Teton Petroleum Releases Third Quarter Results
November 14 2003 - 7:31PM
PR Newswire (US)
Teton Petroleum Releases Third Quarter Results DENVER, Colorado,
November 15 /PRNewswire/ -- Teton Petroleum Company ("Teton")
(Amex: TPE), an independent oil and gas exploration and production
company that operates in Russia, is pleased to announce its
financial results for the quarter ended September 30, 2003. Revenue
for the three-month period ending September 30, 2003 was $US2.7
million, a 23% increase over the $US2.2 million reported in the
corresponding period in 2002. For the nine months ended September
30, 2003, revenue was $US9.1 million compared to $US4.3 million for
the prior year, an increase of 111%. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO) John Mahar,
CFO, commented, "We continue to be pleased with our production and
revenue trends. We achieved record sales of 165,111 barrels, while
our revenue for the first nine months this year exceeded our
revenue for all of 2002 by 32%." Mahar highlighted the following
achievements in the third quarter: -- Revenue rose to $US2,718,066
from $US2,204,613 in the third quarter of 2002, a 23% increase. --
The net loss narrowed to $US1,477,534, or ($US0.22) per share, from
$US2,216,169 or ($US0.78) per share, in the third quarter of 2002,
a 33% percent decrease. -- Sales of oil net to Teton increased to
165,111 barrels from 137,500 barrels in the third quarter of 2002,
a 20% increase. For the first nine months of 2003: -- Revenue rose
to $US9,105,338 from $US4,305,274 for the 9 month of 2002, a 111%
increase. Total revenue for all of 2002 was $US6,923,320. --
Teton's net loss was $US3,140,679, or ($US0.48) per share, versus
$US7,927,782 or ($US3.17) per share, in the nine months of 2002, a
60% decrease. -- Sales of oil net to Teton increased to 480,688
barrels from 290,725 barrels in the first nine months of 2002, a
165% increase. Teton ended the third quarter with approximately
$US2 million in cash. In addition, the series A convertible
preferred share offering, which closed in the fourth quarter,
raised Teton approximately $US9.8 million. "The Company is in the
strongest financial position in its six-year history and in its
best position ever to take advantage of the acquisition
opportunities it sees in the Russian oil industry," stated Karl F.
Arleth, President and CEO. 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.
Gillian Kane, Corporate Services of Teton Petroleum Company,
+1-970-870-1417, Gillian@tetonpetroleum.com; or Chuck Nelson,
Investor Relations (North America) of MRB Investor Relations LLC.,
+1-212-495-0200, ext. 15, cnelson@mrb-ir.com; or Tracy Weslosky,
Media Relations (North America) of Pro-Edge Consultants Inc.,
+1-416-581-1717, tracy@pro-edge.com; or Bevo Beaven, Denver Public
Relations of CTA Public Relations, +1-303-665-4200, bevo@ctapr.com;
or Gary Middleton, Media Relations (Europe) of Capital Integrated
Marketing Communication Ltd., +44(0)207-902-0703,
gary@capitalww.com; or Alexander Goldin, Media Relations (Russia)
of Ansdell Associates, +7095-970-1699, agoldin@ansdell.ru, all for
Teton Petroleum Company. Photo: NewsCom:
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO AP Archive:
http://photoarchive.ap.org PRN Photo Desk, photodesk@prnewswire.com
Web site: http://www.tetonpetroleum.com
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