TPE Teton Petroleum New

Teton Petroleum Releases First Quarter 2005 Results DENVER, May 17 /PRNewswire-FirstCall/ -- Teton Petroleum Company (AMEX:TPE) an independent oil and gas exploration and production company with operations in the U.S. Rocky Mountain region, today announced its financial results for the first quarter which ended March 31, 2005. (Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO) Teton reported the following first quarter results: * Net loss from continuing operations was ($655,507) or ($0.07) per share versus a loss of ($2,086,915) or ($0.30) per share for the first quarter of 2004; a 68.6% decrease. The first quarter loss reflects one-time charges for Russian operations severance and office closures ($61,000) and acreage rentals of $37,000 associated with the capture of the eastern Denver-Julesburg Basin project. Commenting on the first quarter results, Patrick Quinn, Chief Financial Officer stated, "The first quarter represents the completion of our restructuring and exit from Russia. The redeployment of working capital into the two U.S. projects captured in the first quarter marks the beginning of a new chapter in Teton's growth. We have begun our drilling program in the Piceance Basin and expect to begin exploration activities on our property in the eastern DJ Basin before yearend." Working Capital and Liquidity With $10.9 million in working capital available at the end of the first quarter, the Company has adequate cash to fund its anticipated drilling CAPEX program in the Piceance Basin of $3.5 million in 2005 and its exploration program of $900,000 million in the eastern Denver-Julesburg Basin exploration project. Acquisition and Organizational Activity During the first quarter of 2005, the Company's efforts were primarily focused on the following: * Closing on the acquisition of a 25% interest in Piceance Gas Resources, LLC, which began drilling the first of a planned 8-well program in 2005 on May 11, 2005. * Closing on the acquisition of 123,000 exploratory acres in the eastern Denver-Julesburg Basin. Routine title curative work is continuing on an additional 57,000 acres and is expected to close in two tranches, by late May and late June 2005, respectively. * The development of a seismic and geologic program to delineate exploration and re-completion prospects in the eastern Denver-Julesburg Basin. About Teton Petroleum Company Teton Petroleum is an exploration and production company headquartered in Denver, CO, with operations in the Rocky Mountains of the U.S. The Company's common stock trades as TPE on the American Stock Exchange. More information about the Company is available on the Company's website, http://www.tetonpetroleum.com/, and through additional press releases as the projects develop. Forward-Looking Statements 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 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that additional acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, governmental regulations and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2004 filed with the Securities and Exchange Commission. More information about potential factors that could affect the Company's operating and financial results is included in Teton's annual report on Form 10-K for the year ended December 31, 2004. Teton's disclosure reports are on file at the Securities and Exchange Commission and can be viewed on Teton's website at http://www.tetonpetroleum.com/. Copies are available without charge, upon request from the Company. http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO http://photoarchive.ap.org/ DATASOURCE: Teton Petroleum Company CONTACT: Gillian Kane of Teton Petroleum Company, +1-303-542-1860, Web site: http://www.tetonpetroleum.com/

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