TETON PETROLEUM CO - News Release - 2002-03-20 21:30 Teton Petroleum's Siberian Production Passes 4,000 Barrels a Day and Torch Energy Advisors Forecasts Earnings for Teton for 2002
Teton Petroleum's Siberian Production Passes 4,000 Barrels a Day and Torch Energy Advisors Forecasts Earnings for Teton for 2002
STEAMBOAT SPRINGS, Colo., May 1, 2002 /PRNewswire-FirstCall via COMTEX/ -- Teton Petroleum Company (OTC Bulletin Board: TTPT; Frankfurt: TP9) announced today its field production in Western Siberia has increased to 4,080 barrels of oil per day, net to Teton 1,020 barrels a day.
The company completed Well #600 successfully and the well is flowing 730 barrels a day. The company is also completing well #601, #602 and #40-P over the next month, which will add additional production to the company. Further information will be forthcoming.
"We are extremely happy to have increased our field production from 500 barrels of oil per day in 2001 to 4,082 barrels a day in 2002. This sends a positive message to the market that we are following our business plan in Russia successfully," said Teton's President H. Howard Cooper.
In addition, Torch Energy Advisors completed a research report that forecasts projected earnings for 2002 of $0.02 a share. This report is available on their website www.teai.com . Teton is targeting total revenues of approximately $5 million with net income of approximately $700,000, or $0.02 per share, for 2002.
Teton reported revenues of $1,625,000, compared to $1,675,000 in revenues for the year ended December 31, 2000. The company reported a net loss of $1,742,000 for 2001, or ($0.06) per share, compared to a loss of $2,957,000, or ($0.17) per share, for 2000.
"Our achievements in 2001 have positioned our company for future profitability. We attained significant increases in production and reserves as a result of our investments in drilling and completing the new wells and by expanding our pipeline infrastructure in 2001," said Teton's Chief Financial Officer Tom Conroy. "We also became a fully reporting company with the U.S. Securities and Exchange Commission and received our listing on the OTC Bulletin Board during the year."
Oil is being pumped through a 40-kilometer pipeline, which was completed in June 2001, to the DNS-32 processing and separating facility in Samotlor Oil Field, Western Siberia, and Russia. The company expects to complete its own DNS processing and separating facility in the fourth quarter of this year, which will enable the company to reduce its production cost significantly.
Teton is an oil and gas exploration and production company which conducts its active business solely through a 50 percent ownership interest in Goltech LLC, a Texas limited liability company, which, in turn, operates solely through ownership of 70.59 percent interest in Goloil, a Russian closed joint stock company. Goloil owns the Eguryak license in Western Siberia. According to a reserve audit prepared by Gustavson Associates, Inc., the Eguryak license contains 41.96 million barrels of proven reserves net to Teton. Additional information about Teton is available at its website, 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.
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SOURCE Teton Petroleum Company
CONTACT: H. Howard Cooper, President of Teton Petroleum Company, +1-970-870-1417, tetonpetroleum@mindspring.com; or INVESTOR RELATIONS: USA: CTA Public Relations, +1-303-665-4200 or +1-800-959-9677, greg@ctaonline.com, or CANADA: Current Capital, +1-416-860-0211 or +1-877-859-5200, john@currentcapital.com, or AUSTRIA, SWITZERLAND, GERMANY: Rudolf Heinz (49) 69-970-9130, rudolf.heinz@planet-interkom.de
URL: teai.com tetonpetroleum.com prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
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