Teton Petroleum Welcomes New Partner in Russian License

Teton Petroleum revealed that OAO NK RussNeft will participate in ZAO Goloil, the production company through which Teton and its partners are developing three oil fields on the Eguryak license in Western Siberia.

H. Howard Cooper, Chairman of Teton Petroleum said, "Teton's partnership with RussNeft represents a strong collaboration with an independent exploration and production company. We look forward to working closely with RussNeft to increase production and profitability in our existing operations."

Teton's core business is the development of Russian proven oil fields in partnership with Russian companies capable of sharing the risks. "We seek domestic partners willing to invest in the future of Russian oil production. RussNeft is a potential partner in these ventures and we look forward to a long and profitable relationship with them," Mr. Cooper added.