TPE Teton Petroleum New

Teton Petroleum Achieves Record Annual Production, Reports Year-End 2003 Operations Update DENVER, Colorado, February 24 /PRNewswire/ -- Teton Petroleum ("Teton") (Amex: TPE), an independent oil and gas exploration and production company with itsprincipal operations in Russia, today provided a year-end update of its production operations. (Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO ) The Company's operational achievements for 2003 included: - Production from Goloil, Teton's partly-owned Russian affiliate, was 2,540,458 barrels of oil (635,114 barrels net to Teton), a 39% increase from 2002. - In December 2003, Goloil's average daily production was 7,165 barrels of oilper day (1,791 barrels net to Teton) compared to 6,527 barrels of oil per day (1,631 barrels net to Teton) in January 2003. - Seven new development wells were drilled on the Goloil property. - At year-end, 16 wells were producingfrom the 3 fields on the Goloil License, with an additional 4 wells which will become operational pending expansion of the gathering system scheduled for completion by April 2004. A 5th well is awaiting completion. - Teton's co-generation plant, built in 2003, will provide heat and electricity for field operations and is expected to reduce electrical generation costs by about $325,000 per year beginning in the 2nd quarter of 2004. Igor Effimoff, Teton's Chief Operating Officer, stated, "Development of the Goloil License is proceeding in line with our long term plan and the fields are delivering as projected. Because of the low geologic risk and quality well control in our license area, we continue to enjoy a 100% success rate in our development drilling. The outstanding well productivity on our license indicates that we have reservoir quality, especially in the Cretaceous BV-8, which is superior to that generally encounteredin this area." H. Howard Cooper, Teton's Chairman and Founder, commented: "Our operating success in 2003 was complemented by strengthening our financial base and streamlining our corporate structure. Following a listing on the American Stock Exchange in May, Teton raised almost $10 million in new equity, positioning us to move aggressively towards our goal of becoming a large independent oil producer in Russia. Additionally, we strengthened our management team and board of directors.As a result, Teton entered 2004 with the strongest position in its history, poised for rapid growth in years ahead." About Teton Petroleum Company: Denver-based Teton is the only publicly traded U.S. oil and gas exploration and production company with all of its producing assets in Russia. Since 1997, Teton has been developing three oil fields in Western Siberia through its partly-owned Russian affiliate, Goloil. The Goloil License covers 70 square miles ten miles north of Samotlor, the seventh largest oil field in the world and the largest oil field in Russia. This Press 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. The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We disclose information concerning "probable reserves" and "possible reserves" in this press release. The SEC guidelines would strictly prohibit us from including this information in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-KSB filed with the SEC on March 31, 2003, copies of which are available from us upon written request addressed to Teton Petroleum Company, 1600 Broadway, Suite 2400, Denver, CO 80202-4921. This form can also be obtained from our website www.tetonpetroleum.com or the SEC's web site at www.sec.gov. Web site: http://www.tetonpetroleum.com DATASOURCE: Teton Petroleum Company CONTACT: Gillian D. Kane, Investor Relations, Teton Petroleum Company, +1-970-870-1417, gillian@tetonpetroleum.com; Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO; AP Archive: http://photoarchive.ap.org; PRN Photo Desk, photodesk@prnewswire.com

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