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Gold/Mining/Energy : Teton Petroleum (TTPT) -- Russian Oil -- Ignore unavailable to you. Want to Upgrade?

To: Sleepman who wrote (45)	9/28/2002 9:50:46 AM
From: Ed Ajootian	Respond to of 115

Dan, The macro issues are the least important for this company. The most important is whether they can lower their production costs to a point where their play becomes economic. At the rate things were last quarter ($11/bbl. to produce) the play is barely economic. They hired a new guy to run the field operations in August, a real oil guy, and hopefully he is succeeding in getting things in line. Also, the increased production recently announced should help lower costs per barrel due to economies of scale. The biggest impact that any macro issues would have on the company is the extent to which the higher world oil prices induce the Russian government to relax its export quotas, which would allow Teton to export more oil vs. sell it domestically in Russia. The domestic price for oil in Russia is something like 1/3 of the current world oil price (i.e., about $10/bbl.). In the quarter ended 6/30, Teton was able to export only about 35% of its oil. If this goes up to, say, 50%, their bottom line would go up immensely. My broker says Howard has started to buy a little of the stock on the open market (about 12,000 shares I believe). This is largely symbolic but is a great sign IMO. This would be a great time to average down IMO. The key is to make sure you buy under the $.41 mark, which is the price at which about 6 million warrants are outstanding.

To: Sleepman who wrote (45)	10/17/2002 7:52:10 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 115

Dan, I don't think you will need to wait much longer before getting back to breakeven on this stock. This one is really getting exciting. I heard the rumor of 2 upcoming research reports/buy recs, and these are perfectly timed to soak up all the profit taking that will be going on in the next few weeks as the stock gets back up over the $.40 mark. I believe the stock will consolidate here around the $.40 for at least a few days, since there are 6 million warrants out at this price and folks that own those warrants may start to sell their stock now that their warrants are getting to be in the money. Folks should keep in mind that there really is not that much float for this stock. Not a single share issued in the $4.4 million financing is part of the float (the stock is not registered). A lot of the previously issued stock is under lock & key, much of it north of the border. So it should not be a big surprise that the stock is making such a substantial move on this new buying. I don't believe much if any of this buying is the directors themselves. I believe they had to wait a few days before buying once the press release came out, in order to let slobs like you & me in on the festivities first. It will be interesting to see how high the directors are willing to go up the ladder to chase this turkey. Did you hear the rumor of the guy in London that's calling around looking to fill a million share buy order? Good luck to him, man. None of the big shareholders will even give hime the time of day. Given the upcoming hype and the vote of confidence by the directors, coupled with the company's intent to continue with its drilling program next quarter, I'm raising this one to a "Strong Buy" at this time. It was not that long ago (August to be exact) that this scribe was pretty down on this company, and lowered it to a "Hold" based on a disappointing quarterly report. I'm so glad I didn't sell, even though it was so tempting to do so. It goes to show you need a lot of patience in this game. (Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)