TPE Teton Petroleum New

Teton Petroleum Company Closes Second Round of Private Placement DENVER, Nov. 11 /PRNewswire-FirstCall/ -- Teton Petroleum Company ("Teton") , an independent oil and gas exploration and production company active in Russia, announced today that it has closed an extended second round of its privately placed series A convertible preferred stock. The initial offering of convertible preferred shares, which closed on October 23, 2003, was extended due to continued high investor demand. (Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO ) The second round closed today after Teton raised approximately $2.3 million. Teton sold approximately 526,000 restricted series A convertible preferred shares at a price of $4.35 per share. The preferred shares carry an 8% dividend, payable quarterly. The total funds raised in the convertible preferred private placement now equal approximately $9.8 million, a 96% oversubscription. The preferred shares issued in the second round require shareholder approval in order to be converted into common shares. Both the first and second rounds of the private offering were placed with institutional and accredited private investors. The offering proceeds will be used for working capital in the Goloil license in Western Siberia and for general corporate purposes. About Teton Petroleum Company: Denver-based Teton Petroleum Company (AMEX:TPE) is the only publicly traded U.S. oil and gas exploration and production company with all of its producing assets in Russia. The company is currently developing three oil fields at its Goloil license in Western Siberia. The company has been producing and exporting oil out of Russia since 1998. 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. For more information, contact: Chuck Nelson, Investor Relations (North America), MRB Investor Relations LLC., (212) 495-0200 ext. 15, ; Gillian Kane, Corporate Services, Teton Petroleum Company, (970) 870-1417, ; Tracy Weslosky, Media Relations (North America), Pro-Edge Consultants Inc., (416) 581-1717, ; Gary Middleton, Media Relations (Europe), Capital Integrated Marketing Communication Ltd., 44 207 902 0703 ; Alexander Goldin, Media Relations (Russia), Ansdell Associates, (7095) 970 1699, . http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO http://photoarchive.ap.org/ DATASOURCE: Teton Petroleum Company CONTACT: Chuck Nelson, Investor Relations (North America) of MRB Investor Relations LLC., +1-212-495-0200 ext. 15, , for Teton; or Gillian Kane, Corporate Services of Teton Petroleum Company, +1-970-870-1417, ; or Tracy Weslosky, Media Relations (North America) of Pro-Edge Consultants Inc., +1-416-581-1717, , for Teton; or Gary Middleton, Media Relations (Europe) of Capital Integrated Marketing Communication Ltd., 44 207 902 0703, , for Teton; or Alexander Goldin, Media Relations (Russia) of Ansdell Associates, (7095) 970 1699, , for Teton Web site: http://www.tetonpetroleum.com/

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