TPE Teton Petroleum New

Teton Petroleum Announces Second Quarter Results and Completion of Goloil Sale DENVER, Aug. 16 /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton") (AMEX:TPE), an independent oil and gas exploration and production company, today announced its financial results for the second quarter which ended June 30, 2004. The Company reported that revenue was $3,589,638 for the three-month period, a 20.5% increase from revenue of $2,978,554 for the corresponding period in 2003. For the six months ended June 30, 2004, revenue was $6,552,138, compared to $6,387,272 in the prior year, an increase of 2.6%. (Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO) Commenting on the financial results, Pat Quinn, Chief Financial Officer said, "Our financial results for the second quarter of 2004 reflect higher realizations for domestic Russian crude on slightly higher crude sales volumes. Our General and Administrative costs in the first half increased primarily due to costs associated with the pursuit of several acquisition opportunities, including the terminated transaction involving ZAO Pechoraneftegas (PNG) and higher than usual legal costs associated with the sale of Goloil." Mr. Quinn highlighted the following achievements in the second quarter: * Revenue rose to $3,589,638 from $2,978,554 in the second quarter of 2003, a 20.5% increase. * The net loss was $2,005,876, or ($0.22) per share, versus $1,447,240 or ($0.22) per share, in the second quarter of 2003, a $558,636 increase. On a per share basis, the loss remained unchanged. * The average realized price per barrel rose to $20.16 from $18.13 in the second quarter of 2003, a 11.2% increase. * Sales of oil net to Teton increased to 178,022 barrels from 164,273 barrels in the second quarter of 2003, an 8.4% increase. For the first half of 2004: * Revenue rose to $6,552,138 from $6,387,272 for the first half of 2003, a 2.6% increase. Total revenue for the entire FY2003 was $11,437,802. * The net loss was $5,080,959, or ($0.57) per share, versus $2,228,325 or ($0.34) per share, in the first half of 2003, a 68% increase on a per share basis. * The average realized price per barrel decreased to $18.98 from $20.24 in the first half of 2003, a 6.2% decrease. Teton received export oil prices in 2003, domestic prices in 2004. * Sales of oil net to Teton increased to 345,183 barrels from 315,577 barrels in the first half of 2003, a 9.4% increase. In April 2004, the Company entered into an agreement with RussNeft to sell Teton's 35.3% interest in Goloil, a Russian Joint-stock Company. A majority of the Company's outstanding stock voted in favor of the sale at the July 16 Annual Meeting of Shareholders. The transaction closed on August 3, 2004. The Company is actively pursuing opportunities throughout Russia, Kazakstan, the Caspian Region and North America. About Teton Petroleum Company: Denver-based Teton Petroleum Company (AMEX:TPE) is an independent oil producer that is focused on the acquisition and development of small to medium-sized, manageable oil fields in the former Soviet Union and North America with proven and probable reserves that provide immediate cash flow, immediate production, and an opportunity for additional upside potential. 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 D. Kane, Vice President, Investor Relations of Teton Petroleum Company, +1-970-870-1417, Web site: http://www.tetonpetroleum.com/

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