Teton Petroleum Announces Third Quarter Earnings on Goloil Sale
November 02 2004 - 5:20PM
PR Newswire (US)
Teton Petroleum Announces Third Quarter Earnings on Goloil Sale
DENVER, Nov. 2 /PRNewswire-FirstCall/ -- Teton Petroleum Company
("Teton") (AMEX:TPE), an independent oil and gas exploration and
production company, today announced its financial results for the
third quarter which ended September 30, 2004. The Company reported
that the gain from discontinued operations, net of tax, after the
one time sale of its interest in Goloil, a Russian oil producing
joint stock company, was $13,805,000 for the three month period.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030611/TETONLOGO)
Commenting on the financial results, Patrick Quinn, Chief Financial
Officer, said, "Our financial results for the third quarter of 2004
reflect the sales proceeds from the divestment of our 35.3% stake
in Goloil. In addition, we reduced our general and administrative
costs in the third quarter substantially as a result of changes
implemented to reflect the discontinued operations." Mr. Quinn
highlighted the following achievements in the third quarter: * Net
income was $13,292,000, or $1.46 per share, versus a loss of
$1,771,000, or $(0.26) per share, in the third quarter of 2003, a
$1.72 increase. * Net loss from continuing operations, primarily
consisting of General and Administrative expenses, decreased to
$488,000 from $984,000 in the third quarter of 2003, a 50%
decrease. * Cash on hand increased to $18,137,000 as a result of
the sale of Goloil. For the first nine months of 2004: * Teton's
net income applicable to common shares was $8,211,000, or $0.91 per
share, versus a loss of $3,999,000, or $(0.61) per share, for the
first 9 months of 2003, a $1.52 increase. * Net loss from
continuing operations due to first and second quarter due diligence
expenses increased to $4,287,000 from $2,740,000 for the first nine
months of 2003, a 56% increase. The Company is continuing to pursue
potential acquisitions in the Russian Federation, the Commonwealth
of Independent States 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,
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