TPE Teton Petroleum New

Teton Petroleum Company Expands on Strategy Going Forward DENVER, July 23 /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton") (AMEX:TPE), an independent oil and gas exploration and production company, reaffirmed its core strategy and discussed certain refinements to its revised business plan during its Annual Meeting, after shareholder approval of the sale of Goloil. (Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO) Once the sale of Goloil has closed, Teton will have a strong balance sheet with approximately $18 million in cash and no corporate debt. Upon completion of the sale, Teton expects to record a gain of approximately $12 million. The Company still plans to adhere to the economic foundation which served as the basis for the initial Goloil acquisition: to identify opportunities where the intrinsic price of the asset is below market prices and hence provides an opportunity for upside potential through development of proven reserves. Teton intends to continue to focus on acquiring assets in Russia and throughout the former Soviet Union. At the same time, the Company announced plans to search for opportunities outside of the former Soviet Union in order to balance geologic, commercial, financial, and political risks. Teton believes there are certain classes of assets in North America that can be purchased at a reasonable price. Commented Igor Effimoff, COO: "Our basic strategy has not really changed. We are focused on identifying and acquiring properties that are discounted to relative values in the market, have existing production, and have proven reserves which we can drill with relatively low risk in order to provide upside for our shareholders. Added Effimoff: "Our goal is to replace Goloil with a balanced portfolio of properties, including some modest percentage of assets outside the FSU." Commented Howard Cooper, Teton's Chairman: "The Board supports management's decision to modestly expand their scope outside of Russia. We believe it is in the best interests of our shareholders to have some diversification which is a well established trend among international independents today." 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 for Teton Petroleum Company, +1-970-870-1417, Web site: http://www.tetonpetroleum.com/

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