Shareholders also voted in favor of the ratification of the appointment of Ehrhardt Keefe Steiner & Hottman PC to audit the financial statements of the Company and its subsidiaries for the year 2004. Of the non routine proposals, a majority of votes cast at the Annual Meeting of Shareholders voted in favor of the 2004 Non-Employee Stock Compensation Plan and the issuance of common stock or securities convertible into or exercisable for common stock. A majority of the outstanding stock of the Company voted in favor of the sale of the Company's indirect interest in Goloil. "We believe the decision to sell Goloil was a decisive step, which was in the best interests of our shareholders. It now paves the way for Teton to redeploy cash in order to affect new acquisitions and for future growth. In the interim, the transaction substantially strengthens our balance sheet," stated Karl F. Arleth, President and CEO. Further information on each of the proposals as well as the presentation from today's Annual Meeting of Shareholders are available online at http://www.tetonpetroleum.com/. 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 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, +1-970-870-1417, Web site: http://www.tetonpetroleum.com/

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