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TTPT (OTCBB) Teton Petroleum Expects 2003 Revenues to Rise Substantially Due to Successful Negotiation Increasing its Export Quota

THURSDAY , DECEMBER 05, 2002 06:30 AM

STEAMBOAT SPRINGS, Colo., Dec 5, 2002 /PRNewswire-FirstCall via COMTEX/ -- Teton Petroleum Company (OTC Bulletin Board: TTPT; Frankfurt: TP9) announced the Company has successfully negotiated with its joint venture partner to substantially increase Teton's share of the export quota in 2003. Based on current production and the current drilling program, Teton will have sales revenue of more then $12 million in 2003.

The increased revenues are direct results of Teton doubling the amount of oil it exports from Russia to Western Europe. This will enable the company to increase its current projected 2002 revenue of $6 million to over $12 million in 2003. This projection is based on average oil price of $20 per barrel.

"We are pleased with the progress of Teton in Russia. As a small independent, we are able to continue to improve our financial results due to the improved investment climate in Russia and to the continued support of our Russian partners", said H. Howard Cooper, President and CEO of Teton.

Teton Petroleum is an independent oil and gas exploration and production company, with its principal operations in Russia. Additional information about Teton is available at its web site, www.tetonpetroleum.com .

This press release may make forward-looking statements, which are subject to various uncertainties and risks that could affect their outcome. Factors, which could cause or contribute to differences include, but are not limited to, economic conditions, product demand and sales, interest rates, foreign currency exchange rates, competition and competitors' actions, and changes in the petroleum industry. Please refer to the company's 10-K, 10-Qs and other SEC filings for a more detailed discussion of the risks. This press release does not constitute an offer to sell or solicitation of an offer to buy Teton Petroleum securities.

For further information, please contact: USA, Greg Powell, General Manager, [e-mail], or Bevo Beaven, Vice President, both of CTA Public Relations, [phone]; or CANADA, John Robinson of Current Capital, [phone], [e-mail]; or H. Howard Cooper, president of Teton Petroleum Company, [phone], [e-mail].



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SOURCE Teton Petroleum Company


CONTACT: USA, Greg Powell, General Manager, [e-mail], or Bevo
Beaven, Vice President, both of CTA Public Relations, [phone], for
Teton Petroleum Company; or CANADA, John Robinson of Current Capital,
[phone], [e-mail]; or H. Howard Cooper, president of
Teton Petroleum Company, [phone], [e-mail]

URL: http://www.tetonpetroleum.com
http://www.prnewswire.com



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