Teton Petroleum Divests Interest in Goloil License

Teton Petroleum Company is divesting its interest in the Goloil license in western Siberia, Russia.

Teton will sell its 35% stake in the Goloil license to a private Russian independent. In addition, the sale price will include all outstanding loans and accrued interest owed to Teton. Proceeds from the sale will be used for Teton's Russian oil field acquisition announced earlier this month. This new Russian property will produce approximately 3,400 barrels a day net to Teton. The closing of the Goloil transaction is subject to approval by Teton's shareholders.