Tethys Petroleum Files Final Prospectus

Tethys Petroleum Ltd.

Tethys has filed a final short form prospectus in certain provinces of Canada for a new issue (the "Offering") of a minimum 20,672,000 ordinary shares and a maximum of 51,680,000 shares at a price of US $0.387 (C$0.425) per share, for minimum gross proceeds of US $8 million and maximum gross proceeds of US $20 million to Tethys.

The net proceeds of the Offering will be used by Tethys for project development and capital expenditures. Fraser Mackenzie Limited, Renaissance Capital and Quam Capital act as co-lead managers for the Offering. The Offering will be conducted in Canada through Fraser Mackenzie Limited, and Renaissance Capital and Quam Capital will act as special selling agents for the purpose of procuring subscribers in certain jurisdictions outside of Canada, where each such special selling agent is qualified to carry on business. Completion of the settlement for the Offering is expected to occur on or about June 19, 2009.

The Offering is subject to all customary conditions and regulatory approvals.