Teton Petroleum Announces Second Quarter Results and Completion of Goloil Sale
August 16 2004 - 9:05PM
PR Newswire (US)
Teton Petroleum Announces Second Quarter Results and Completion of
Goloil Sale DENVER, Aug. 16 /PRNewswire-FirstCall/ -- Teton
Petroleum Company ("Teton") (AMEX:TPE), an independent oil and gas
exploration and production company, today announced its financial
results for the second quarter which ended June 30, 2004. The
Company reported that revenue was $3,589,638 for the three-month
period, a 20.5% increase from revenue of $2,978,554 for the
corresponding period in 2003. For the six months ended June 30,
2004, revenue was $6,552,138, compared to $6,387,272 in the prior
year, an increase of 2.6%. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO) Commenting
on the financial results, Pat Quinn, Chief Financial Officer said,
"Our financial results for the second quarter of 2004 reflect
higher realizations for domestic Russian crude on slightly higher
crude sales volumes. Our General and Administrative costs in the
first half increased primarily due to costs associated with the
pursuit of several acquisition opportunities, including the
terminated transaction involving ZAO Pechoraneftegas (PNG) and
higher than usual legal costs associated with the sale of Goloil."
Mr. Quinn highlighted the following achievements in the second
quarter: * Revenue rose to $3,589,638 from $2,978,554 in the second
quarter of 2003, a 20.5% increase. * The net loss was $2,005,876,
or ($0.22) per share, versus $1,447,240 or ($0.22) per share, in
the second quarter of 2003, a $558,636 increase. On a per share
basis, the loss remained unchanged. * The average realized price
per barrel rose to $20.16 from $18.13 in the second quarter of
2003, a 11.2% increase. * Sales of oil net to Teton increased to
178,022 barrels from 164,273 barrels in the second quarter of 2003,
an 8.4% increase. For the first half of 2004: * Revenue rose to
$6,552,138 from $6,387,272 for the first half of 2003, a 2.6%
increase. Total revenue for the entire FY2003 was $11,437,802. *
The net loss was $5,080,959, or ($0.57) per share, versus
$2,228,325 or ($0.34) per share, in the first half of 2003, a 68%
increase on a per share basis. * The average realized price per
barrel decreased to $18.98 from $20.24 in the first half of 2003, a
6.2% decrease. Teton received export oil prices in 2003, domestic
prices in 2004. * Sales of oil net to Teton increased to 345,183
barrels from 315,577 barrels in the first half of 2003, a 9.4%
increase. In April 2004, the Company entered into an agreement with
RussNeft to sell Teton's 35.3% interest in Goloil, a Russian
Joint-stock Company. A majority of the Company's outstanding stock
voted in favor of the sale at the July 16 Annual Meeting of
Shareholders. The transaction closed on August 3, 2004. The Company
is actively pursuing opportunities throughout Russia, Kazakstan,
the Caspian Region and North America. About Teton Petroleum
Company: Denver-based Teton Petroleum Company (AMEX:TPE) is an
independent oil producer that is focused on the acquisition and
development of small to medium-sized, manageable oil fields in the
former Soviet Union and North America with proven and probable
reserves that provide immediate cash flow, immediate production,
and an opportunity for additional upside potential. 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.
http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO
http://photoarchive.ap.org/ DATASOURCE: Teton Petroleum Company
CONTACT: Gillian D. Kane, Vice President, Investor Relations of
Teton Petroleum Company, +1-970-870-1417, Web site:
http://www.tetonpetroleum.com/
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