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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization
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To: Richard Saunders who started this subject3/22/2001 5:47:38 PM
From: Richard Saunders   of 56
 
TET-tse Tethys
Tethys Considering Value Maximization Opportunities

Calgary, Alberta - Thursday, March 22, 2001, 12:38 PM EST

The management and board of directors of Tethys Energy Inc. have
noted that there currently is a high level of corporate merger
and acquisition activity in the oil and natural gas sector and
that some recent acquisitions have been effected at attractive
valuations relative to public market trading prices. Tethys has
achieved record operating and financial results in the past year.
The prospects for continued growth are very promising given the
Company's inventory of exploration and development prospects and
recent drilling successes in the Barrhead and Townsend areas.
However, the Company's common shares have been trading at prices
well below the Company's underlying net asset value and growth
potential for an extended period of time. As a result, the board
of directors has determined that the current environment and the
Company's strong financial and operating position may provide
opportunities for a sale of the Company at a price that would be
advantageous for shareholders. Accordingly, the Company is
commencing a process to identify and evaluate potential sale
opportunities, and has retained Peters & Co. Limited as its
exclusive financial advisor to assist in this process. There is
no assurance that any sale transaction will be completed or as to
the timing thereof. Tethys will be continuing with its full-cycle
exploration and development program while these sale
opportunities are being considered.

Tethys Energy is a Calgary-based oil and gas exploration company
operating in Western Canada. Tethys shares are traded on the
Toronto Stock Exchange under the trading symbol TET.
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